In recognition of Juneteenth, all Kohler Credit Union branches will be closed on Wednesday, June 19th. Account access is always available through digital banking.

  • College Planning
Home   >   Learn   >   Financial Wellness   >   This That & Chit Chat   >   College Planning

May 17, 2022
by: SavvyMoney

College Planning

CollegePlanning Info Web

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.

Tagged:

Post your comment

Comments

No one has commented on this page yet.

RSS feed for comments on this page | RSS feed for all comments