No matter where your student decides to attend college, you have to pay the tuition and the books and supplies, and then you have to come up with some solution to the housing question. But because you may need a crystal ball to figure out where your child plans on attending college, the next piece of the puzzle isn't quite as straightforward — estimating the tuition and fees you need to save for. However, after you have an idea of what type of school your student plans on attending, or, if your up and coming student is either not yet born or just recently populating the planet, you have decided on what type of school you hope your student attends, you can begin some significant planning for the future.
To make that planning a little easier — short of a crystal ball — I give you some real numbers to work with in this section for each type of school your child may attend.
Enrolling in Career And Vocational Training Schools
Smaller, more specialized schools, such as career and vocational training schools, train students in very specific areas for very specific careers, such as funeral services, dental hygiene, piano tuning, or even bartending. The cost of these programs (which may exist entirely independently of or be attached to community colleges or even four-year colleges) tend to be much smaller than your typical college.
Figure 2-1 lists a few types of career and vocational training schools, their current and anticipated costs, whether they qualify for federal financial aid and for available tax credits, and whether you can pay for them using funds from your college savings plans.
| Type of School |
Tuition and Fees (in Dollars)
|
Federal Financial Aid Eligible |
Tax Credit Eligible |
College Savings Plan Eligible |
| |
2002-2003 |
2007-2008 |
2012-2013 |
2017-2018 |
|
|
|
| Broadcasting |
19,500 |
25,000 |
31,750 |
40,500 |
Yes |
Yes |
Yes |
| Cosmetology |
9000-10,000 |
11,500-12,750 |
14,700-16,275 |
18,750-20,775 |
Yes |
Yes |
Yes |
| Dental hygiene |
7,000-74,500 |
9,000-95,000 |
11,500-121,250 |
14,675-154,750 |
Yes |
Yes |
Yes |
| Funeral service |
10,000-12,000 |
12,750-15,300 |
16,375-19,525 |
21,000-25,000 |
Yes |
Yes |
Yes |
| Gemology |
7,600 |
9,700 |
12,375 |
15,800 |
Maybe |
Yes |
Maybe |
| Paralegal (12 month) |
7,600-13,000 |
9,700-16,600 |
12,375-21,200 |
15,800-27,000 |
Some |
Yes |
Some |
| Piano tuning |
11,500-23,000 |
14,500-29,000 |
18,500-37,000 |
23,600-47,200 |
Yes |
Yes |
Yes |
| Real estate |
500-1,350 |
815-2,200 |
815-2,200 |
1,040-2,800 |
No |
Yes |
No |
All current costs are approximate and only for one year of tuition. Future tuition costs are estimates only. Your costs may vary.
Figure 2-1: Career and vocational training school costs.
Taking Community College And Continuing Education Classes
Almost every city of any size has at least one community college, an institution of higher education that gives college level learning without the college-level price. In addition, many large universities have a division of continuing education that provides much the same function as a community college, including the low cost — just check out the cost comparisons between community colleges throughout the country in Figure 2-2.
| School |
Tuition (in Dollars) |
| |
*2002-2003
**2003-2004
|
2007-2008 |
2012-2013 |
2017-2018 |
| |
In-State |
Out-of-State |
In-State |
Out-of-State |
In-State |
Out-of-State |
In-State |
Out-of-State |
| Cape Cod Community College, Mashpee, MA |
3,180 |
9,360 |
3,940 |
11,595 |
5,150 |
15,150 |
6,730 |
19,800 |
| Capital Community College, Hartford, CT |
1,764 |
5,292 |
2,300 |
6,900 |
3,000 |
9,040 |
3,940 |
11,800 |
| Cincinnati State Technical & Community College, Cincinatti, OH |
1,950 |
3,900 |
2,550 |
5,100 |
3,330 |
6,660 |
4,350 |
8,700 |
| Cape Cod Community College, Mashpee MA |
2,860 |
7,150 |
3,550 |
8,850 |
4,630 |
11,575 |
6,050 |
15,130 |
| Cape Cod Community College, Mashpee MA |
2,994 |
2,994 |
3,900 |
3,900 |
5,100 |
5,100 |
6,700 |
6,700 |
| Cape Cod Community College, Mashpee MA |
1,136 |
6,304 |
1,485 |
8,240 |
1,940 |
10,775 |
2,550 |
14,075 |
| Cape Cod Community College, Mashpee MA |
960 |
1,110 |
1,250 |
1,450 |
1,640 |
1,900 |
2,150 |
2,475 |
| Cape Cod Community College, Mashpee MA |
2,088 |
7,296 |
2,725 |
9,535 |
3,575 |
12,460 |
4,660 |
16,300 |
All current costs are approximate and only for one year of tuition. Future tuition costs are estimates only. Your costs may vary.
Figure 2-2: Yearly community-college costs.
Don't assume that because you can't afford an Ivy League college through the normal channels that you also can't afford to take courses in the continuing education division. Tuition at Harvard University in 2008-2009 is $32,557; per-course fees at the Harvard Extension range between $900 to $1,975 for most undergraduate and graduate level courses.
