What's the Price Tag for a College Education

What's the Price Tag for a College Education?Tuition is only one part of the cost of going to college. Other expenses range from mealsto housing to bus passes. Learn how all these expenses add up to a college's "stickerprice."In its most recent survey of college pricing, the College Board reports that a"moderate" college budget for an in-state public college for the 2013-2014 academic yearaveraged $22,826. A moderate budget at a private college averaged $44,750. But whatmakes up these charges? Of course, financial aid might help cover some costs, but it isgood to know how they add up to a total "cost of attendance" figure provided by thecollege.What Goes into the Cost of College?First of all, there is tuition, the money you pay a college for academic instruction. Thenthere are "fees," charges for specific services such as Internet access. Many colleges list"tuition and fees" as one amount without breaking it down. And lastly, there are all theother expenses associated with going to college: housing, meals, books, school supplies,and "miscellaneous." If you are wondering what's behind these costs, read on.TuitionTuition is what colleges charge for the instruction they provide. Colleges charge tuition bythe units that make up an academic year, such as a semester or quarter. An academicyear typically runs from fall through spring.Tuition at public colleges is often a bargain for state residents, but not for out-of-staters,who often pay double the tuition of residents. (Other costs, such as student fees and roomand board, are usually the same for residents and nonresidents.)Tuition at some colleges can vary by major. Students in the sciences, engineering,computing, premed programs, and the fine arts often pay more. For example, atUniversity of Illinois Urbana-Champaign, students enrolled in the science and engineeringprograms paid $4,920 more in tuition for the 2013-2014 academic year. This is called"variable tuition" and it is worth checking into if you have a major in mind.FeesStudent fees run the gamut from library access and parking to student government andregistration. Colleges usually provide a student fee total, breaking out only the mostsignificant fees.What else can be included? Typical items are ID cards, membership in the student union,health insurance, athletic facility usage, diplomas and graduation expenses, laboratorysupplies, studio usage, computer access, local bus service, and student activities. Atsome colleges, first-year students must pay a one-time fee to cover orientation andadministrative costs. If you want to know more about student fees, contact the registrar'soffice, cashier, financial aid office, or admissions office.Tuition and Fees CombinedThe cost for one year of tuition and fees varies widely among colleges. According to theCollege Board, the average cost of tuition and fees for the 2013-2014 school year was $30,094 at private colleges, $8,893 for state residents at public colleges, and $22,203 forout-of-state residents attending public universities.Housing and MealsThe cost of room and board depends on the housing and food plans you choose. On-campus housing can come in various sizes and shapes, including dorm- or apartment-style housing and meal plans. The College Board reports that the average cost of roomand board in 2013-2014 ranged from $9,500 at four-year public schools to $10,830atprivate schools. Housing and meal options are usually available separately, so that youmay live off campus but choose to have your meals on campus. Colleges usually provideroom and board estimates for living off campus based on typical student costs. Of course,students living at home typically save big time on room and board costs.Books and School SuppliesMost colleges estimate and publish the average costs for books and supplies at theirinstitution. In addition to textbooks, typical school supplies include printed class materials,extra required reading materials (such as classic novels for an English class), referencebooks, and the usual office supplies (such as pens, pencils, file folders, and notebooks).Some colleges include the cost of a computer and computer accessories. Some collegesdon't include these costs at all. The College Board reports the average cost for books andsupplies for the 2013-2014 school year was $1,207 at public colleges and $1,253 atprivate colleges.Personal and Transportation ExpensesThen there are the expenses that colleges may estimate but don't bill you for: localtransportation, clothing, personal items, entertainment, etc. Words that often pop up todescribe these expenses are "estimated," "miscellaneous," "personal," and the catchall"other." These can add up. The College Board reports that expenses in this category for2013-2014 ran from $2,580 at private colleges to $3,228 at public universities.Don't Let College Costs Scare YouThese costs may seem overwhelming, but there are ways to keep expenses down.Remember that college educations come at all levels of cost, and that financial aid canreduce that cost. If a school is a great fit for you but seems too expensive, it makes senseto apply and then see whether your financial aid offer will bring the cost down. Don't giveup on a college because of its sticker price.