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University tuition is not free. There is a lack of state funding for a college education. With the high demand of places, staff costs, and faculty funding required, a college degree is more costly now than it was ten years ago.
What is the average cost of college tuition?
The average costs of college tuition vary by degree length and whether the student is in or out of state. A four-year study course for an out of state student in a public college costs an average of $23.890 per year.
What other costs are there to consider?
As well as tuition costs, students also pay for their room and board. Using the same example as above, the average cost for room and board, per year, for an out of state student at a public college taking a four-year course is $11,140.
There are small things, like a weekly pizza. A pizza delivery a week can add up to a cost of $2000 over four years.
Textbooks and supplies are a significant source of spending in the first semester of any college career. Books and supplies can cost up to $1500 at the beginning of the course.
Laundry is an overlooked expense that costs, on average, $12-15 per week, including detergent and softener.
A conservative estimate of ‘other personal expenses’ such as toiletries, health insurance, and personal care is that it costs $2000 per year. That’s $8000 over a four-year degree course.
Can I get help with tuition fees?
There are many places to turn to for help with fees. Talk to the college regarding grants and scholarships. Take financial advice from a trusted advisor. There are college loans available for those who are struggling to pay the fees.
Scholarships work on the student’s ability in any area. Sporting and music scholarships are among the most common. Speak to different colleges about the amount of scholarship they offer and what for.
After scholarships, there are financial aid options from the colleges themselves. Apply early and fully for the best chance of college funding.
There is federal financial aid available for students struggling with college costs. Again, apply early and fully for the best chances of securing some aid with costs.
Personal loans should be a last resort for funding. They can be expensive to repay and have harsh clauses attached. Personal loans should be taken out carefully, and only if the student is fully aware of the consequences.
Is it worth it?
In a word: yes. The average starting salary for a graduate in 2018 was $50,001.
A college degree gives a significant weighting to the resume – having that higher education makes a person more in demand and leads to better-paying jobs. Most employers now require a degree for entry-level positions.
A master’s degree takes the average starting salary even higher – to $69,732 per annum. Although higher education may seem very expensive and challenging, when it comes to a starting salary, it is worth it in financial terms. Just having a degree on the resume makes the candidate more sought after.