This fall, we helped several of our client families navigate the complexities of the Free Application for Federal Student Aid (FAFSA). The College Board has released college cost data for the 2018-2019 school year in its annual Trends in College Pricing report recently. Here are the highlights:
4-Year Public Colleges (in-state students):
- Tuition and fees increased an average of 2.5% to $10,230
- Room and board increased an average of 3.1% to $11,140
- *Total average cost for 2018-2019: $25,890 ($25,290 in 2017-2018)
4-Year Public Colleges (out-of-state students):
- Tuition and fees increased an average of 2.4% to $26,290
- Room and board increased an average of 3.1% to $11,140
- *Total average cost for 2018-2019: $41,950 ($40,940 in 2017-2018)
4-Year Private colleges:
- Tuition and fees increased an average of 3.3% to $35,830
- Room and board increased an average of 3.2% to $12,680
- *Total average cost for 2018-2019: $52,500 ($50,900 in 2017-2018)
* Total average cost includes direct billed costs for tuition, fees, room and board, plus a given sum for books, transportation, and personal expenses, which will vary by student.
College is a major financial investment. If you, your kids or grandkids are looking to colleges, you are probably full of questions. A good place to get started is by estimating out-of-pocket costs from different colleges by using a net price calculator. This handy tool can give you specific information about your college(s) of choice. If you’re looking for more detailed guidance, tailored to your complete financial picture, our team of CERTIFIED FINANCIAL PLANNERS™ is here to help.
