The Price of College

THE PRICE OF COLLEGE Every year millions of students pack their bags and head off in pursuit of higher knowledge and the unique experiences of "college life." What they take away from this experience can be measured in wisdom, course credits and very likely a lot of debt. 4,000 There are over 4,000 colleges and universities in America. They enroll over 17 million students. 17,000,000 Over 2 million students pay to live on campus. 2,000,000 In an average college, 60% of the annual budget 60% comes from student tuition and fees. 20% comes from TUITION & FEES room and board and 20% 20% from endowments and alumni donations. ROOM & BOARD Majority of the budget are salaries & benefits for teaching & non teaching staff. 20% ENDOWMENTS & ALUMNI DONATIONS TUITION & FEES Private Schools PER YEAR AVERAGE: $26,273 Public Schools PER YEAR AVERAGE: $7,020 Community/Two-Year Colleges PER YEAR AVERAGE: $2,544 53% of all students attend Four-Year Colleges with less than $10,000 per year tuition. GRANTS & SCHOLARSHIPS $126 billion in financial aid granted to undergraduates in 2008/2009. Average aid for full time undergraduate: $10,000. 1986 1986 2004 $700 - $1,100 TEXTBOOKS Average student spends $700-$1100 per year on textbooks. Between 1986 and 2004, textbook prices nearly tripled. $3.6 billion market in textbooks in 2008. 6. $1,975 $100 THE HIDDEN $1,079 COSTS $200 Average cost of transportation for on campus living: $1079 Average personal expenses for on campus living: $1974 Parking average for off campus student: $200 Student Health Insurance: $50-$100 a month. 7 LIVING ON CAMPUS On campus room and board: $2,200-$5,500 per school year Mandatory meal plans: $1200-$1650 per semester DE BT 8. $40K DEBT AVERAGE STUDENT DEBT LOAD 2/3 of all undergrad students graduate with debt. Average undergrad has $10,000 in student loans. 10% of students who graduated with a bachelors degree have over $40,000 in debt. 2007 Undergraduate private borrowing grew 12 percent to $14.5 billion. $42,200 IS COLLEGE WORTH THE PRICE? $26,300 HIGH SCHOOL GRAD COLLEGE GRAD Median high school grad 25+ years earns $26,300. Median college grad 25+ earns $42,200. It takes an average of 14 years of working for a college grad to earn more than a high school graduate, thanks to student loan repayments. 10 COLLEGE IS NOT ALWAYS THE BEST INVESTMENT Only 40% of the 2 million freshmen that start college will graduate within four years. 45% will never complete their degrees at all. 23% of the 1.3 million students who took the ACT college entrance exam in 2007 were not capable of college level study in Math, Science and English. Sources: http://www.algonquincollege.com/ancillary/food_and_beverage/services/documents/MealPlanBrochure2008_000.pdf http://www.msnbc.msn.com/id/21420361/ • http://www.collegeboard.com/student/pay/add-it-up/482.html http://moneycentral.msn.com/content/collegeandfamily/p74829.asp http://www.infozee.com/usa/expenses.htm • http://www.collegeboard.com/student/pay/add-it-up/4494.html http://www.usaeducationguides.com/american universities_colleges.html http://economix.blogs.nytimes.com/2009/11/19/q-a-the-real-cost-of-college/ http://articles.moneycentral.msn.com/CollegeAndFamily/CutCollegeCosts/IsCollegeWorthTheMoney.aspx http://articles.moneycentral.msn.com/CollegeAndFamily/CutCollegeCosts/TheHiddenCostsOfCollege.aspx http://www.graduateshotline.com/costs.html • http://www.nytimes.com/2009/08/12/education/12college.html http://readingeagle.com/article.aspx?id-82101 • http://www.nytimes.com/roomfordebate/2010/7/25/the-real-cost- of-college-textbooks/how-colleges-profit-from-high-textbook-prices • http://www.washingtonpost.com/wp- dyn/content/article/2008/08/19/AR2008081903230.html http://www.collegeboard.com/prod_downloads/about/news_info/cbsenior/yr2007/ed-pays-2007.pdf http://www.capitalismmagazine.com/culture/education/academia/5248-College-Worth.html http://www.mucdynamo.com/2.7643/where-does-our-tuition-money-go-1.1083760 http://www.usnews.com/articles/education/2009/01/09/unpaid- college tuition-bills-rise-survey-finds.html?s_cid=related-links:TOP http://www.census.gov/population/cen2000/phc-126/tab01.pdf http://www.bankrate.com/brm/news/insur/20030109a.asp http://www.briercrest.ca/college/prospective/finances/tuition201011.asp UnlineSchools Design by Jason Powers www.OnlineSchools.org $10,000