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What's the Price Tag for a College Education?

What's the Price Tag of a College Education?

College expenses range from tuition to housing to bus passes. See how all these costs add up to a college's "sticker price."

In its 2019 report, Trends in College Pricing, the College Board reports that a moderate college budget for a four-year in-state public college averaged $26,590 for the 2019-2020 academic year. A moderate budget at a private college averaged $53,980.

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What expenses go into a college price tag?

Colleges estimate the total cost to attend their institution for a single year--not including grants and scholarships--in a figure called the Cost of Attendance (COA). Think of the COA as a college’s “sticker price.” Need-based aid, merit aid, and scholarships can reduce your total cost.

Generally, colleges include the following expenses in their COA:

  • tuition and fees
  • room and board
  • books and supplies
  • transportation and personal expenses

Take a look at the average total prices colleges charged in these categories for the 2019-2020 academic year, and keep them in mind when you are planning your own college budget.

Tuition and Fees

Although tuition and fees are separate costs, colleges usually report a combined tuition and fees figure. In 2019-2020, the average price of tuition and fees came to:

  • $36,880 at  private colleges
  • $10,440 at public colleges (in-state residents)
  • $26,820 at public colleges (out-of-state residents)

What is tuition? Tuition is what colleges charge for the instruction they provide. Colleges charge tuition by the units that make up an academic year, such as a semester or quarter. Tuition at public colleges is usually lower for in-state residents. Out-of-state students often pay double the tuition as in-state students.

Tuition can vary by major. Students in the sciences, engineering, computing, pre-med programs, and the fine arts often pay higher tuition than students in other majors. For example, at the University of Illinois Urbana-Champaign, students enrolled in the College of Engineering pay up to $5,000 more in tuition per year than students pursuing majors in the liberal arts.

Colleges charge fees for services.  Fees may support services such as the library, campus transportation, student government, and athletic facilities. Fees charged can vary widely from college to college. For example, the University of California, Irvine charges students a “campus spirit fee” to help support the athletics and school spirit programs and a “green initiative fee” to fund efforts to reduce the campus’s environmental footprint.

Room and Board

The cost of room and board depends on the campus housing and food plans you choose. Living at home with parents will reduce your costs. The average price of room and board in 2019-2020 came in at:

  • $12,990 private colleges
  • $11,510 public colleges

Some colleges provide room and board estimates for living off-campus. At public colleges, room and board costs are usually the same for in-state and out-of-state residents.

Books and School Supplies

The average price of books and schools supplies for students at both public and private colleges in 2019-2020 is $1,240.

Textbook prices have risen 812 percent since 1978, according to a 2019 report by Follet, an educational products company. Borrowing books from the library or purchasing digital or used textbooks can reduce your costs, but students still find budgeting for textbooks to be a major source of stress, according to a survey of current and former college students by textbook publisher Cengage. Thirty-one percent of the students surveyed said they took fewer classes to save on textbook costs, and 43 percent said they skipped meals or took out loans to pay for course materials.

Personal and Transportation Expenses

Colleges may estimate some expenses they don't bill you for.  These include local transportation, clothing, personal items, and entertainment. The College Board reports that for 2019-20, expenses in this category run from $2,750 at private colleges to $3,280 at public universities.

Don't Give Up on a College Because of Its Sticker Price. Look at net price.

While a college's sticker price can give you an idea of your college costs, it's important to consider a college’s net price--which is the price students and families paid after factoring in financial aid. According to the College Board, the average "net price" for tuition, fees, room and board in 2019-2020 was approximately

  • $27,400- private colleges
  • $15,400- public colleges

after subtracting financial aid and education tax benefits.

The price of college may seem overwhelming, but college educations come at many different price levels, and financial aid can reduce the total cost. Look at the Cost of Attendance as the maximum you and your family might pay.  Your net price can be much lower.

Source: Trends in College Pricing, 2019. The College Board.

 

Financial information contained on the CollegeData website is for general informational purposes only and may not apply to you or your situation. You should not act or refrain from acting on the basis of any financial content contained on the CollegeData website without consulting with a financial or tax advisor, or your parents, high school counselors, admissions representatives or other college counseling professionals. We disclaim all liability for actions you take or fail to take based on any content on the CollegeData website.  

What's Next?

Learn about getting financial aid and what financial aid types are best.

The reported college "cost of attendance" is rarely the cost students pay. Learn why net price is the most critical figure for families to consider.

Use the Net Price Calculator to estimate your net price to attend any four-year college.