For the Defense - Volume 3, Issue 1 - 2018 - 39

That income gap is widening. According to
data compiled by the Economic Policy Institute
(E.P.I.), young college graduates earned, on
average, 76% more than young high school
graduates in 2017.2 That figure has risen from
the average of 51% in 1999 and constitutes the
largest gap in E.P.I.'s figures since their creation
in 1973.3
College is incredibly expensive and that's the
challenge. According to The College Board's
2016 report, Trends in College Pricing, the
average cost per year of attendance (tuition,
room & board, books, transportation, supplies,
etc.) was $24,610 for a public in-state university
and $49,320 for private non-profit university.4
For the most elite schools, that sticker price
can exceed $70,000 per year, and that cost is
increasing significantly each year. When adjusted
for inflation, the average cost of attendance has
more than doubled since 1986-87:
The fact that tuition has more than doubled
is especially burdensome because the median

family income has increased by only 13.4% in
inflation adjusted dollars over that same period.5
To make up for these rising costs, many families
who understand the value of a college education
have been forced to take out student loans to
cover the difference. According to Student Loan
Hero, there is over $1.45 trillion in total U.S.
student loan debt, spread across 44.2 million
borrows.6 This is an increase of more than 90%
in the number of borrowers and 75% of the
average student loan balance since 2004.

Your Unique Timeline
You may be thinking, enough of the statistics
already, what can I do about it? If you have
young children, the answer is to save often and
save as early as possible. If your family faces a
shorter time horizon, understand that you don't
save up only until college begins, but rather you
save through college.
With young children and time on your side,
saving just a few dollars a month can add up over

Average Tuition, Fees, Room and Board in 2016 Dollars,
1986-87 to 2016-17, Selected Year
		
Private Nonprofit	
		
Four-Year	
	
$21,650	
	1986-87	

Five-Year	
% Change	

Public	
Four-Year	

Five-Year
% Change	

30%	

$8,900	

18%

	 1991-92	$25,070	

16%	

$9,630	

8%

	1996-97	

$28,140	

12%	

$10,950	

14%

	2001-02	

$32,340	

15%	

$12,250	

12%

	2006-07	

$36,060	

12%	

$15,180	

24%

	2011-12	

$40,450	

12%	

$18,270	

20%

	2016-17	

$45,370	

12%	

$20,090	

10%

(Source: The College Board: Trends in College Pricing 2016)

Vol. 3, Issue 1

l

For The Defense

39



Table of Contents for the Digital Edition of For the Defense - Volume 3, Issue 1 - 2018

Contents
For the Defense - Volume 3, Issue 1 - 2018 - 1
For the Defense - Volume 3, Issue 1 - 2018 - 2
For the Defense - Volume 3, Issue 1 - 2018 - Contents
For the Defense - Volume 3, Issue 1 - 2018 - 4
For the Defense - Volume 3, Issue 1 - 2018 - 5
For the Defense - Volume 3, Issue 1 - 2018 - 6
For the Defense - Volume 3, Issue 1 - 2018 - 7
For the Defense - Volume 3, Issue 1 - 2018 - 8
For the Defense - Volume 3, Issue 1 - 2018 - 9
For the Defense - Volume 3, Issue 1 - 2018 - 10
For the Defense - Volume 3, Issue 1 - 2018 - 11
For the Defense - Volume 3, Issue 1 - 2018 - 12
For the Defense - Volume 3, Issue 1 - 2018 - 13
For the Defense - Volume 3, Issue 1 - 2018 - 14
For the Defense - Volume 3, Issue 1 - 2018 - 15
For the Defense - Volume 3, Issue 1 - 2018 - 16
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For the Defense - Volume 3, Issue 1 - 2018 - 18
For the Defense - Volume 3, Issue 1 - 2018 - 19
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