College costs are rising - Are you keeping pace?
We all know that college costs are rising. For 2003-2004, The College Board® reports that the average cost for tuition and fees at private four-year colleges are $19,710, up 6.0% over last year. Although the $4,694 average cost of tuition and fees at a four-year public college are a lot less, these costs are up 14.1% from last year. In the past 10 years, the average cost of tuition and fees has risen by 42% at private four-year colleges and 47% at four-year public colleges.1
If college costs were to increase at just 5% per year, in 10 years the average cost of tuition and fees at a four-year private college would be $30,742, and the average cost at a four-year public college would be $7,283. And this is just tuition and fees! For 2003-2004, The College Board® reports that room and board charges average $7,144 at four-year private colleges and $5,942 at four-year public colleges.
But don't despair. While college costs are rising, many colleges still remain affordable. The College Board® reports that about 29% of students attending a four-year college pay less than $4,000 in tuition and fees, and almost 70% of students pay less than $8,000.
So college is still within reach for most families, but especially for those that start saving early for college.
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Source: Trends in College Pricing 2003, The College Board®. Assumes a 5% increase in college costs each year and a child entering college at age 18.
1 Source: Trends in Student Aid 2003, The College Board®.