Harvard University is not cheap.
Tuition alone will cost nearly $50,000 for students attending the university in 2020-2021 — whether they’re on campus in Cambridge, Massachusetts, or behind a computer screen in their parent’s living room, the university said in July.
Things get even more expensive when you factor in all the other costs. Harvard estimates that students pay will be around $75,000 per year to get their degree.
And judging by the historical data, getting that degree will only get more expensive in the future.
So what does that mean for your child’s college fund?
CNBC ran the numbers, and we can tell you how much money you would need to save to send your child to Harvard.
First, some assumptions.
For saving, we assume you use a 529 plan and start saving when your child is born. We also estimate that your investments earn a 4% return throughout. We do not account for any fees or expenses you may face.
For future school costs, we assume Harvard tuition will continue to increase around 3% a year, every year.
Check out this video to learn how much you will need to save to pay for your child’s Harvard education.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
