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 Costs of a College Education

In the last century, most colleges in the United States were small, private, church-related institutions that prepared a small percentage of the college-age population for the ministry, law, or medicine. Now, America is filled with large, predominantly public universities and colleges that provide courses of study for every career choice to students of a variety of backgrounds. The only barrier to going to college may be cost, but there are ways to remove even that barrier.

College Enrollment Trends
America's technological advancements demand more and more college-educated people for a fast-paced workforce. The percentage of adults over the age of 25 who had completed a bachelor’s degree in 2006 is 28 percent. While the proportion of the young adult population with a bachelor’s degree changed only modestly (1 percentage point) from 1983 to 1993, it increased by 5 percentage points during the past decade.

Trends in Cost of Tuition
College tuition and room and board is not cheap, and the costs have been rising steadily for the past 20 years-with some schools costing twice as much.

When asked about importance, more than 80 percent of Americans said that having a college degree is important to getting ahead; in fact, a college education has become as important as a high school diploma used to be!

Actual Costs of College: Academic Year 2006-2007
College costs vary widely depending on individual schools. Private colleges or universities are more expensive than public colleges or universities because they receive less support from state governments.

The two-year or four-year college or university in your home state will probably be the least expensive school to attend.

The table below gives detailed information on average costs for the 2005-2006 academic year compared to the 2006-2007 academic year.

COMPARING COLLEGE COSTS

Four-Year Public

Academic Year 2005-2006

Academic Year 2006-2007

Tuition and Fees $5,491 $5,836
Room and Board $6,593 $6,955

Four-Year Private

Academic Year 2005-2006

Academic Year 2006-2007

Tuition and Fees $21,235 $22,218
Room and Board $7,820 $8,182
Two-Year Public

Academic Year
2005-2006

Academic Year
2006-2007
Tuition and Fees $2,191 $2,272

The average surcharge for out-of-state or out-of-district students at public institutions is $4,208 at two-year colleges and $9,947 at four-year colleges. You can get current cost data for all colleges and universities from collegeboard.com.

Even if you choose a lower-cost school, you can save even more if you chose cost-saving plans that lower the costs of your room, meals, and books.

Books and Supplies
The national average at four-year private colleges in 2006-2007 is $935.

Personal Expenses
The costs for things like laundry and telephone fall under personal expenses.  The national average for four-year private colleges (on-campus students) in 2006-2007 is $1,277.

Future Cost of Tuition and Fees
College tuition and fees are not likely to drop any time soon. The best that can be hoped for is that as our economy improves, state funding of colleges and universities will increase, allowing tuition charges to stabilize.

Don't let costs stop you from getting an education that translated into a lifetime opportunity. Instead, take a look at the different ways you can finance your college education.