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Here's the bad news: there's no escaping the fact that college prices are rising. According to recently released reports from the College Board, most students and their families can expect to pay, on average, from $172 to $1,096 more than last year for this year's tuition and fees, depending on the type of college.
Believe it or not though, there is good news. In 2008-2009, more than $168 billion in financial aid was distributed. And, despite all of these college price increases, a college education remains an affordable choice for most families.
Sticker Price vs. Affordability
Although some of the college price tags you hear about can be quite daunting - $35,000 or more for yearly tuition and fees - most colleges are more affordable than you might think. For example, did you know that about 50 percent of students at four-year schools pay less than $9,000 for tuition and fees? After grants are taken into consideration, the net price the average undergraduate pays for a college education is significantly lower than the published tuition and fees. And remember, other forms of financial aid will further reduce the amount your family will actually pay.
Average Costs
The average cost for a private four-year college in 2009 was $26,273 (up 4.4 percent from the previous year); for a public four-year college the average cost was $7,020 (up 6.5 percent from the previous year).
About a quarter of full-time four-year college students are enrolled in institutions with published prices of $21,000 per year or higher. These students attend either private institutions or public institutions outside their states of residence.
For a public two-year college, the average cost is $2,544 (up 7.3 percent from the previous year); 32 percent of all full-time students attend public two-year colleges.
A number of students attend college on a part-time basis. Part-time students traditionally pay lower tuition and fees. According to National Center for Education Statistics, in fall 2007, 61 percent of students enrolled in public two-year colleges were part-time, as were 22 percent of undergraduates in public four-year, and 24 percent in private not-for-profit four-year institutions.
Grant Aid
About two-thirds of all full-time undergraduate students receive grant aid. In 2008-09, undergraduate students received an average of $10,185 in aid per full-time equivalent (FTE) student, including $5,041 in grant aid and $4,585 in federal loans. Federal and state governments combined provided about 42 percent of total grant aid.
Consider College an Investment
According to the College Board study Trends in Higher Education 2009, median income for families with a householder with at least a four-year college degree is more than $50,000 per year higher (and for those with an associate degree it is $20,000 higher) than for those with only a high school education. Furthermore, according to the Bureau of Labor Statistics (2009) the unemployment rate for individuals with a bachelor's degree or higher is about half the rate for high school graduates (and the rate for those with some college falls between these two). While the cost of college may feel out of reach to many students and families in today's economy, according to these studies, a college education is critical to long-term financial security.
In other words, whatever sacrifices you and your child make for his or her college education in the short term are more than repaid in the long term.
Source: Cost and aid figures are from the "College Board's Trends in College Pricing 2009," "Trends in Student Aid 2009," and "Education Pays 2007."
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