How Much Does an Education Cost These Days?

Going to college can increase the opportunities that are available to you. It wasn't that long ago that a student could work part-time in the summer to pay for four full college years. Whether you attend a public or private school today, you'll find that even with grants and financial aid, many students cannot afford to pay for school without extra help. Looking at how much an education cost these days is a good idea to see how much money you need to save for college or how much help you will need.

Public Universities

Public universities are schools that receive some financial help from the state. Every state in the country has public universities, many of which have campuses in cities across the state. A report from U.S. News and World Report found that the average cost for public universities is $11,631 per year. This only refers to students who live in the state where they attend school. If you plan to attend college in a different state from where you live, you can expect this cost to go up even more. Nonresidents pay an average of more than $28,000 to attend a public school.

Private Universities

The cost of private universities is even higher. A private college receives no state financial help. However, the schools can still provide financial aid for students who complete the FAFSA. Private schools charge much more for tuition than public schools do. The average cost is around $43,000 a year. The upside is that private schools often have bigger financial aid packages. If you can show that your parents cannot help you pay for school or you demonstrate more merit than your peers, you may qualify for more help than other students do.

Community Colleges

Another option for students today is a community college. Unlike other colleges and universities that offer degree programs you complete in two years, community colleges offer two-year programs. You can then transfer to a full university and take some or all of your credits, lowering the number of classes you need to take to graduate. The cost of community college is around $3,800 a year. This includes the cost of taking a full course load during two semesters. If you attend a community college in a different state, you'll face higher tuition rates.

Reciprocity Programs

As you look at the cost of higher education, one thing to consider is whether there are any reciprocity programs in place. Many states have deals with nearby states that offer lower student rates in those states. For example, you might live in the Midwest and find reciprocity programs with other Midwestern states. Some schools charge the same rate for residents from a neighboring state as they do for those who live in the state. Other schools will reduce the rate you pay but still help you pay less than a nonresident. Many of the best state universities have programs of this type.

Free Tuition

You can save money on the cost of college when you look for schools that have free tuition. Many of these schools are part of the military, such as the United States Military Academy and the United States Naval Academy. While the schools do not charge tuition, it's hard to get into them as the competition is quite fierce. Their acceptance rates are some of the lowest in the nation. Several states also have programs that provide worthy students with scholarships that pay for the total cost of their education. You usually need to meet certain standards like having a GPA of 2.5 or higher and showing proof that you live in the state to qualify.

College Rates on the Rise

With college tuition rates on the rise, it's harder than ever for some students to pay for school. When you apply to college, make sure you complete the FAFSA as soon as possible. This helps the school create a financial aid package designed for you that meets your needs. You can also look for scholarships from other sources that give you free money for college. The average rate that you pay for an education today depends on whether you are interested in private or public universities.