Getting Ready for College Early

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U.S. Department of Education

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Planning Ahead: What Does College Cost?

Most people believe that college is much more expensive than it really is. Although some colleges are expensive, many colleges are within reach. Even if a student wants to go to a more expensive school, financial aid (money available from state governments, colleges, and the U.S. Department of Education) can help those students who have planned ahead and worked hard in school pay for college. The basic costs of college are tuition, which is the amount of money that colleges charge for instruction and attendance; fees, which cover other costs, like athletic activities and special events; and other expenses, including room and board (the cost of housing and food), books, supplies, and transportation. While costs vary dramatically, tuition can be as low as a few hundred dollars per year for part-time students receiving financial aid.

How much a college costs usually depends on whether it is a public or private school. The majority of students attend state or public colleges, which receive a portion of their budgets from state or local governments and can charge lower tuition to students who live in that state. Students from other states pay higher tuition. Private institutions tend to be more expensive than public colleges and charge the same tuition for in-state and out-of-state students.

By the time your child attends college, the cost of tuition, fees, room and board, and other expenses will be higher than the amounts listed here--but remember: as college costs increase, the amount of money you earn, and thus the amount you will have available to pay for college, should also rise. No one can be sure how much costs will change over time--so be cautious when people tell you a particular amount. To get an idea of how much expenses are now for major colleges and universities in the United States, visit http://www.finaid.org/ on the World Wide Web, or look at the college guidebooks in your local library or bookstore.

Also watch developments in the U.S. Congress. The 1997 Congress has before it President Clinton's proposals for a $1,500 tax credit and $10,000 deduction for college tuition to help middle-income families, and proposals for other increases in financial aid to help low- and middle- income families, including an increase in the maximum size of the Pell Grant, the U.S. Department of Education's aid to the nation's neediest students. Members of both parties in Congress have also proposed changes in student financial aid.