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How much does a college education cost?
Many people overestimate the cost of college or believe
that all schools are expensive. For example, a recent Gallup survey indicated
that 13-to 21-year-olds overestimated the average cost of public two-and
four-year colleges by more than three times the actual figure. The same group
estimated that the costs of private four-year colleges were one-third higher
than they actually were.
Although some colleges are expensive, costs vary from institution to
institution. In addition, the availability of financial aid -- money available
from various sources to help students pay for college -- can make even an
expensive college affordable for a qualified student.
College Costs
The basic costs of college are tuition, fees, and other expenses:
- Tuition
Tuition is the amount of money that colleges charge for instruction and for the
use of some facilities, such as libraries. Tuition can range from a few hundred
dollars per year to more than $20,000. The least costly option for postsecondary
education is typically a local community college where the average tuition and
fees are generally under $1,500 per year. There are also many four-year colleges
and universities that are relatively inexpensive. For example, Chart 4 shows
that a little less than half of the students who attend four-year colleges go to
institutions that charge less than $3,000 in tuition and fees. This occurs
because about 68 percent of the students who attend four-year colleges attend
public institutions whose tuitions are much lower than those of private
institutions.
- Fees
Fees are charges (usually small) that cover costs generally not associated with
the student's course load, such as costs of some athletic activities, student
activities, clubs, and special events.
- Other Expenses
Besides tuition and fees, students at most colleges and universities pay for
room, board, books, supplies, transportation, and other miscellaneous costs.
"Room and board" refers to the cost of housing and food. Typical
college costs are listed in Chart 5 below.
Typical College Costs
- Tuition
- Fees
- Room
- Board
- Books
- Supplies
- Transportation
- Misc. Expenses
Tuition at Public and Private Colleges
It is important to know the difference between public and private institutions.
A school's private or public status has a lot to do with its tuition.
- Public Institutions
Over three-quarters of all students in two-and four-year colleges attend State
or other public colleges. Since these schools receive a large proportion of
their budgets from State or local government, they can charge students who live
in that State (in-State students) relatively low tuition. Students from other
States (out-of-State students) usually pay higher tuition.
In 1995-96, in-State students attending public four-year colleges faced an
average tuition and fees of $2,860 per year. In-State students at public
two-year colleges faced an average tuition and fees of $1,387 per year in
1995-96. Tuition and fees for out-of-State or out-of-district students at public
institutions averaged $2,775 and $4,508 at two-year and four-year colleges,
respectively.
If the costs of room, board, books, supplies, transportation, and other
personal expenses are added to tuition and fees, the average total cost of
attending a public four-year college was $9,285 in 1995-96. Since many students
who attend two-year public schools live at home, the average total cost of
attending a two-year public college in 1995-96 was $5,752. This includes the
cost of tuition, fees, books, supplies, transportation, and other personal
expenses for a commuter student.
- Private Institutions
Private (sometimes called "independent") institutions charge the same
tuition for both in-State and out-of-State students. Private college tuitions
tend to be higher than those of public colleges because private schools receive
less financial support from States and local governments.
Most private colleges are "non-profit." Other private postsecondary
schools -- mostly vocational and trade schools -- are "proprietary."
Such institutions are legally permitted to make a profit. Students at private
colleges in 1995-96 faced an average tuition and fees of $12,432 per year at
four-year colleges and $6,350 per year at two-year non-profit colleges.
If the costs of room, board, books, supplies, transportation, and other
personal expenses are added to tuition and fees, the average total cost of
attending a private four-year college was $19,762 in 1995-96. If these same
kinds of costs are added to the tuition and fees of a two-year private college,
the average total cost of attending such a school was $12,710 in 1995-96.
Chart 6 below shows the average tuition and fees faced by students at four
different kinds of colleges in school year 1995- 96.
Future College Costs
By the time your child is ready to attend college, the tuition, fees, and costs
of room, board, and other expenses will be larger than the amounts discussed in
this handbook. Because there are many factors that affect the costs of a college
education, it is impossible to know exactly how much colleges will charge when
your child is ready to enroll. Be cautious when people tell you a particular
amount; no one can be sure how much costs will change over time. In addition, as
college costs increase, the amount of money you earn, and thus the amount you
will have available to pay for college, will also rise.
From: "Preparing Your Child for
College" Copyright© 2000-01 The U.S. Department of Education, All
Rights Reserved
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