College Education - What's the cost, and what does it mean for those who don't attend

In its most recent survey of college pricing, the College Board reports that a moderate college budget for an in-state public college for the 2017–2018 academic year averaged $25,290. A moderate budget at a private college averaged $50,900. Keep in mind that there are other costs associated with attending college. See the list below.

Tuition

Tuition is what colleges charge for the instruction they provide. Colleges charge tuition by the units that make up an academic year, such as a semester or quarter. Tuition at public colleges is often a bargain for state residents, but not for out-of-staters, who often pay double the tuition of residents.
Tuition can vary by major. Students in the sciences, engineering, computing, pre-med programs, and the fine arts often pay more. For example, at the University of Illinois Urbana-Champaign, students enrolled in the College of Engineering pay up to $5,000 more in tuition than students pursuing other majors.

Fees

Colleges charge fees for services. These fees may include the library, campus transportation, student government, and athletic facilities. Colleges often report a combined tuition and fees figure. According to the College Board, the average cost of tuition and fees for the 2017–2018 school year was $34,740 at private colleges, $9,970 for state residents at public colleges, and $25,620 for out-of-state residents attending public universities.

Housing and Meals

The cost of "room and board" depends on the campus housing and food plans you choose. The College Board reports that the average cost of room and board in 2017–2018 ranged from $10,800 at four-year public schools to $12,210 at private schools. Colleges also provide room and board estimates for living off campus based on typical student costs.

Books and other School Supplies

Most colleges estimate the average costs for required learning materials. Some colleges even include the cost of a computer and computer accessories. The College Board reports the average cost for books and supplies for the 2017–2018 school year was $1,250 at public colleges and $1,220 at private colleges.

Personal and Transportation Expenses

Colleges may estimate some expenses they don't bill you for. These include local transportation, clothing, personal items, entertainment, etc. The College Board reports that expenses in this category for 2017–2018 ran from $2,730 at private colleges to $3,270 at public universities.

Don't Give Up on a College Because of the cost

The price of college may seem overwhelming, but college educations come at many different price levels, and financial aid can greatly reduce your cost. Whether you choose to attend college at a main-stream location, online, or at a local 2-year college, there are financial options for every budget and don't forget to apply for scholarships and grants.

College educated students earn substantially more than those who didn't attend college 

College graduates, on average, earned 56% more than high school grads in 2015, according to data compiled by the Economic Policy Institute. That was up from 51% in 1999 and is the largest such gap in EPI's figures dating to 1973.

Since the Great Recession ended in 2009, college-educated workers have captured most of the new jobs and enjoyed pay gains. Non-college grads, by contrast, have faced dwindling job opportunities and an overall 3% decline in income, EPI's data shows