Facts About the Cost of College

by Kristin Kudrna

September 03, 2008

Facts About the Cost of College

College is expensive, and you just can't get around that fact. According to the College Board report for the 2007-08 academic year, the "sticker price" for a four-year private college was more than $23,000. Tuition and fees for a four-year public institution were nearly $6,000. Although these costs may seem high, here are some reassuring facts:

• About 65 percent of students enrolled at four-year colleges or universities attend institutions that charge tuition and fees of less than $9,000.

• Fifty-six percent of full-time students enrolled in four-year public institutions pay in-state tuition and fees between $3,000 and $6,000.

• Only about 5 percent of all students attend colleges with tuition and fees totaling $33,000 or higher per year.

• Forty-one percent of all students attend two-year colleges. The average full-time student enrolled in a public two-year institution receives about $2,200 in grants and tax benefits, which reduces the average tuition and fees paid from $2,272 to a net price of under $100.

• A record $134 billion in financial aid is available to students and their families.

• About 62 percent of all full-time college students receive grant aid. During 2005-2006, aid in the form of grants and tax benefits averaged about $2,200 per student at two-year public colleges, more than $3,100 at public four year colleges, and about $9,000 per student at four-year private colleges.

• The average surcharge for out-of-state or out-of-district students at public institutions is $4,208 at two-year colleges and $9,947 at four-year colleges.