The true value of a college degree is clear when you consider a child’s future earnings potential and career path. However, the cost of college is also higher than ever. An OklahomaDream 529 Plan Account can help manage the cost of higher education.
Afford the college of their choice
Since 1976, college costs have escalated at two to three times the rate of inflation—faster than income increases for most families. In the 2016-2017 academic year alone, tuition for private colleges increased by 3.6% while tuition for public universities jumped 2.4%. The ten-year historical rate of increase is approximately 5.0%, which is substantially higher than the general rate of inflation.
Source: SavingforCollege.com, based on the average 2014–2015 tuition increase.
|Projected tuition and fees
(excludes room and board and other expenses)
|In 18 Years
|4-Year Private College||$133,920||$347,282|
|4-Year Public University (in-state resident)||$38,600||$100,098|
|2 Years Community College and 2 Years Private College||$99,720||$258,595|
Source: The College Board, assumes a 5% annual increase. Statistics taken from Average Published Undergraduate Charges by Sector, 2016-17.
Help a child earn more as a college graduate
There are few things that are of greater value than the opportunity provided by a college degree. Research has shown that, on average, college graduates, aged 25-34, earn almost 60% more annually than individuals with only a high school degree. And over a lifetime, those with a college degree earn well over $1 million more than those without.1
Watch their career take flight
A higher education can provide more than just higher earnings. According to the U.S. Department of Labor, a college degree typically results in more career options, greater promotion opportunities, more vacation time and other benefits, and lower unemployment rates. It can also pave the way for graduate school, which may lead to even greater earnings and benefits.
1. Source: SavingforCollege.com, 2010.