COLLEGE AND BEYOND

What Are the Costs of College?

When we think about college, we tend to think about cost—and rightly so.

The average cost of college in the United States is $38,270 per student per year. When looking up college costs, students often encounter staggeringly high numbers. These are the “sticker price”—i.e., the stated cost of attendance. What students actually pay for college—their net price—is typically lower than the sticker price.

Some expenses, which can be offset by gift aid, are almost universally applicable to all students. These include...

Tuition

Tuition is something all students have to pay, and it is one of the most expensive components of a college’s net price. The average cost across all four-year institutions is $17,709 annually—with significant variation among private, public in-state, and public out-of-state rates.

Room and Board

Whether students live on campus or off, many incur costs associated with room (housing) and board (meals)—typically their second-largest expense, after tuition.

The average housing cost at four-year higher education institutions is $12,917. Comparing on-campus and off-campus housing costs, the most expensive option is typically on-campus housing at private nonprofit institutions, while off-campus housing (including commuting while living at home) tends to be less expensive. Average housing costs across public and private institutions range from around $9,000 to $14,000, with further variance possible given a school’s location and each student’s specific situation.

The average monthly cost of food for a college student is $672, with the average meal plan coming in at $570. There are, however, cheaper options. Meals cooked at home (including off-campus dining) on average cost less than half the expense of a meal plan.

Textbooks and Supplies

Not included in the cost of tuition are the tools that students need to succeed in their classes: books, course materials, and the like. The average yearly cost of books and course materials is $459. On top of that, students typically need laptops—the cost of which can venture into four figures—and other tools (e.g., calculators) to complete coursework.

Other Expenses

Beyond the standard expenses listed above, there are a lot of other things that determine a college’s overall cost. Transportation, extracurriculars, and personal expenses are just a few of these.

The Bottom Line

Students should educate themselves on their financial aid eligibility if they want to reduce the cost of college. They should also plan to submit the FAFSA® to ensure they receive any aid to which they may be entitled.

When is the cost of college a deal breaker? Read about key factors to consider.

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