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Choosing a College: Weigh the costs
It’s no secret that the cost of college goes in one direction…up. We’ve put the numbers together for you below to give you an idea of what you might be facing when that tuition bill comes due.
Public vs. private
You already know that a private college or university will cost more than a public, four-year institution. However, on average, the annual cost is more than four times as much, and tuition and fees alone for four years at a top private college can rise to $135,000.
A 2003 study by the College Board, a national non-profit association of schools, colleges, and educational organizations, found the average cost for tuition and fees to attend a four-year private college or university is $20,082, while a four-year public institution averages $5,132 per year for an in-state resident.
In state vs. out of state
Costs to attend public colleges or universities in other states are also usually higher than for comparable institutions located in your state. At four-year institutions, the College Board found that the average difference is $7,291. At two-year colleges, out-of-state students pay an average of about $4,037 more.
Tuition is Just the Tip of the Iceberg
Tuition and fees will get you enrolled, but they won’t feed you. As you begin looking for schools and weighing costs, also remember to look at:
- A laptop
- Books
- Room and Board Expenses and Options
- Dorm Room Furnishings
- Travel Expenses to and from home
- Phone charges to call and ask for more money
- Laundry, sundry and spending money needs
Source: The College Board’s “Trends in College Pricing 2004-2005”
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