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Understanding the Average Cost of College
What Is the Average Cost of College?
Paying for college can be daunting, especially if you’re unsure of the costs involved. The expenses can vary significantly based on factors such as the institution, duration of the degree, and living costs. For the 2023-24 academic year, annual tuition fees for a four-year college range from $11,260 to $41,540, according to CollegeBoard.
Breakdown of College Costs
While tuition is a significant part of college expenses, it’s not the only cost to consider. Colleges provide a total cost of attendance, which includes room and board, transportation, supplies, and other personal expenses. Here’s a summary of the average costs for the 2023-24 school year:
Average College Costs for 2023-24
| Cost Type | Public Two-Year, In-District | Public Four-Year, In-State | Public Four-Year, Out-of-State | Private Nonprofit Four-Year |
|---|---|---|---|---|
| Tuition and Fees | $3,990 | $11,260 | $29,150 | $41,540 |
| Housing and Food | $9,970 | $12,770 | $12,770 | $14,650 |
| Books and Supplies | $1,470 | $1,250 | $1,250 | $1,250 |
| Transportation | $1,930 | $1,290 | $1,290 | $1,100 |
| Other Expenses | $2,500 | $2,270 | $2,270 | $1,880 |
| Total Cost of Attendance | $19,860 | $28,840 | $46,730 | $60,420 |
Average Student Loan Debt
Student loan borrowing has been decreasing for 12 consecutive years, according to CollegeBoard. However, the average student loan balance remains at $37,797, based on Experian data. This decline is partly due to student loan forgiveness efforts and modifications to repayment plans.
Average Student Loan Debt by Generation
| Generation | Average Balance |
|---|---|
| Generation Z (18-27) | $22,948 |
| Millennials (28-43) | $40,438 |
| Generation X (44-59) | $44,240 |
| Baby Boomers (60-78) | $41,877 |
| Silent Generation (79+) | $31,106 |
How to Borrow Less in College
Reducing the amount you need to borrow for college can significantly ease your financial burden. Here are some strategies to consider:
Pick a Less Expensive School
You don’t need to attend a prestigious university to receive a quality education. Consider starting at a community college and then transferring to a four-year institution. More expensive schools may also offer more financial aid, so compare financial aid award letters from different schools.
Look for Scholarships and Grants
Fill out the FAFSA annually to determine your eligibility for federal grants and scholarships. Additionally, explore merit-based scholarships and private scholarships through databases like Scholarships.com and Fastweb.
Work a Part-Time Job
If your schedule allows, working part-time can help cover college expenses. Consider the federal work-study program or working full-time during summer breaks to save for the school year.
Get Help from Your Employer
Some employers offer tuition assistance or reimbursement programs. If you’re considering a military career, the military also offers educational benefits.
How to Pay Off Student Loans
Having a solid strategy to pay off student loans can save you money and reduce stress. Here are some tips:
Start Paying Immediately
If you can afford it, start making payments during the six-month grace period after graduation to reduce the interest that accrues.
Make Extra Payments
Pay more than the minimum required amount each month, focusing on loans with the highest interest rates first.
Seek Assistance
Programs like Public Service Loan Forgiveness and Teacher Loan Forgiveness can help reduce your debt if you work in qualifying fields.
Refinance Your Student Loans
Refinancing can lower your interest rate if you have good credit and a stable income. However, be aware that refinancing federal loans means losing access to certain repayment plans and forgiveness programs.
Start Building Credit in College
Building your credit history while in college can prepare you for future financial needs. Consider getting a student credit card or becoming an authorized user on a parent’s account. Use resources like Experian Go™ to monitor your credit score and report.
For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey with expert advice and personalized service.
