Although some colleges are less expensive than others, the cost of attending most colleges is significant. Many families discover that funding a college education will require them to use all of their available discretionary income, some of their savings and still find it necessary to take out some loans to meet college costs. It's no wonder that many high school students and their families stop to ask themselves, is college really worth the price?
What does college really cost anyway?
College costs vary widely so it is difficult to provide a specific answer to this question. The College Board has compiled some averages for various types of institutions and living arrangements.[1] The study indicates that the cost of attendance for a student attending a public, two-year institution averages over $12,000 annually (assuming the student is living off-campus but not with parents); $12,000 annually for an in-state resident attending a public, four-year college, living on-campus; and just over $27,000 annually for a student attending a private college, residing on-campus.
What do you mean when you say "cost of attending?"
You may be thinking that the tuition and fees charged by a college (room and board as well if you decide to reside on campus) are the cost of attendance. While these items are major costs, attending college also means other costs as well. The true cost of attending includes the cost of all of the items listed below:
| Tuition and Fees | Stated charges for tuition and fees. For public institutions these will vary for in-state and out-of-state residents | |
| Room and Board | Stated charges for dormitories and meals or the cost your family experiences for your support if you continue to live at home | |
| Books | Estimated cost of the books and supplies you will need to purchase | |
| Transportation | The cost of getting to and from the campus | |
| Personal | Individual expenditures for entertainment, laundry, etc. |
My question was about price but you keep talking about cost, what's up?
The price to attend college and the cost of attending college are two different things. Prices are stated in college publications and represent the maximum anyone would pay for things like tuition and fees, room and board. However, the majority of college-bound students will be offered some type of financial aid. In reality, your immediate cost is the difference between the stated price and the amount of financial aid you receive. If the financial aid is in the form of student loans, you will also have some long-term costs to repay.
Okay, so is it worth it or not?
A student with a bachelor's degree will earn 70% more on average than the student with only a high school diploma. Over a lifetime, the gap in earning potential between high school graduate and a B.A. (or higher) is more than $1,000,000.
Is money the only reason to go to college?
Money isn't even the most important reason to attend college. College graduates report that they are happier on their jobs and more satisfied with their lives! They tend to be more involved in their communities and they are more likely to be in leadership positions. So, in the final analysis, the real question is, "Can I afford not to go to college?"[1] The College Board - Trends in College Pricing 2004