53. College Costs The average annual cost of college at 4-year private colleges was $29,056 in the 2012-2013 academic year. This was a 4.2% increase from the previous year. Source: The College Board (a) If the cost of college increases by 4.2% each year, what will be the average cost of college at a 4-year private college for the 2030-2031 academic year? (b) College savings plans, such as a 529 plan, allow individuals to put money aside now to help pay for college later. If one such plan offers a rate of 4% compounded continuously, how much should be put in a college savings plan in 2015 to pay for 1 year of the cost of college at a 4-year private college for an incoming freshman in 2030