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Paying for College:
» 2002-2003 College Costs
Keeping Rising Prices In Perspective
Here's the bad news: there's no escaping the fact that college costs are rising. According to recently released reports from the College Board, most students and their families can expect to pay, on average, from $127 to $1,001 more than last year for this year's tuition and fees, depending on the type of college.
Believe it or not though, there is good news. There is more financial aid available than ever before -- over $90 billion. And, despite all of these college cost increases, a college education remains an affordable choice for most families.
"Sticker Price" vs. Affordability
Although some of the college price tags you hear about can be quite daunting -- $27,000 or more for yearly tuition and fees -- most colleges are more affordable than you might think. For example, did you know that nearly 70 percent of students attending four-year schools pay less than $8,000 for tuition and fees? And remember, financial aid, in the form, of grants, loans, or work-study, will further reduce the amount your family will actually pay.
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Average 2002-03 College Costs |
But Did You Know That..... |
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Four-year private $18,273 (up 5.8 percent from last year)
Four-year public $4,081 (up 9.6 percent from last year)
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38 percent of students attending four-year colleges pay less than $4,000 for tuition and fees.
Almost 70 percent of students attending four-year colleges pay less than $8,000 for tuition and fees.
Only 7 percent of all students attend colleges where tuition and fees total $24,000 and over.
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Two-year private $9,890 (up 7.5 percent from last year)
Two-year public $1,735 (up 7.9 percent from last year)
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In 1999-2000, 46 percent of all students attended public two-year colleges. The average tuition and fees for a public two-year college is less than $2,000 per year.
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Students will pay, on average, from $82 to $316 more than last year for this year's room and board, depending on the type of college.
The average surcharge for out-of-state or out-of-district students at public institutions is $3,630 at two-year colleges and $6,347 at four-year colleges.
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A record $90 billion in financial aid is available to students and their families, an increase of over 11.5 percent from last year.
At four-year private colleges and universities, more than 75 percent of students receive some type of financial aid.
At four-year public colleges and universities, more than 60 percent of students receive some type of financial aid.
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Consider college an investment
Did you know that, according to U.S. Census Bureau statistics, people with a bachelor's degree earn over 80 percent more on average than those with only a high school diploma? Over a lifetime, the gap in earning potential between a high school diploma and a B.A. (or higher) is more than $1,000,000. What this boils down to is that whatever sacrifices you make for you college education in the short term are more than repaid in the long term.
College Cost Facts & Myths
College May Cost Less Than You Think
If you follow the news, you've probably seen story after story about the rising cost of a college education. While it's true that the cost of college is rising, and that a college education can cost a lot, for most people, college is more affordable than they think.
Get beyond the headlines
News stories about college costs tend to focus on high-priced college costs -- tuition amounts of more than $25,000 and total costs of more than $30,000. However, the fact is that:
- Nearly 70 percent of college students attend four-year colleges where tuition is less than $8,000.
- The average cost (tuition and fees) of a four-year public college or university is $3,754.
- The average cost (tuition and fees) of a four-year private college or university is $17,123.
Know the difference between cost and affordability
It's important to understand that very few students pay the full cost or "sticker price" of a college. That's because most students receive some form of financial aid.
- At four-year public colleges and universities, more than 60 percent of full-time students receive some type of financial aid.
- At four-year private college and universities, more than 75 percent of students receive some form of financial aid.
Educate yourself
Worried about college costs? Visit college Web sites to learn what the true costs are at the colleges you are considering.
Understand that college is an investment
People with a college degree earn 81 percent more on average than those with only a high school diploma. Over a lifetime, the gap in earnings potential between a high school diploma and a BA is more than $1,000,000.
Start planning and saving today
In recent years, it's become easier than ever to save for college. From new state savings programs to federal tax incentives and education savings accounts, there are more ways to set aside money for college.
Note: Cost and aid figures from the College Board's Trends in College Pricing 2002 and Trends in Student Aid 2002, and the National Postsecondary Student Aid Study: Student Financial Aid Estimates for 1999-2000, NCES 2001-209. Washington, DC: 2001.
Paying for College
It Pays to Save
» College Costs
Financial Aid
Receiving Aid
Strategies for Paying the Bill
Loans At-A-Glance
The White House Initiative gratefully acknowledges collegeboard.com for providing the content found on this page.
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