In 15 years, experts are estimating that a 4-year college education at a public or state college or university will cost at least $100,000 a year. According to SallieMae, the primary student loan provider, current annual tuition and fee costs for different colleges, based on their own published information are:

• Two-year colleges:   $2,544.
• In-state students at public four-year colleges and universities:  $7,020.
• Out-of-state students at public four-year colleges and universities:  $18,548.
• Private four-year colleges and universities:  $26,273.

For a private university, the estimated rate of increase totals to more than $100,000 a year. In fifteen years, you may need to save $600,000 to $700,000 to pay for four years of a private university education.

However, few schools require full, complete payment of all tuition, fees and other expenses straight from the parent’s pocket. The complicated Federal financial aid system can drive parents crazy, but it also ensures that at least some benefit is available to most families. Many private colleges and universities also offer private financial aid, so be sure to check out automatic tuition breaks for students that are available before you decide which school provides the greatest value for your money.

College savings estimators are available on most college financial aid service websites. Savings calculators will allow you to determine an appropriate monthly contribution amount, depending upon the child’s age, estimated future cost of college, and projected earnings on a 529 college savings plan.

For example, using the current annual cost of $7,020 for public colleges and universities, with one child entering kindergarten this fall, a parent would need to save $360 a month in a 529 college savings plan in order to achieve the total savings of about $71,000 required.

For a child entering middle school, the parent would need to save $475 a month in order to achieve the total savings of about $51,000 in a 529 college savings plan that would be required by the time he or she is ready to start college. Why the difference? The child in middle school will attending college in a shorter amount of time than today’s kindergarten student. One benefit of Section 529 savings plans is that they allow parents to save today to meet the needs of tomorrow even with today’s rapidly rising college costs.

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