The True Cost of College

HomeFinanceLearnThe True Cost of CollegeThis page may contain affiliate links.Oct 8, 2014Heres How it all Adds Up Tuition, Books, Fees, and More Remember when gas was less than $1, the only place to see movies was at the theater, and when you left your house no one could call you?  If your memory is that good, you might remember when paying for college didnt cost an arm and a leg. Over the past 20 years, tuition and fees at public universities have surged almost 130%, while family incomes have decreased. So while tuition goes up, the money families earn to pay for it has gone down. No math teacher in the world can give you the secret formula for calculating the true cost of college. Costs can change every semester, tuition and fees can too and they range from $2,000 a year to more than $25,000, depending on the type of college your child goes to. When you start pricing schools youll most likely face a wide range of costs. Here are average 2012 2013 costs broken down by size/year. Public 2 year college: $15,584 Public 4 year college: $22,261 Private 4 year college: $43,289 Adding it all up? Be sure you include all this (and more).Tuition and fees are not the only things factored into the cost of college. You also have to pay for: Room and board — college costs generally start with a place to live and food to eat Books — lots and lots of books Supplies — everything from a laptop and a microwave to a backpack and bedding Transportation — youve got to get them to school and back (over and over again for about 4 years) Of course, just like tuition, these costs can also vary greatly.  Be sure you speak the language.  When you start comparing colleges, you need to make sure youre comparing apples to apples (and were not talking iPads). Here are three terms youll need to know in reviewing college costs: Tuition and fees  Ã¢â‚¬â€Ã‚  Tuition is the basic cost of instruction. Fees are mandatory extra charges added to those basic costs. Direct costs  Ã¢â‚¬â€Ã‚  Colleges with dorms and cafeterias sometimes list a direct costs which includes tuition, fees, room and board. These expenses are considered direct because they make up the bills students pay directly to the college. Indirect costs  Ã¢â‚¬â€Ã‚  Remember that students will have other costs, such as text books, laundry, and travel. Start saving now! As you start to look into college costs, the one thing youll almost certainly find.its never too early (or too late) to start saving. *The College Board, Trends in College Pricing Report 2012 Road2College Debbie Schwartz is former financial services executive and founder of Road2College and the Paying For College 101 Facebook group. She's dedicated to providing families with trustworthy information about college admissions and paying for college. With data, tools and access to experts she's helping families become educated consumers of higher ed. View all posts CATEGORIES CostsFinanceLearnTerminology TAGS Cost of CollegeDirect CostsIndirect CostsTuitionNEWER POSTHow to Parse the New Common App Essay PromptsOLDER POSTHow Much Do You(or Dont) Know?