How Much Does a College Education Cost? (continued)

When the costs of room, board, books, supplies, transportation, and other personal expenses are added to tuition and fees, the average in-state total cost of attending a public four-year college was $10,458 in 1998-99. Since many students who attend two-year public schools live at home, the average total cost of attending a two-year public college in 1998-99 was $6,445. This includes the cost of tuition, fees, books, supplies, transportation, and other personal expenses for a commuter student.

Private Institutions

Private (sometimes called "independent") institutions charge the same tuition for both in-state and out-of-state students. Private college tuitions tend to be higher than those of public colleges because private schools receive less financial support from states and local governments.

Most private colleges are "non-profit." Other private postsecondary schools -- mostly vocational and trade schools -- are "proprietary." Such institutions are legally permitted to make a profit. Students at private colleges in 1998-99 faced an average tuition and fees of $14,508 per year at four-year colleges and $7,333 per year at two-year non-profit colleges.

When the costs of room, board, books, supplies, transportation, and other personal expenses are added to tuition and fees, the average total cost of attending a private four-year college was $22,533. If these same kinds of costs are added to the tuition and fees of a two-year private college, the average total cost of attending such a school was $14,222.

Future College Costs

By the time your child is ready to attend college, the tuition, fees, and costs of room, board, and other expenses will be larger than the amounts discussed in this handbook. Because there are many factors that affect the costs of a college education, it is impossible to know exactly how much colleges will charge when your child is ready to enroll. Be cautious when people tell you a particular amount; no one can be sure how much costs will change over time. In addition, as college costs increase, the amount of money you earn, and thus the amount you will have available to pay for college, will also rise.