Having children is expensive; they need many things from the moment they are born and throughout a good portion of their lives. Parents who are wanting their children to go to college will have to face the mounting costs of higher education. As parents plan for the future, the cost of college and the various expenses that go along with the school are some of the dominating factors that weigh-in for families’ financial planning.
When a family separates due to divorce, finances are front and center for legal battles. The cost of college and who will pay for what portion of it can be a complex negotiation. This is why the help of an Indiana divorce attorney is necessary to ensure that your child’s future will not be impacted negatively when you are working through the details for separating from your spouse.
The Cost of College
During the school year of 2017-2018, the costs of college had a range of over $20,000 for in-state schools and over $45,000 for nonprofit private institutions. These numbers accounted for the direct costs of college such as tuition, fees, and room and board. College is big business as there are almost 20 million students that were estimated to have attended school in 2018 alone. Approximately 13 million will go to traditional four-year establishments while just under 7 million will attend two-year institutions.
Students who attend two-year institutions in-state are looking at just under $5,000 while out-of-state is just under $9,000. Private community colleges have an average tuition cost of $15,500 per year. Across the country, schools in New England boast the most expensive programs for both two-year and four-year schools. In New England, the average two-year institution will cost over $5,000 while the average cost is about $13,000 for four-year colleges.
By region, New England boasts the highest costs in all categories while the southern region of the United States had the lowest costs for four-year colleges. The West comes in at the lowest cost for tuition for two-year schools. However, in the west, there was the highest increase in tuition over a 10 year period versus the Midwest which had the lowest rate hike over that same period of time. For residents of Indiana, in-state tuition is approximately $9,360 while out-of-state tuition comes in at $29,170.
The costs of attending a bachelor program and a master’s program tend to be similar while doctoral programs are more expensive than both. Over the last 40 years, the increase in tuition has skyrocketed over 150% for private and public four-year institutions.
Are You Facing a Divorce In Indiana With College-Bound Children?
When you are facing a divorce and you have financial obligations such as your children’s future schooling to consider in the settlement, you need the help of Christopher L. Arrington, P.C., a Danville collaborative divorce lawyer to help you and your spouse find an agreeable resolution.
Christopher L. Arrington, P.C. is a resourceful Danville, Indiana divorce attorney who can help you through your divorce and ensure you obtain the best outcome for your circumstances. I will provide you guidance, and answer all of your questions throughout the entire process. Call my Danville divorce law firm at 317-745-4494 today so we can talk about your situation during a free consultation.