College Costs Update
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Here are the latest numbers from the College Board, New York:
- Annual tuition and fees now average about $6,185 at four-year public universities for in-state students, and about $23,712 at four-year private colleges.
- The average amount students actually paid for annual tuition and fees in 2007 at public four-year universities--after receiving grant aid and taking advantage of tax breaks--was reduced from the published price of $6,185 to $2,600.
- At private four-year colleges, the average amount students actually paid was reduced from the published price of $23,712 to $14,400.
- When all the costs for attending college for four years are added up, the average cost of a four-year college education is estimated at $74,720 for a public university and $152,466 for a private college (assuming an average 5% annual increase in expenses).
- The median annual income of the average full-time worker with a bachelor's degree is a considerable 62% higher than the annual income of a worker with only a high-school diploma. Similarly, those with Master's degrees earn about twice as much.
- The typical bachelor's degree recipient can expect to earn about 61% more than the typical high-school graduate over a 40-year working life. Those with advanced degrees can expect to earn two to three times more than high-school graduates.
College costs still are on the rise. But thanks to a host of grant aid and tax credits, most students pay less than the published price of tuition
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