The cost of college is skyrocketing, or so says the media. But before you work yourself into a panic that college won’t be affordable for you, here’s a look at what it really costs to go to school today. As you can see, it’s possible that private school may not be in your horizons, but there are still some very affordable options.
According to CollegeBoard.com, slightly more than half all college students are paying LESS than $9,000 per year for tuition and fees at a four-year college. The average four-year college charges in-state students $7,020 per year for tuition and fees. If you live in one state but want to attend college in another, prepare yourself for an average bill of just over $11,500 per year.
The average two-year college charges $2,500 for tuition and fees for the year. At the opposite end of the spectrum is the $25,000 – $35,000 average price tag for a year of private, four-year college education. While the price differential seems staggering at first glance, don’t forget that many private colleges give more generous financial aid than public schools, which may make the difference more or less of a wash.
Harvard University, for example, offers its students from middle class families earning less than $100K/year a free ride for tuition. Many other costly Ivy League schools have similar cost-cutting benefits for low- and middle-income families.
Also keep in mind that the total cost of attendance is much higher than just tuition and fees, wherever you choose to go to school. There are textbooks, dorm rooms or apartment rent, meal plans or eating out/grocery shopping, other school supplies, furnishings, travel and more.
If you are overwhelmed by the costs, check out this article with tips on ways to reduce the expense of higher education.