How Much for College?

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The College Board issues annually the average cost of attendance to major public and private colleges. You can download the College Board report from their web site: College Board Trends in Higher Education

Below is a table sample of college costs for public institutions. It shows both in-state and out-of-state costs.

4-YEAR PUBLIC
UNIVERSITY

Annual Cost
In-State
Resident
Annual Cost 
Out-of-State
Resident
Tuition & Fees $6,185 $16,640
Room & Board $7,404 $7,404
Books -Supplies $988 $988
Transportation $911 $911
Other Expenses $1,848 $1,848
Total Annual Cost
$17,336 $27,791
source: 2007 College Board Trends in Higher Education

Sample of college costs:

  1. School Tuition and Fees:
    cost to attend class instruction and the use of facilities, labs, libraries and all other related services for each enrolled student
  2. Books and Supplies:
    the estimated amount for books and supplies the student will be required to purchase for classroom instruction — this item may include a computer and other electronic/telecommunication devices
  3. Computer and Other Electronics:
    not necessarily required since colleges offer computer labs and other shared facilities. However, given the electronic push made by colleges, it will be the student’s advantage to have their own personal computer along with a printer and other necessary electronics
  4. Room and Board:
    the estimated cost for housing and food if you live in a residence hall; if you live off campus, food expenses are not estimated
  5. Transportation:
    the estimated cost for 2-3 round trips from your home to school; if you live with your parents, the estimated commuting costs will be calculated
  6. Personal Living Expenses:
    the estimated cost for clothing, grooming supplies, laundry and limited entertainment
  7. Other Personal Costs:
    personal expenses that are specific to the student such as disability expenses, dependent care, loan fees, etc.
  8. Miscellaneous:
    any other expenses that you can identify with your school’s Financial Aid Office

Further Help:

download this spreadsheet to analyze cost among schools

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Categories: Education Tips, Finance