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costs of a college education

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.

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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.

 

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