The College Board released 2009/2010 college cost figures in its annual Trends in College Pricing report.
Here are the highlights:
Four-year public colleges (in-state students):
• Tuition and fees increased an average of 6.5% to $7,020
• Room and board increased an average of 5.4% to $8,193
• Total average cost for 2009/2010: $19,388
Four-year public colleges (out-of-state students):
• Tuition and fees increased an average of 6.2% to $18,548
• Room and board increased an average of 5.4% to $8,193
• Total average cost for 2009/2010: $30,916
Four-year private colleges:
• Tuition and fees increased an average of 4.4% to $26,273
• Room and board increased an average of 4.2% to $9,363
• Total average cost for 2009/2010: $39,028
”Total average cost” includes tuition and fees, room and board, books and supplies, transportation, and other miscellaneous costs. The report also notes that “average cost” is not necessarily representative of what most students pay. Not only is there considerable variation in price among institutions, but almost two-thirds of undergraduate students enrolled full-time receive grants that reduce the actual price of college.
For the 2009/2010 year, private college students will receive an estimated average of $14,400 in grant aid from all sources (colleges, federal government, state governments, employers, and other private sources) and federal tax benefits (American Opportunity and Lifetime Learning tax credits and tuition expenses deduction) and public college students will receive an estimated average of $5,400 in grant aid from all sources and federal tax benefits.
To learn about tax-advantaged ways to save for and fund college expenses, please give us a call 253.534.8888.
