The rate of increase in college costs has slowed in recent years, but the cost is still going up, and up and up. The projected four-year cost of an elite private college could run as much as $334,000, and that is in after-tax dollars. For taxpayers in the 33% tax bracket, that equates to $500,000 per child. What’s more, paying for college can be a confusing process. Here is how to keep it simple.