Children born this year are likely to face astronomically high tuition once they get to college. According to a piece by Stephanie Landsman at CNBC:

In 18 years, the average sticker price for a private university could be as much as $130,428 a year (See chart.) The situation isn’t much better if you go the public route. Sending your child to a state university could set you back at least $41,228 a year.

That’s only the average, though. Sticker price at a private college might run an average $130,428 a year in 2029-30, but the average private now only costs $28,500 a year. Many prestigious private schools cost more than double that.

Just image how much George Washington University will set parents back in 2029. Better start saving.

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Daniel Luzer is the news editor at Governing Magazine and former web editor of the Washington Monthly. Find him on Twitter: @Daniel_Luzer