The cost of higher education is showing no signs of slowing down.
In the last decade, the cost of attending college has risen by more than 25% according to data from The College Board analyzed by CNBC Make It in 2019.
“Earning a college degree has become a prerequisite for success in nearly every industry. But for parents, saving enough money to send their children to university debt-free can be a daunting, and nearly impossible task,” travel points and miles website Upgraded Points said in an email.
The site’s team decided to probe the discrepancies that exist when it comes for saving for college in states across the country. They used College Tuition Compare to find the average college costs in each state and determine the total average cost of a 4-year college by state for public and private not-for-profit institutions.
“Based on these calculations, we were able to calculate how much would need to be saved monthly in each state to send a child to college if parents started saving the day their child was born. We were also able to compare the monthly savings necessary to the average household income by state based on US Census Data,” the website said in its methodology.
Vermont topped the list for having to save the highest average percentage of monthly income to attend a public in-state college at 7.89% and a public out-of-state college at 12.1%.
Meanwhile, Wyoming has to save the lowest average percentage to attend a public, in-state college at 3.89% and Minnesota has to save the lowest monthly average to attend a public, out-of-state college with 4.9%.
When it comes to private colleges, Vermont once again must save the highest average percentage of monthly income — 15.24% — of all the states. Alaska, however, tops the list of states that can save the lowest percentage of average monthly income at 6.1%.
So where does Georgia fall on this list?
The Peach State has to save 5.04% of average monthly income for a public, in-state college while a public, out-of-state college means saving 6.82%. The average monthly income savings increase to 9.49% for a private college.
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