REV Group Employees: Navigating the Rising Costs of College Tuition for Your Family

Healthcare Provider Update: REV Group provides its employees with a competitive benefits package that includes medical, dental, vision, and prescription coverage. Employees can access virtual care through Teladoc, diabetes management programs, and HSAs. Additional benefits include life and disability insurance, voluntary accident and critical illness coverage, and a 401(k) retirement plan 4. Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more

It doesn’t take a degree in finance to see the cost of college continues to rise.

In its 2017 report, the College Board showed that public four-year institutions raised prices an average of 3.2% annually between the 2007-08 and 2017-18 school years. Put another way, a $5,000 education in 2007-08 would cost $6,851 in 2017-18.

For a few families, the lion’s share of education costs falls on parents and, in some cases, on grandparents. For our REV Group clients who are parents you may already know, generally, the majority of families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parent support to help pay the cost.

For REV Group employees who have children approaching college age, a good first step is estimating the potential costs. The accompanying worksheet can help you get a better idea about the cost of a four-year college.

For REV Group employees who already put money away for college, the worksheet will take that amount into consideration. For REV Group employees who haven’t, it’s never too late to start.

Resources

There are a number of resources that can help individuals prepare for college. The U.S. government distributes certain information on colleges and costs. Here are two sites for these REV Group employees to consider reviewing:

www.studentaid.ed.gov
The government’s college and financial aid portal.

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Articles you may find interesting:

www.collegeboard.org
The group that administers the SAT test.

Estimating the Cost of College