* In-state vs. Out-of-state tuition: Public universities are significantly cheaper for in-state residents.
* Public vs. Private university: Private universities are considerably more expensive than public ones.
* Room and board: Costs for housing and meals vary widely by location and university.
* Books and supplies: These are additional expenses that add up.
* Other expenses: Think about transportation, personal spending money, and potential study abroad programs.
To figure out how much you need to save, you need to:
1. Research colleges: Look at the tuition, fees, room and board costs for potential schools. Many college websites provide a net price calculator that can help estimate costs.
2. Estimate total cost: Add up the estimated costs for all four years, including tuition, fees, room and board, books, and other expenses.
3. Divide by four: This will give you the amount you need to save each year.
For example:
* Scenario 1 (Less Expensive): If your total estimated cost is $80,000, you'd need to save $20,000 per year.
* Scenario 2 (More Expensive): If your total estimated cost is $200,000, you'd need to save $50,000 per year.
Start by researching the schools you're interested in to get a realistic cost estimate and then create a savings plan accordingly. Remember to also explore financial aid options like grants, scholarships, and student loans to help cover the costs.