It’s no secret that college is expensive. But exactly how much does college cost? What type of necessary expenses should you expect?
To get a closer look, let’s break down the average estimated full-time undergraduate budgets for the 2012–2013 academic year.
Total Expenses
- Public, 2-year commuter: $15,584
- Public, 4-year, in-state, on campus: $22,261
- Public, 4-year, out-of-state, on campus: $35,312
- Private, nonprofit, 4-year, on campus: $43,289
Look below to see how the total expenses broke down individually.
Tuition and Fees
- Public, 2-year commuter: $3,131
- Public, 4-year, in-state, on campus: $8,655
- Public, 4-year, out-of-state, on campus: $21,706
- Private, nonprofit, 4-year, on campus: $29,056
Room and Board
- Public, 2-year commuter: $7,419
- Public, 4-year, in-state, on campus: $9,205
- Public, 4-year, out-of-state, on campus: $9,205
- Private, nonprofit, 4-year, on campus: $10,462
Books and Supplies
- Public, 2-year commuter: $1,229
- Public, 4-year, in-state, on campus: $1,200
- Public, 4-year, out-of-state, on campus: $1,200
- Private, nonprofit, 4-year, on campus: $1,244
Transportation
- Public, 2-year commuter: $1,648
- Public, 4-year, in-state, on campus: $1,110
- Public, 4-year, out-of-state, on campus: $1,110
- Private, nonprofit, 4-year, on campus: $957
Other Expenses
- Public, 2-year, commuter: $2,157
- Public, 4-year, in-state, on campus: $2,091
- Public, 4-year, out-of-state, on campus: $2,091
- Private, nonprofit, 4-year, on campus: $1,570
Sources of Financial Aid
- Government (national and state)
- Private organizations (companies, clubs, and religious organizations)
- University (funds from your specific school)
Types of Financial Aid
- Grants (don’t have to pay back)
- Scholarships (rewards from specific interests)
- Work-study (government funds given to students who work)
- Loans (borrowed from the government – must pay back)
The average amount of grants and scholarships awarded to each student was $6,593 for public schools, $14,200 for private non-profit schools, and $5,317 for private for-profit schools.
Debt
Student loan debt is currently above $1 trillion. With each second, this figure increases by $2,853. According to 2012 statistics, the average student walked away with $27,253 in debt.
