Checking Out the Cost of College: Career and Vocational Training, Community College, Public Education, and Private Schools

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.

 

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.