How Much Does College Cost?

How Much Does College Cost

BIG Ideas:

  • Your cost of college depends on the type of school you attend, the location, and the amount of financial aid you receive.
  • College costs include tuition, room and board, books and supplies, as well as transportation costs and other fees.
  • A private loan can help you bridge the gap between financial aid and college expenses. 

It’s on! You’re beginning the exciting and life-altering journey to college. At this point, you may not know your school or major, but you already have a big “X” to solve for: How much will college cost?

The truth is, it can be a lot. According to the Education Data Initiative, the typical in-state student at a public four-year university who lives on campus spend an estimated $27,146 per year.

The amount you’ll pay depends on several factors, including the type of school (public or private), where you’ll live (on campus or at home), how far you’ll go (out-of-state or state school), and what financial aid or scholarships you’ll receive.

Let’s take a closer look.

Know All the Costs of College

To plan for college, you must understand all the costs, beyond tuition. That includes room and board, books, supplies and equipment (such as a laptop), as well as other fees, such as fees for athletics, labs, or parking if you plan to bring a car. Plus, if you attend a school far from home, you’ll also have transportation costs for traveling back and forth from home to school.

Resources to Help You Compare College Costs

College costs vary significantly by school, so you can start by researching schools of interest. Here are some resources to help you:

  • College Navigator: You can search schools based on your academic goals and finances.
  • College Scorecard: This tool will help you determine school costs plus graduate debt and earnings.

How Financial Aid Impacts College Costs

When you complete the Free Application for Federal Student Aid (FAFSA), you can indicate the schools you are interested in. This allows the schools to make financial aid offers (the amount and type of aid they will offer). Once you have that information, you can compare your options by calculating the net cost of college.

To calculate the net cost of college, determine the cost of attendance from the school, including tuition and fees, room and board, and other costs, such as books and transportation.

Next, subtract the financial aid (scholarships and grants) each school offers you. You should also subtract any savings (from savings or a college fund) that you will use for school. This will give you your net cost of college.

Choosing Your School

Though you may be tempted to choose the most expensive school, be sure to choose carefully, so you don’t get debt regret, which can impact you and your other financial goals later in life.

Starting your college financial planning early can help you better prepare for the cost of school. Of course, if you find a gap between the cost of college and your savings, you can apply for a private loan, which provides financing where financial aid and savings leave off.

Brazos is Here to Help You Realize Your College Dream

For more than 40 years, Brazos Higher Education has been helping make education more affordable for students. As a Texas non-profit, we offer great rates and no fees on private student loans. Contact us to learn more.