When parents and future students begin planning for
college one of the frequently asked questions is, "What
is the cost of college tution?" Knowing about the costs
of college tuition will help students and their families
plan for a college education.
The national average college tuition cost for public
universities is $4,694 per year for in state residents.
This figure includes both tuition rates and fees for
a full time student.
The average college tuition cost at private colleges
and universities is around $20,000 per year in tuition
and fees.
Many students take advantage of the low tuition rates
of two-year public colleges and junior colleges. The
average tuition for a two year school is only $2,076
per year.
College Tuition Cost Increase
While it is good to get an idea of the current cost
of tuition, it is also important to understand the expected
increase in tuition costs. Parents and students who
still have several years before entering college should
be keenly aware of the projected estimates rather than
the current costs so that they can plan accordingly.
Tuition costs increase at about twice the general inflation
rate. On average, tuition rates tend to increase about
8% per year. Some academic years see a greater increase
than others and many economic factors come into play
when a college decides to increase tuition.
For the school year 2005-2006 many colleges dramatically
raised tuition rates. An example of such tuition hikes
is at the University of Colorado where tuition rates
have been raised for all of the system's campuses. Tuition
at the Boulder campus will go up by 27.8 percent, from
$3,480 to $4,446. Other University of Colorado campuses
will see a similar increase.
Financial Aid Offsets Tuition Costs
Even though college tuition costs increase, more students
than ever are benefiting from educational aid programs.
According to a report from The College Board, "In 2003-04,
the amount the average student actually paid for a public
four-year institution, after receiving grant aid and
education tax benefits, was about $1,300 per student."
Federal
government grants such as the pell grant provide
funding for many college students. In fact for students
who attend two-year colleges the grant award may cover
the entire cost of tuition.
College
scholarships awarded by colleges, businesses and
non profit organizations are available to help students
defray the cost of college tuition. There are many college
scholarship programs available and it is becoming even
easier to find these programs with the use of the internet.
With a combination of savings, financial aid, and scholarships
many students today are able to afford college tuition
costs and further their education.