Funds from all of your college savings plans can be used to pay either community college or continuing education tuitions, provided the school you attend is an eligible institution. However, in order to pay for housing using savings from these plans, you need to be at least a half-time student. Be aware of this, and vigilant; a mistake here will cost you not only income tax on the distribution but also a 10 percent penalty.
Going For A Four-Year Public Education
Each state has its own public university/college system. Because the universities are larger than the colleges and offer much more programming, they tend to be considerably more expensive than the colleges. If your student has a very clear idea of where she's going in life, it is going to be most cost effective if you can find that program at a state college rather than a state university, especially for in-state students. Check out Figures 2-3 and 2-4 for sample tuition costs for a number of state universities and colleges.
Unlike public elementary and secondary schools, public universities and colleges aren't funded totally by tax dollars (and may actually be funded very little by tax dollars). However, state-run colleges and universities are one of the best bargains around, especially for in-state students. Any state subsidy, no matter how small, is better than no state subsidy for keeping costs down, and this is reflected in the size of tuition bills.
Checking Out In-State Versus Out-Of-State Tuition
What makes a university or college public is the fact that, to a greater or lesser extent, funding for it comes from a public source: taxes. Although not every state provides huge amounts of assistance to its state schools, every state provides some amount of subsidy. And because any state subsidy comes from the state's taxpayers, students who live in the state are given not only preference in admissions but also preferential tuition cost. This reflects that they, and their families, are already contributing through their tax dollars.
Even for out-of-state students, tuition at state colleges and universities often provides great value. The vast size of the state systems, their centralized administrations, and the typically lower salaries they offer their employees keep overall costs down. The top tuition price for an out-of-state student, while significantly higher than for an in-state one, is still substantially less than at many private four-year colleges and universities.
Tuition is the only variable between the cost to in-state students versus out-of-state students. All other expenses, including room and board, books and supplies, and so on, are the same for both.
Historically, the rate of increase in tuition and other fees has been more controlled in the state university systems than in private colleges, especially for in-state students. The annual budget is open to the public for comment, and political futures can rise and fall on the fate of a budget that increases too fast. Sometimes, though, state budget shortfalls can put pressure on state legislatures to increase fees at a more draconian rate with the hope that keeping other state services intact (and maybe not raising taxes) will keep the political fallout to a minimum. When states do increase tuition and other fees by a large amount, out-of-state students will typically feel the effects more than in-state students. Remember, in-state students, and their parents, are voters, and voters unhappy with the rate of tuition increases can effect some powerful changes.
| University |
Tuition (in Dollars) |
| |
2002-2003 |
2007-2008 |
2012-2013 |
2017-2018 |
| |
In-State |
Out-of-State |
In-State |
Out-of-State |
In-State |
Out-of-State |
In-State |
Out-of-State |
| North |
|
|
|
|
|
|
|
|
| University of Maryland — College Park |
5,670 |
14,434 |
7,410 |
18,865 |
9,685 |
24,655 |
12,660 |
32,225 |
| University of Vermont |
8,994 |
21,484 |
11,755 |
28,075 |
15,363 |
36,700 |
20,075 |
47,960 |
| Rutgers — New Brunswick, NJ |
7,308 |
13,284 |
9,550 |
17,360 |
12,500 |
22,690 |
16,315 |
29,650 |
| South |
|
|
|
|
|
|
|
|
| University of Virginia — Charlottesville |
4,595 |
19,805 |
6,000 |
25,900 |
7,850 |
33,830 |
10,260 |
44,215 |
| University of Florida |
2,581 |
11,595 |
3,375 |
15,150 |
4,400 |
19,800 |
5,760 |
25,900 |
| University of Alabama at Tuscaloosa |
3,556 |
9,624 |
4,650 |
12,575 |
6,075 |
16,440 |
7,950 |
21,485 |
| Midwest |
|
|
|
|
|
|
|
|
| University of Oklahoma |
2,929 |
8,078 |
3,825 |
10,555 |
5,000 |
13,800 |
6,540 |
18,035 |
| University of Michigan — Ann Arbor |
7,806 |
23,738 |
10,200 |
31,025 |
13,335 |
40,550 |
17,425 |
53,000 |
| University of Kentucky |
3,975 |
10,527 |
5,195 |
13,760 |
6,790 |
17,980 |
8,875 |
23,500 |
| West |
|
|
|
|
|
|
|
|
| University of California — Los Angeles |
4,225 |
15,886 |
5,520 |
20,760 |
7,215 |
27,135 |
9,430 |
35,465 |
| University of New Mexico |
3,170 |
11,436 |
4,145 |
14,945 |
5,415 |
19,535 |
7,075 |
25,530 |
| University of Oregon |
4,155 |
14,890 |
5,430 |
19,460 |
7,100 |
25,435 |
9,275 |
33,240 |
All current costs are approximate and only for one year of tuition. Future tuition costs are estimates only. Your costs may vary.
