At first glance, the numbers can seem pretty daunting. According to the College Board, for 2009-2010, the average annual cost for tuition and fees at a private, four-year college is $26,273—and room and board pushes the total cost to $35,636.
College costs increase at about twice the inflation rate, according to finaid.org,1 so if your student is still years away from college, you can anticipate considerably higher bills.
But consider this: If you're attending a public four-year school this year, your tuition and fee cost (on average) dips to $7,020 ($15,213 with room and board) as an in-state student, or $18,548 ($26,741 with room and board) as an out-of-state student.
And for students attending a public two-year institution, the average annual tuition and fee bill is just $2,544.
According to the College Board, about 24% of all full-time students attending four-year colleges are enrolled in institutions with published prices (tuition and fees) below $6,000 per year.
Half of students enrolled at four-year colleges or universities attend institutions that charge tuition and fees of less than $8,679 per year.
Make no mistake—college expenses can vary pretty dramatically, institution to institution, according to the kinds of schools you're considering and whether you are a full- or part-time student. Your cost for a college degree—as a parent or student—could ultimately be quite different from the cost estimates at the high end that receive so much attention (and provoke even more anxiety).
Taking a look at schools with varying prices is a smart tactic, regardless of the economic climate. The successful and satisfying experiences of students at all kinds of schools – and later in life—demonstrates that there’s educational value to be found at all points of the college price scale.
The most important thing is to find a college that really makes sense for you, as a student or parent—and that has to do with lots more than just the price tag.
1. http://www.finaid.org/calculators/costprojector.phtml.
Source for college costs: http://www.trends-collegeboard.com/college_pricing/.