The real cost of attending college
EducationDataInitiative: Typical costs of tuition and fees at public four-year institutions has gone up 141% in the last 20 years
(InvestigateTV) — The Bipartisan Policy Center reported that college costs extend well beyond tuition, noting that the total net cost of attending a public four-year institution is $20,780—significantly higher than the $2,480 net tuition.
The College Investor Founder Robert Farrington said that college costs go beyond tuition, including room and board, housing expenses, and meal plans. Students must also for textbooks and often-mandatory university fees, all of which significantly contribute to the overall cost of college.
“And that’s the key that families need to is the sticker price does not necessarily mean the net price that you pay when it comes to college,” Farrington explained. “And as you’re comparing different colleges that you may want to go to, you really need to look at that net price.”
Farrington said when comparing all these costs, the information you find online might not be completely accurate.
“Sometimes these college costs, you know, might not be reflective of what they will be,” he said. “For example, a lot of states don’t actually finalize their tuition bills until the summer of college. And we know that college costs have been rising. So, if you’re using an estimate from last year, you could already expect tuition to be 3 or 5% higher or more.”
Farrington also said all colleges are required to post their cost of attendance on their financial aid website. He said that’s probably going to be the best official number from the school. However, recent studies have shown that number could be off by $10,000 or more.
That’s why he stressed the importance of completing the Free Application for Federal Student Aid (FAFSA) each year and saving in advance, as the actual cost of college may exceed expectations.
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