College Costs

W/ 4 kids, oldest just turned 10, we are always aware of college costs.  Our current 529 plans are a start.

So here is what Obama says about funding for college, 2 days after his inauguration, from http://www.whitehouse.gov/agenda/education/:
"
Higher Education

• Create the American Opportunity Tax Credit: Obama and Biden will make college affordable for all Americans by creating a new American Opportunity Tax Credit. This universal and fully refundable credit will ensure that the first $4,000 of a college education is completely free for most Americans, and will cover two-thirds the cost of tuition at the average public college or university and make community college tuition completely free for most students. Recipients of the credit will be required to conduct 100 hours of community service.
• Simplify the Application Process for Financial Aid: Obama and Biden will streamline the financial aid process by eliminating the current federal financial aid application and enabling families to apply simply by checking a box on their tax form, authorizing their tax information to be used, and eliminating the need for a separate application."

Costs to attend Cook College this year, live in a dorm and have a full meal plan:  $11,418.95.  The cost breakdow, from http://www.studentabc.rutgers.edu/forms/tuition/08-09TermBillChargesNB_UnderNew.pdf .  

Cook College 

NJ Resident tuition        $5,146.00 

campus fee                         $956.50 

school fee                              $38.00 

dorm                                 $3,116.00 

meal plan                        $2,000.00 

computer fee                      $141.50 

targum fee                               $9.75 

NJPIRG fee                           $11.20 

                                           $11,418.95

Of course, these costs increase every year.  Also, if we get creative with housing and meal plans, we might be able to reduce the cost. 

Another thought is that maybe we could move to a state that provides free college to state residents.  I recall that CA used to do this but need to research this point further.