How Much Will College Cost?

Average 4-Year College Costs

Source: The College Board, 2010

In terms of financial aid to help pay for college, across all colleges (public and private), the average student receives a financial aid package of $11,461, including $6,041 in grants, and $4,883 in Federal loans. Students attending public universities graduated with an average  student loan debt of $19,800, while students attending private non-profit colleges and universities graduated with an average fo $26,100 in student loans.  Students who attend for-profit colleges face much more significant debt levels - nearly all students who attend for-profit schools will graduate with debt, and the national average for students attending for-profit schools tops $34,000 in student loans.

Bear in mind that these are national averages. What your family will actually pay out of pocket will depend on many factors, including:

Individual institution prices -  The tuition costs of colleges vary widely. There are a handful of colleges that don't charge tuition, so students only pay for their books, living expenses, and personal costs.  There are also many colleges and unversities where the full cost of tuition tops out above $50,000 a year.  In some parts of the country, college costs are less expensive than others and,  in general, colleges located in major cities will be more expensive.  Finally, students choosing an out-of-state public university can often may just as much as they would for a private school.

Individual student factors - Certain majors, courses, and extracurricular interests may have associated costs that push the cost for individual students higher than the institution's published price.  For instance, many colleges charge extra for music lessons, and film majors may find themselves shelling out a great deal of money for equipment and supplies not provided in the regular cost of instruction.  A student's lifestyle and spending habits can also be a factor.  One student may stick mainly with free on campus events for entertainment, while another drives up the "personal expenses" column with dinners out, concert tickets, and trips on school breaks. Students who join a fraternity or sorority will need to pay membership fees.  One student may be happy with borrowing a sheets and towels from the family linen closet for their freshman year dorm room, while another insists on decking out their dorm room with decorator curtains, bed linens, rug, and new sound system.   Finally, some students will live on campus all four years, while others will live off campus for all or part of their college years.  Don't assume, however, that living off campus will be cheaper than living on campus.  Once expenses like transportation to and from campus, meals, utlities, and roommates skipping out on the rent are added in, the cost of living off campus is often not significantly cheaper than living on campus.

The student's eligiblity for grants and scholarships -  When it comes to college costs, there's the published price, and the price an individual family will end up paying out of pocket once grants and scholarships given by the college are deducted.  Grants and scholarships are both "free" money; they don't have to be paid back or earned through working.  Grants may be offered to students whose families have a demonstrated need for financial assistance (as determined by Federal and institutional policies).  However, it is important to keep in mind that at many schools grants also have a "merit" component, based on the student's desirability to the college.  Students who are more desirable to a college may receive more grants and less loans in their financial aid package, as well as scholarships. Students may also be offered scholarships for many reasons, including a college's desire to increase racial, geographic, and economic diversity on campus.  Some scholarships also have a "need" component, and only students who demonstrate need will be eligible for them.  Therefore, in drawing up your college list, it is important to consider where you might fall in the application pool of each college, as well as the financial aid and merit scholarship policies of each school.  A professional evaluation of your admissions profile and assistance with choosing an appropriate list of colleges can be helpful if your family wants to keep college out-of-pocket costs under control.

So, how can your family get an idea of what you'll pay to attend college?  The first step is to discuss your family's eligiblity for need-based financial aid with a knowledgeable professional, such as an educational consultant or school counselor.  It is also helpful to get a professional evaluation of where your (or your child's) admissions profile is likely to fall in the application pool of various colleges, since a student's desirability often factors into the amount of grants and scholarships offered.  Finally, as you research colleges, ask questions about each school's methodology for determining need and awarding financial aid and scholarships.  While you won't know the actual price you'll pay until you receive your admissions and financial aid offers in the spring of senior year, these steps can help you choose the college list that will provide the best chance of a satisfactory financial outcome.

Based in San Diego County, California, Carolyn Z. Lawrence is a private college admissions consultant who has helped hundreds of students from across the country and around the world find the right college and financial matches.  Contact Carolyn Lawrence

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