How much is college tuition? A question aspiring students (and their parents) ask each year. A recent survey of college tuition, the College Board reports that a college budget for a four-year in-state public college for the 2018-2019 academic year averaged $25,890, while a budget at a private nonprofit four-year college averaged $52,500.
According to The College Board, a mission-driven, not-for-profit organization, people don't often factor in the miscellaneous expenses (meals, books, transportation, etc.) that they'll incur in addition to paying for their child's college tuition. Once you are aware of these additional fees, you may also want to learn about 529 College Savings Plan, many of us tend to simply accept the fact that college costs will be high. But have you ever stopped to consider where all of that money goes and the cost of what is not included?
According to The College Board, people don't often factor in the miscellaneous expenses (meals, books, transportation, etc.) that they'll incur in addition to paying for their child's college tuition. Once you are aware of these additional fees, you may also want to learn about 5 ways to save money during college to help yourself prepare.
The following are some quick facts on the “other” college-related expenses that you may not have considered when grappling with how much college tuition you should be setting aside for your kids.
- The average budget for a full-time undergraduate on-campus for room and board at a four-year in-state campus was $11,140
- The average amount spent on books and other supplies was $1,240
- The average transportation cost for students was $1,160
- The average amount spent on other personal expenses was $2,120 (This may include things such as lab fees, athletic fees and equipment, club, sorority or fraternity dues, study abroad expenses, medical expenses, and emergencies.)
While you can't possibly plan for every expense your child may encounter during his or her college years, you can get a bit smarter about anticipating general costs and saving for college. This will allow you to set aside the additional funds you may need and to plan ahead.