College Costs

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 survey found that members of the public overestimated the tuition of both public two- and four-year colleges by two to three times the actual average tuition!

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.

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 $45,000. The least costly option for postsecondary education is typically a local community college where the average tuition and fees are around $5,000 per year. There are also many four-year colleges and universities that are relatively inexpensive.

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 many 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.

Tuition at Public and Private Colleges:

Public Institutions

Over three-quarters of all students in two-and four-year colleges attend state or other public colleges. Because 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 rates.

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.

When 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 around $30,000. 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 around $20,000.