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According to the College Board, strained state government budgets are fueling an increase in tuition costs across the country. Annual tuition and fees for the 2003-2004 academic year averaged $4,694 at four-year public universities for in-state students. That's a 14.1% and $579 increase over last year. At four-year private colleges, annual tuition and fees averaged $19,710, a 6% increase. While private and public colleges and universities face similar cost pressures, the rate of tuition increase for public colleges is higher because they're more dependent on state government funding. Because room and board costs increased less than tuition and fees, the increases in total costs were 9.8% for four-year public universities, and 5.7% for private colleges. To help put these costs in perspective, the College Board, a not-for-profit membership association of colleges and universities, notes that about 29% of all undergraduates who attend four-year colleges pay less than $4,000 for tuition and fees. Furthermore, 68% of undergraduates who attend four-year colleges pay less than $8,000. Even so, add in costs for room and board, books and supplies, personal expenses, and transportation, and average annual expenses totaled $13,833 for a four-year public university, and $29,541 for a four-year private college. All totaled, the cost of a four-year college education, assuming an average 7% annual increase in expenses, is estimated at $61,416 for a public university, and $131,161 for a private college. Nonetheless, the cost of not earning a college degree can be much greater than the cost of attending college. Specifically, Census Bureau statistics show that the median annual income of workers with bachelor's degrees is a considerable 60% higher than the annual income of workers with only a high school diploma. Over the course of a lifetime, this gap in earnings potential exceeds $1 million. Average annual charges and estimated expenses for resident undergraduate college students - 2003-2004 academic year*
*Source: The College Board The average cost of a four-year college education Total projected costs for a four-year college education for an in-state student, assuming an average 7% annual increase in college costs.* Total costs include tuition and fees, room and board, books and supplies, personal expenses, and transportation.
*Based on the College Board's Annual Survey of Colleges for the 2003-2004 academic year |
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