How much would you say it costs to go to college? Earning a college degree is a means of opportunity for many young learners across the globe. In America, two-thirds of high school graduates attend their first year of college. More than half of the population has some college education, meanwhile less than one-third having acquired a degree. According to U.S. Census Bureau, individuals above the age of twenty-five having earned a bachelor’s degree is 32.1% during 2015-2019.
Average salary earnings with Bachelor’s Degree
For every $1.00 a high school graduate earns a college graduate earns $1.64. A college graduate earns one-half more than a non-college graduate per year. These salaries may seem to differ only a minor amount, only a graduate is considered seven times more likely to become a millionaire. This gives a college education considerable favor for pursuing financial independence.
While many more consider whether college is for everyone, it certainly is an option. There is a lot to consider. There’s a responsibility that comes in higher learning. Prospective students should consider their desired career fields, as this will determine which degree program is best suited. First year students should understand what a college’s values and campus life as this will factor into individual success.
However, none of this will matter if you don’t first get your feet in the door. A majority of students will finance their education with student loans. So let’s break down the costs and see how to finance college into your future.
Public Two-Year Colleges
In 2022-23, the average annual net cost for full-time students at a public two-year college was $14,510. This amount is $950 less than the average during 2021-22.
The published costs for one year attending was $19,230. On average students received $4,720 in financial aid. Hence, for public two-year college students paid $8,750 including tuition, fees, room and board. In addition, students paid $5,760 for books and supplies, transportation, and other personal expenses.
75% of first-year full-time undergraduate students received federal, state, or institutional grant aid.
Public Four-Year Colleges
In 2022-23, the average annual cost for full-time students at a public four-year college was $19,250. This amount is $1,320 less than the average during 2021-22.
The published costs for one year attending was $27,940. On average students received $8,690 in financial aid. Hence, for public four-year college students paid $15,540 including tuition, fees, room and board. In addition, students paid $4,690 for books and supplies, transportation, and other personal expenses.
78% of first-year full-time undergraduate students received federal, state, or institutional grant aid.
Private Not-for-Profit Four-Year Colleges
In 2022-23,
the average annual cost for full-time students at a public four-year college was $32,800. This amount is $1,860 less than the average during 2021-22.
The published costs for one year attending was $57,570. On average students received $24,770 in financial aid. Hence, for public four-year college students paid $28,660 including tuition, fees, room and board. In addition, students paid $4,140 for books and supplies, transportation, and other personal expenses.
88% of first-year full-time undergraduate students received federal, state, or institutional grant aid.
See, College Board’s Trends in College Pricing and Student Aid 2022.
Preparing for College expenses
Education is a way for students to break their boundaries. For many Americans, a college diploma provides a means for social-mobility. Deciding whether or not to attend college is a decision that will affect your future opportunities. Forthcoming years in college will be ones that affect your finances. Doing your research and comparing tuition rates, grant offers, financial aid packages, along with planning weekends visiting different campuses will help you to decide which college university is the best fit your education plans.