Today's college costs are higher than ever. According to the National Center for Education Statistics, the average college cost for any university in 1980 was $11,369. Today, the price is $26,740. Tuition fees have almost tripled in less than 50 years. As a result, the student loan debt across the country continues to grow. However, as college prices continue to rise, there are effective ways to reduce costs.
Average Tuition Fee
The average tuition fee is $37,650 for private universities, $10,560 for state universities, and $27,020 for out-of-state residents and public universities. However, the actual amount you pay depends on your family's financial situation. While private universities are the most expensive, financial aid packages can be even lower than public school costs. Note that tuition fees only describe college tuition.
Other University Costs
Attendance fee includes tuition, accommodation, school supplies, transportation, and medical expenses. For the academic year 2020-2021, the mean attendance fee was $54,880 at private universities, $26,820 at state public universities, and $43,280 at non-state public universities.
Average transportation and other personal costs for students attending private universities are low. Also, the average price of books and equipment is the same for all universities but depends on the class you take.
University Savings Strategy
Applying to schools that meet 100% of their proven needs could save money. Many schools in the United States meet 100% of their proven needs. The proven financial need is calculated by subtracting the total attendance cost (COA) from the expected family contribution (EFC). Other universities that do not meet 100% of their proven needs may also provide financial assistance, but your needs may not be fully satisfied.
Benefits scholarships awarded by a particular university can earn you significant tuition without considering your financial needs. Scoring high in ACT / SAT gives you a better chance of acquiring a scholarship. When applying for a scholarship, take the time to seek a scholarship that fits your profile, and include your story in your application. Also, some scholarships fund partial or full tuition fees. These are great options, but they usually provide more assistance, so always apply for performance assistance from your school first.
Attending a public school is cheaper than a private school. State residents get to pay even much less due to the tax paid by residents. These schools are well-funded, as state public schools are usually generous in providing additional scholarships when taxes enter higher education.
Living expenses at university can be exorbitant. At public universities, on-campus students pay an average of $11,620 per year, and off-campus students pay $10,781 per year. However, living at home would save some money and reduce student debt.
The Bottom Line
Undoubtedly, college fees cannot be avoided but can be exploited to make them affordable for a specific student. In as much as one may get a full scholarship, there are other expenses a student would sustain during their tenure. Arguably, finding a part-time job would be beneficial in dealing with the costs of college.