The Average Cost of College Tuition

By Brandon Cornett
© 2011 All rights reserved

College has become big business over the last few decades, and increasingly expensive as a result. The average cost of college tuition for a single child is enough to bankrupt some families. Here's what you need to know about these tuition costs, and how you might save money on them.

If you're reading this article right now, you probably fall into one of two categories. You're either a parent doing some research for your kids (and future college students), or you're actually one of those future students. In either case, you'll learn a lot from this article. We will take a closer look at the average cost of college, some financial traps to avoid, and various ways to chop those costs down to size.

College Tuition Costs in the U.S.

Let's start with the cost of tuition, and then go from there. According to an MSNBC article dated October 2009, the average tuition at four-year public colleges increased by 6.5% (from 2008 - 2009) to $7,020 per year. This growth outpaces inflation. Additionally, public colleges in certain areas of the country rose more sharply than this -- the most expensive states being New York, Florida and California.

I'd like to reiterate that these prices are for tuition only. They do not include room and board, which could add -- on average -- another $8,000 per year.

Sandy Baum, a policy analyst with the College Board, had this to day about the rising costs: "At public four-year colleges, we've seen a rapid rate of increase in prices and that trend has been exacerbated in recent years."

Of course, the cost for most private schools is much higher than this. The average tuition at a private four-year institution is $26,273 per year. This is an increase of 4.4% over 2008.

That same article offered a ray of light, though. As the average cost of college tuition increases, financial aid for students does a good job of keeping up. Government aid, in particular, has become an option for an increasing number of students. Federal grants for college tuition (such as the Pell Grant) have risen by 11% in the last year.

Help Paying for College

We already mentioned the rise in federal aide for college students, such as the Pell Grant. In most states, there are grants available as well. These can range from small to significant, but anything that helps you cover the cost of college tuition is worth pursuing.

College scholarships are another option. Schools offer a wide variety of scholarship programs, ranging from athletic to academic (and all things in between). These days, you can find search engine websites dedicated entirely to scholarship searches. Check out CollegeBoard.com and FastWeb.com for starters.

If scholarships and grants don't pan out, you could always apply for a student loan to cover the cost of tuition. Sallie Mae is the largest private lender that caters to this area, so you might want to start there (SallieMae.com). Smaller banks offer these loans as well, so be sure to shop around.

References

When creating this guide to the average cost of college tuition, we visited more than 35 websites and read dozens of articles. We also cited some specific data from the two articles listed below.

• "College tuition cost rising again this fall," MSNBC.
  http://www.msnbc.msn.com/id/33399519
• "College Tuition: Going for Broke," Business Week.
  http://www.businessweek.com/bschools/content/oct2009/bs20091020_667493_page_2.htm

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