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The Cost of Higher Education

How Much Does a College Education Cost?
How Much Will It Cost When My Child Is Ready?

Most parents have high hopes for their children's future. Maybe you envision your son or daughter becoming a doctor, a lawyer, or President. In the end it is up to your child to choose a profession or career. However which choices are available for your child will more than likely depend on what you, the parent(s), do NOW so that the finances are there when he/she is ready to choose. So...

How much does a college education cost?

Over the past decade, total charges, including room and board in addition to tuition and fees, rose at an average rate of 2.6 percent per year after inflation at private four-year colleges and universities, and 3.5 percent at public four-year institutions. Source: "Trends in College Pricing - The Higher Education Series 2007" published by the College Board

National Average Annual Cost for College 2007-08
  Tuition and Fees Increase From Previous Year. Including Room & Board Increase From Previous Year.
Public Two-Year
$2,361
4.2%
NA
NA
In-State Students at Four-Year Public
$6,185
6.6%
$13,589
5.9%
Out-of-State Students at Four-Year Public
$16,640
5.5%
$24,044
5.4%
Private Four-Year
$23,712
6.3%
$32,307
5.9%
For Profit Institutions $12,089 6.2% NA NA
Source: College Board
Please note: In addition, college costs vary greatly from school to school and from state to state. For a more accurate estimate of your costs, check out the chart of Average Tuition and Fees by State. Also, feel free to reference the "Trends in College Pricing - The Higher Education Series 2007" published by the College Board.

Keep in mind that college funding also includes the cost of books, lab fees, food and incidentals that are not included in the table above.

How much will a college education cost when my child is ready to attend?

Over the past decade, published tuition and fees rose at an average rate of 2.9 percent per year after inflation at private four year colleges, 4.4 percent at public four-year institutions, and 1.5 percent per year at public two-year colleges. The difference between average tuition and fees at private four-year and public four-year colleges increased by $3,726 (in 2007 dollars) and the difference between average tuition and fees at public four-year and public two-year colleges increased by $1,828 (in 2007 dollars).

Over the past decade, total charges, including room and board in addition to tuition and fees, rose at an average rate of 2.6 percent per year after inflation at private four-year colleges and universities, and 3.5 percent at public four-year institutions.

To calculate possible savings plans specific to your child's needs, based on current age and education requirements for desired career path, use our College Funderâ„¢.