Figure 2-3: Sample yearly tuition costs at state universities.
| University |
Tuition (in Dollars) |
| |
2002-2003 |
2007-2008 |
2012-2013 |
2017-2018 |
| |
In-State |
Out-of-State |
In-State |
Out-of-State |
In-State |
Out-of-State |
In-State |
Out-of-State |
| North |
|
|
|
|
|
|
|
|
| University of Maryland — Eastern Shore |
4,128 |
8,612 |
5,395 |
11,255 |
7,050 |
14,710 |
9,215 |
19,225 |
| Lyndon (VT) State College |
5,252 |
11,168 |
6,865 |
14,600 |
8,970 |
19,075 |
11,725 |
24,930 |
| New Jersey City University |
5,063 |
8,663 |
6,620 |
11,320 |
8,650 |
14,800 |
11,300 |
19,340 |
| South |
|
|
|
|
|
|
|
|
| Virginia State University |
3,312 |
9,738 |
4,330 |
12,725 |
5,660 |
16,635 |
7,395 |
21,740 |
| University of South Florida |
2,520 |
10,410 |
3,295 |
13,605 |
4,300 |
17,780 |
5,625 |
23,240 |
| Alabama State University |
2,904 |
5,808 |
3,795 |
7,590 |
4,960 |
9,920 |
6,485 |
12,965 |
| Midwest |
|
|
|
|
|
|
|
|
| Southwestern Oklahoma State University |
2,138 |
5,031 |
2,795 |
6,575 |
3,650 |
8,595 |
4,775 |
11,230 |
| Wayne (MI) State University |
4,330 |
9,352 |
5,660 |
12,225 |
7,400 |
15,975 |
9,665 |
20,880 |
| Kentucky State University |
2,648 |
7,208 |
3,460 |
9,420 |
4,525 |
12,310 |
5,910 |
16,090 |
| West |
|
|
|
|
|
|
|
|
| California State University — Bakersfield |
1,801 |
7,705 |
2,355 |
10,070 |
3,075 |
13,160 |
4,020 |
17,200 |
| New Mexico Highlands University |
2,092 |
8,669 |
2,735 |
11,330 |
3,575 |
14,810 |
4,670 |
19,355 |
| Oregon State University |
3,654 |
13,104 |
4,775 |
17,125 |
6,240 |
22,385 |
8,160 |
29,255 |
All current costs are approximate and only for one year of tuition. Future tuition costs are estimates only. Your costs may vary.
Figure 2-4: Sample yearly tuition costs at state colleges.
Getting Your Education In Private
Public education may be the cornerstone on which our country is built. However, a vast network of private schools is available at every level, for those who can afford to pay. And because no college education is free (unless you look at the U.S. military academies, where the payment is in kind), all schools that don't rely on public subsidies are referred to as private. Private universities can refer to various types of institutions, from the Ivy League schools to hundreds of private four-year institutions throughout the country. Each of these colleges and universities offers a unique educational opportunity, as well as a unique price tag. Just check out Figure 2-5 for some estimates on private education.
Overall, prices are high, climbing higher every year, and no relief is in sight. Tuition and room and board fees are set by the college, and there is no public oversight. Furthermore, college presidents and trustees retain their jobs on the basis of how well their institutions are doing financially " if it takes tuition hikes to keep it that way, that's just too bad.
If your savings are a bit lacking when the time comes to start forking over tuition payments, the smartest way to look for a private school may be to shop by endowment (the amount of money that the school has invested, with the income available for building projects, professors' salaries, and tuition grants), rather than tuition ticket price. Schools with large endowments usually devote a large percentage of the earnings from the fund to outright grants, awarded on the basis of need.
| University |
Tuition (in Dollars) |
| |
2002-2003 |
2007-2008 |
2012-2013 |
2017-2018 |
| North |
|
|
|
|
| Drexel University (PA) |
18,413 |
24,065 |
31,450 |
41,105 |
| Harvard University (MA) |
27,448 |
35,875 |
46,885 |
61,275 |
| The Johns Hopkins University (MD) |
27,890 |
36,450 |
47,640 |
62,265 |
| South |
|
|
|
|
| Tuskeegee University (AL) |
10,824 |
14,145 |
18,490 |
24,165 |
| Emory University (GA) |
26,932 |
35,200 |
46,000 |
60,125 |
| Duke University (NC) |
27,844 |
36,390 |
47,560 |
62,160 |
| Midwest |
|
|
|
|
| University of Notre Dame (IN) |
25,852 |
33,788 |
44,160 |
57,715 |
| Colorado College (CO) |
26,333 |
34,415 |
44,980 |
58,790 |
| Northwestern University (IL) |
27,229 |
35,590 |
46,510 |
60,790 |
| West |
|
|
|
|
| Brigham Young University — Provo, UT |
3,060 |
4,000 |
5,225 |
6,830 |
| Baylor University (TX) |
13,614 |
17,795 |
23,255 |
30,395 |
| Stanford University (CA) |
27,204 |
35,555 |
46,470 |
60,730 |
All current costs are approximate and only for one year of tuition. Future tuition costs are estimates only. Your costs may vary.
Figure 2-5: Sample yearly tuition costs at private 4-year colleges and universities.
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