It’s about that time to start thinking about college for seniors in high school, or even those who don’t completely understand what they’ll be paying for this fall. College can be a stressful time, especially when it comes to the cost. So, you’re probably wondering, “ how much does college cost? ”
TFC Title Loans knows a bit about how loans work, so we wanted to help you calculate what you’ll be paying for when you take out those loans for college. We also want to make the lives of our customers stress free, so we’ve even offered ideas on how to pay for it.
Each school bases their tuition on whether you are attending a semester or quarter university. Each semester/quarter they bill you your tuition. For in-state students, you usually get a good deal compared to those attending from out-of-state. They tend to pay double that of an in-state student.
It also varies by major. If a student is majoring in the sciences, engineering, computing, pre-med, or fine arts, they will pay more than others.
The College Board reported that the “moderate” budget for in-state public tuition for 2016-2017 was $24,610 where the budget for in-state private tuition was $49,320. In actuality, private schools will offer more money for grades and academics than public, so students are only paying an average of $27,800 for private tuition rates.
While most schools include fees into their tuition rates, it’s still important to plan for them because they could be less if you live off campus. Schools will charge fees for transportation to campus like buses, library use, student government, athletics, and labs. According to the College Board, without room and board, the average yearly tuition and fees is $9,410 for in-state students at a public university, and $32,410 for students at a private university.
Each college has a variety of dorm options with different meal plans for those who live on campus. The average housing and meal plan for a four-year public university is $10,440 and a private university is $11,890.
Even if you choose to live off campus, you have to calculate those costs into your college budget. If you choose to live from home to save more money, make sure you’re calculating that transportation.
Every class requires you to buy books or other course materials. The average cost for a four-year public-school student is about $1,250, while for a four-year private-school student is $1,230. You can always lower that by purchasing used textbooks or renting them from online websites.
If it’s your first year as a student, don’t forget to factor in personal costs for a computer and accessories. Depending on the major and what kind of programs you’ll need on the computer, that could be an average of $400 for a PC while a Mac can be more than $1,000.
One of the perks of school is that you can apply for financial aid. FAFSA will base your financial need off of your parents income or yours, depending on what you and your parents claim on your taxes. Most of the time, a school will give you scholarship money, or you can get grants from the government. A lot of your financial aid could be loans from the government. You don’t have to start paying them off until months after you graduate. If you use the average tuition amounts listed previously, over four years, a public college can cost you $98,400 living on campus or $197,280 living on campus for a private college. While that’s not including scholarships, it still can add up over the years.
We suggest you apply for as many scholarships as you can. For example, TFC Title Loans offers a scholarship for those majoring in Financial Mathematics, Business, Finance, or Economics. It’s an award for $2,000, which could cover all your books and supplies! Apply today for our scholarship by going to TFC Title Loans Scholarship for Financial Innovation.
If you’ve already received your financial aid or paid for your schooling but need some extra cash for spending or to pay a bill, consider an auto title loan with TFC Title Loans. We use the title of your car as collateral and give you the money that you need. The best part is you can still drive your car as you pay off the loan. You could receive anywhere from $2,600 to $50,000! Don’t hesitate to contact us with any of your questions.