If you think college is expensive now, this is what it will cost in 18 years.

Think college is expensive now? Then new parents will probably want to take a seat for this news. In 2036, just 18 years from now, four years at a private university will be around $303,000, up from $167,000 today. To get a degree at a public university you'll need about $184,000, compared with $101,000 now. These forecasts were provided by Wealthfront, an automated investment platform that offers college saving options. It uses Department of Education data on the current cost of schools along with expected annual inflation to come up with its projections. Here are the estimated changes in cost over the next 18 years for six well-known schools. (The totals include tuition, room and board, supplies and other expenses for four years at the institution).

"Some of the universities are nearly half a million dollars — people get a little bit of sticker shock," said Kate Wauck, head of communications at Wealthfront. "But once you have the power of knowing what cards are on the table you can start to make a plan," she said.

What is a 529?

Experts agree that 529 plans, tax-advantaged investment funds that can be used for education costs, are the best way for you to save for your child's college years. The plans are state-run, but you don't have to open one in the state in which you live.

When should you start saving with one?

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"The sooner they start saving, the more the earnings can compound," said Mark Kantrowitz, a student loan expert. If you start saving at your child's birth, about a third of the college savings goal will come from earnings, Kantrowitz said. "If you wait until the child enters high school, less than 10 percent will come from earnings and you will have to save six times as much per month to reach the same goal," he said. Despite the benefits of 529 plans, just 29 percent of parents use one to save for college, compared with 45 percent who keep their savings in a general bank account, according to Sallie Mae's 2018 report, How America Saves for College.

How to pick one

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