The numbers are in, but families paying for college this year won’t find much to cheer about. The College Board released the data for Average Published Undergraduate Charges by Sector, 2014-15. Are average costs increasing across the board? Let’s check the figures:
— The average annual cost for public four-year institutions for in-state residents is $18,943.
— The average annual cost for public four-year institutions for out-of-state residents is $32,762.
— The average annual cost for private four-year institutions for in-state residents is $42,419.
Shocked? If you’re still standing after absorbing those figures, take a deeper look at the data:
- These average annual costs combine tuition and fee with room and board, so commuters may be able to shave a few dollars off those totals.
- The costs listed above represent increases over last year’s costs of 3.0-3.6%. The Average Annual Rate of Inflation for 2013-14 was 1.56%.
- The total cost of public four-year institutions for out-of-state residents is nearly double that of in-state students, but still about $10,000 less than that of the average private school.
- Tuition and fees for a year at a public two-year institution come to about $3,700, and even less in California. Plus, students that attend community college often save on room and board by living at home.
Clearly, college continues to be an expensive investment. Don’t pay retail! Your chances of getting better deals from the colleges of your choice improve dramatically when you do your research, retain professional help, and raise your grades and test scores as high as possible. Learning to control the rising costs of college can be an education in itself, but if you’re a quick study, your savings can be tremendous.
Mike Bergin