College Planning

While the price tag for a college education has edged down slightly during the pandemic, it’s important to plan ahead to determine how to fun – or partially fun – tuition, fees, room, board and everything else for four (or more) years of undergraduate studies.

College and universities typically report a combined tuition and fees total.  The average price of tuition and fees for the 2021-2022 academic year in the United States”

• $10,740 at public colleges (for in-state residents)
• $27,560 at public colleges (for out-of-state residents)
• $38,070 at private colleges

The average price of room and board for the 2021 – 2022 academic year were:

• $11,950 at public colleges
• 13620 at private colleges

 

Scholarships & Student Aid

In 2020 -21 students received an average per full-time student in financial aid:

	Undergraduate Student	Graduate Student
In Grants	$10,050	$8,860
In Federal Loans	$3,780	$17,540
In Educational Tax Credits	$880	$460
In Federal Work Study	$90	$60
Total	$14,800	$26,920

 

In 2020-21, undergraduate and graduate students in the U.S. received a total of $234.9 billion from grants, federal work study, federal loans, and federal tax credits.

 

Student Loans

Students in the U.S. borrowed about $12 billion from nonfederal sources. 2010-2011 compared 2020-2021 total federal grant aid decreased by 32%. (adjusted for inflation)

Scholarships

• 72% of families relied on scholarships and grants with the average amount of aid being $9065
• 56% use scholarships
• 50% used grants
• The Scholarships covered 16% of educational costs.

 

Student Budget 2021-22

The average estimate budget or price tag, for full-time undergraduate students in the U.S.:

• $18,830 for public two-year in district students
• $27,330 for public four-year in-state students
• $44,150 for public four-year out-of-state students
• $55,800 for private nonprofit four-year students

Create a Budget for College

1. Talk with everyone involved in paying for expenses to be clear on who will fund what.
2. Consider opening a checking account if you don’t have one already
3. Create a budget and list out fixed expenses, then other expenses: phone entertainment, etc.
4. Be flexible: Add in some wiggle room.