Worried about the price tag of a college education? We feel you!
A college education, whether in your home town or somewhere else, is becoming more and more necessary for most of the professions in our age.
However, studying for college is a costly experience because you will be paying hefty college fees, and you will be living on your own without any full-time income.
We will examine the price tag of a college education and what you can expect to spend money on.
Key Takeaways
- Public college tuition fees are generally way lower than private colleges.
- The more difficult course you choose, the more your college fees will be.
- The tuition fee does not cover such as the library, transportation, books, and some other things.
- You could expect to pay somewhere between $10,000 to $15,000 annually for housing in college dormitories.
- Your personal expenses could range from $1,000 to $3,000.
Tuition Fee
The tuition fee is the first and most expensive part of a college education.
Even though every university’s tuition fee cost is different, the majority of them still cost a lot of money annually.
Colleges charges this fee for the education and the instruction they offer to the students, which includes many of the costs.
Public college tuition fees are generally way lower than private colleges for those who are living in the state they are applying for.
These tuition fees also vary by the major you choose to study. Those in complicated majors like engineering, fine arts, science, and so on pay more than most other majors.
Extra Fees
When you are paying the tuition fee for the college, you are paying for certain things like the education mostly, but there are also other things that this tuition fee does not cover, such as the library, transportation, books, and some other things that you might require as an individual to study or move around the campus.
These things are not included in the tuition fee, and you need to cover yourself as an extra fee. This could also include the education books for certain classes if the teacher of the class requires it, so be aware of this, as well.
Living Costs
When you are studying college, you will most likely move out of your parent’s house and start to live on your own, which requires your own living costs, including rent, food, fun, transportation, and every other thing you require to live.
You could drastically lower housing and meal costs if you use dormitory and college meals, but you will still need to pay a certain fee for any of these things.
You could expect to pay somewhere between $10,000 to $15,000 annually for housing in college dormitories.
Personal Expenses
Another important thing that the majority of it is not included in the tuition fee is the personal expenses such as going out, traveling, transportation, clothing, and other personal items.
College Board estimates that these expenses could be somewhere between $1,000 to $3,000 depending on the type of college you are studying and the city you are living in for your college education because most of these depend on the city you are living in.
Average College Tuition Fess
Let us have a look at the average college tution fees for the year 2021-2022:
- Private Colleges – $38,070
- Public Colleges (in-state residents) – $10,740
- Public Colleges (out-of-state residents) – $27,560
Sticker Price Vs. College Net Price
A college sticker price helps determine college costs, but you should know and calculate the Net price, which is the final price that families and students pay after considering the financial aid. The net price that students pay as of 2021-2022 is:
- $33,720 for private colleges
- $19,230 at public colleges
Step-By-Step Guide To Estimate Your Child’s College Cost
College Majors That Are Worth Your Money
The Verdict
In conclusion, studying college is actually not cheap, considering all the expenses you need to pay for the entire college education experience.
Depending on the type of the university you are studying and the city you are moving to for college education, your expenses will vary a lot.
For example, public colleges are way cheaper than private, but you could still pay similar amounts if you are going to a public college outside of your state.
FAQ’s
What is the average cost of room and board?
The average cost of room and board is:
- $13,620 for private colleges
- $11,950 for public colleges
How can I make money during my college?
You can take up part-time jobs such as:
- Delivery guy
- Babysitting
- Pet sitting
- Sell your clothes or other items online
- Work in a store, etc.
What is the value of earning a Bachelor's degree?
According to the U.S. Census Bureau, people with bachelor’s degree make nearly 2 million dollars nearly.
Amit Gupta is the founder of National Planning Cycles, a company that helps startups, individuals, and small businesses with their financial planning. He has a vast amount of experience in the finance sector, having managed Google Play accounts for some of the world’s most successful unicorns. Amit is an expert in his field, and he uses his knowledge to help others achieve their individual goals.