If tuition keeps going up, this is how much college will cost in 20 years
While student loan debt has been a hot-button issue for many years, the concerns are only piling up ahead of the 2020 presidential race as new statistics reveal the debt has climbed to $1.5 trillion.
Student loan debt is now the second highest consumer debt category -- behind home mortgage debt -- surpassing both credit cards and auto loans, prompting President Trump's administration earlier this week to hire a consulting firm to evaluate the issue.
What's more, on Tuesday, billionaire hedge fund manager Ken Griffin even blamed education and its costs as the cause of America's largest problems.
Students he said are “completely disillusioned with their economic prospects given the huge amount of debt that they’ve been saddled with, courtesy of the U.S. government, combined with the extraordinarily high cost of education they’ve been paying, courtesy of the U.S. government.”
And, according to a new study, if tuition continues to rise in the rate that it has over the last five years, college students and their parents could be facing private tuition fees as high as $400,000, about 20 years from now.
GoBankingRates analyzed college tuition data from all 50 states based on a 5.0 percent annual increase to figure out what the future could hold for students.
Estimated costs for each state include the average in-state and out-of-state tuition at public universities as well as average tuition fees at private universities. Costs, however, do not include room, board, and other living expenses.
Here's a look at what some states could be facing in 20 years.
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Alabama
Public in-state tuition: $76,840
Public out-of-state tuition: $147,924
Private tuition: $189,918
California
Public in-state tuition: $35,270
Public out-of-state tuition: $133,654
Private tuition: $308,739
Colorado
Public in-state tuition: $77,754
Public out-of-state tuition: $194,001
Private tuition: $234,267
Connecticut
Public in-state tuition: $91,351
Public out-of-state tuition: $231,488
Private tuition: $404,276
Maine
Public in-state tuition: $76,873
Public out-of-state tuition: $154,273
Private tuition: $354,379
Massachusetts
Public in-state tuition: $95,491
Public out-of-state tuition: $188,192
Private tuition: $438,698
New Jersey
Public in-state tuition: $96,280
Public out-of-state tuition: $158,492
Private tuition: $273,505
New York
Public in-state tuition: $77,629
Public out-of-state tuition: $154,284
Private tuition: $285,261
Pennsylvania
Public in-state tuition: $130,555
Public out-of-state tuition: $214,861
Private tuition: $327,105
Rhode Island
Public in-state tuition: $105,327
Public out-of-state tuition: $264,676
Private tuition: $446,338
Washington
Public in-state tuition: $61,126
Public out-of-state tuition: $123,876
Private tuition: $340,314