WHAT DOES COLLEGE COST?

• Average cost of tuition, room and board and fees at a 4-year private college was $30, 367
• Average cost of tuition, room and board and fees at a 4-year public college was $12, 796
• Average cost of tuition and fees at a 2-year public college was $2,272

• 42% of full-time undergraduates were enrolled at 4-year private and public colleges that cost less than $6,000 per year (tuition and fees)
• The median level of tuition and fees at 4-year private and public colleges was $7,300
• Average total cost (tuition, room and board, fees) of public 2-year college is lowest in the Southwest ($7,142); highest in the Middle States ($10,090)
• Average total cost of public 4-year college is lowest in the South ($10,852); highest in New England ($15,289)
• Average total cost of private 4-year college is lowest in the Southwest ($24,838); highest in New England ($38,112)

IS MONEY STANDING BETWEEN YOU AND COLLEGE?

Paying for college is one of the scariest parts of college planning, but it doesn’t have to be. If you believe the country’s most notable research institutions, money is not the greatest barrier to college entry. So what is? College readiness. Recent studies by organizations such as the Manhattan Institute have found that only 34% of graduating high school seniors have the skills and qualifications to take college-level courses. And, of the students who were college-ready, nearly all went on to college, regardless of their financial situations. Other studies have shown that parental expectations and goals regarding college attendance were significant indicators of whether or not students would go on to college.

Either way, none of the studies have shown that money was the most significant barrier to college attendance. That’s good news!

Here’s more good news. According to the College Board, the average student that applies for financial aid receives $9,000 (in grants and tax benefits) per year at 4-year private colleges; $3,100 per year at 4-year public colleges and $2,200 at public 2-year colleges.

That means that the net price of college (the price published minus the financial aid received) could be significantly less depending on the college you select and the amount of financial aid you receive. Based on the average financial aid award, the average cost of a 2-year public college (tuition, room and board, fees) decreases to a net average price of $8,400, the cost of a public 4-year college decreases to $9,700, and the cost of a private 4-year college decreases to $21,400.

FINDING THE MONEY. IT’S NOT AS HARD AS YOU THINK.

Over $135 billion in financial aid (grants, work study, federal loans, tax credits and deductions) was distributed in the 2005-06 academic year, and another $17 billion dollars was borrowed from private non-federal lenders. Most financial aid (51%) is provided by the federal government, but colleges, private lenders, private foundations and corporations also provide a significant amount of financial aid. In fact, in 2006, colleges provided 41% of all grant aid.

There are 5 Types of College Financial Aid:

1. Student Loans
2. Parent Loans
3. Grants
4. Scholarships
5. Work-Study

Apply for financial aid now, or learn more about the different types of student financial aid.

Student Loans

Grants

Work-Study

Scholarships