Introduction
College has long been seen as a path to success, but the rising cost of college can make that path seem daunting. According to the College Board, the average cost of tuition and fees for the 2018-2019 school year was $10,230 for public schools and $36,880 for private schools. These costs can add up quickly, leaving many students and their families struggling to come up with the money needed to pay for college.
It’s important to understand the true cost of a four-year college degree in order to plan and budget accordingly. This article will explore the average cost of a four-year college education, as well as strategies for making college more affordable.
The Average Price of a Four-Year College Education
As mentioned, the cost of tuition and fees can vary greatly depending on the type of school you attend. According to the College Board, the average cost of tuition and fees for the 2018-2019 school year was $10,230 for public schools and $36,880 for private schools.
In addition to tuition and fees, there are also other costs associated with college. For example, students may need to pay for books, supplies, transportation, and living expenses. According to the National Center for Education Statistics, the average cost of room and board at public two-year institutions was $9,970 for the 2017-2018 school year.
These costs can add up quickly, and many students and their families struggle to cover the full cost of college. Fortunately, there are ways to make college more affordable, such as grants and scholarships.
Calculating the Total Cost of a Four-Year College Degree
In order to calculate the total cost of a four-year college degree, it’s important to factor in tuition, fees, living expenses, and other costs. According to the College Board, the average cost of tuition and fees for the 2018-2019 school year was $10,230 for public schools and $36,880 for private schools. In addition, the average cost of room and board at public two-year institutions was $9,970 for the 2017-2018 school year.
Other expenses to consider include books and supplies, transportation, and personal expenses. According to a study by Sallie Mae, the average college student spent $1,250 on books and supplies during the 2017-2018 school year. In addition, the average college student spent $1,750 on transportation, and $2,000 on personal expenses, such as clothing and entertainment.
When calculating the total cost of a four-year college degree, it’s important to factor in all of these costs in order to get an accurate picture of the total expense.
Financial Aid Options
Fortunately, there are several options available to help make college more affordable. Grants and scholarships are one of the most popular forms of financial aid, as they do not need to be paid back. According to the National Center for Education Statistics, the average grant or scholarship award was $6,270 for the 2017-2018 school year.
Students should also research scholarships offered by their school or local organizations. It’s also a good idea to look into work-study programs, which allow students to work part-time while attending school. Finally, students should explore loan options, such as federal student loans, which usually have lower interest rates than private loans.
Conclusion
The cost of college can be overwhelming, but it’s important to understand the true cost in order to plan and budget accordingly. The average cost of tuition and fees for the 2018-2019 school year was $10,230 for public schools and $36,880 for private schools. In addition, students should factor in living expenses, books and supplies, transportation, and other costs. Fortunately, there are several options available to help make college more affordable, such as grants and scholarships, work-study programs, and loans.
By researching and understanding the true cost of a four-year college degree, students can better prepare themselves for the financial burden of college.
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