How Much Does A College Education Cost?

Many people overestimate the cost of college or believe that all schools are expensive. For example, a recent Gallup survey indicated that 13- to 21-year-olds overestimated the average cost of attending colleges by more than three times the actual figure.

Although some colleges are expensive, costs vary from institution to institution. In addition, the availability of financial aid -- money available from various sources to help students pay for college -- can make even an expensive college affordable for a qualified student.


College Costs

The basic costs of college are tuition, fees, and other expenses:

* Tuition
Tuition is the amount of money that colleges charge for instruction and for the use of some facilities, such as libraries. Tuition can range from a few hundred pounds per year to several thousand. However, there are a few institutions that don't charge any tuition fees at all.

* Fees
Fees are charges (usually small) that cover costs generally not associated with the student's course load, such as costs of some sports activities, student activities, clubs, and special events.

* Other Expenses
Besides tuition and fees, students at most colleges and universities pay for room, board, books, supplies, transportation, and other miscellaneous costs. "Room and board" refers to the cost of housing and food.

Future College Costs

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.