College Cost Calculator

Reference:

Average Annual U.S. College Cost, Including Tuition, Fee, and Living Cost for 2024-2025

College-Specific Net Price Calculators

It is now required under U.S. law that every college and university have their own net price calculator available on college websites. They all serve the same purpose, which is to help students estimate how much it costs to attend a specific college. Usually, it requires spending several minutes filling out basic student information, sometimes requiring documents such as tax returns and W2s, or academic information such as SAT scores and GPA; some will be more comprehensive than others. It’s important to use these calculators only as rough estimates of the amount required for each prospective institution because although they often consider potential to receive financial aid, there are many other considerations that aren’t accounted for. In addition, many of the calculators do things differently, so it can help prospective students to be precise when computing final figures for comparison. The College Cost Calculator above can be used in conjunction with official college net price calculators to figure out the cost of attending college.

Higher Education in the U.S.

50 years ago, only 10% of the population attended college, mainly because it was generally reserved for a privileged few, and high school education was sufficient to enter the job market and build a comfortable career. Due to many different factors, this is no longer the case today, and the percentage of the population that has a college education has risen to more than 65%. In this period of time, the cost of tuition skyrocketed and continues to do so. In recent years, college tuition has risen almost six percent above the rate of inflation and increases at a rate of roughly 100% each decade. In the U.S., total student loan debt is twice the amount of total credit card debt.

On average, students that graduate with college degrees earn significantly more throughout their lifetime and are more likely to hold a job than those with only a high school degree. In addition, jobs that require at least a bachelor’s degree tend to have benefits such as healthcare, retirement investment accounts, and other perks. There are many other benefits that come with higher education; college graduates have lower smoking rates (leading to a healthier life), show fewer symptoms of depression, and participate in exercise more regularly than people who do not graduate from college. While the debt of student loans can be burdensome, it should be weighed against the benefits that come with higher education.

In the U.S., higher education is largely independent of federal government regulation, allowing for all types of colleges to satisfy the needs of a diverse student population. There are public and private colleges, religious colleges, technical or trade colleges, liberal arts colleges, and more. In the U.S., the word “college” generally refers to a two-year associate’s degree program or a four-year undergraduate program. The word “university” generally refers to the graduate-level study and a group of schools after secondary school.

How Much Does College Cost?

• Tuition and Fees—This is the price paid for academic instruction at a college, and can vary drastically based on university or college, academic program, the number of credit hours, and whether a student is considered in-state or out-of-state. For most students, tuition and fees will be the highest cost associated with college. Tuition at public colleges tends to be lower for state residents, while students from other states often have to pay double. Fees can include enrollment or access to facilities such as gyms and libraries.
• Room and Board—Colleges typically provide a variety of living options for students who choose to live on campus. This cost generally includes meal plans, whether as a set number of meals per day or unlimited access to the college’s dining room. Students that live off-campus with parents will not have a room and board cost, but some colleges make living on campus mandatory for the first year.
• Textbooks and School Supplies—Textbooks and course materials are usually required for classes. Similar to tuition, college-level textbooks have increased in price considerably over the years. These costs may be lowered by buying used textbooks or renting instead. In some cases, scholarships can cover the cost of textbooks and supplies.

Although these three categories make up the bulk of most students’ college costs, there can be other expenses such as dining, furniture, electronics, entertainment, and miscellaneous personal expenses. There is also the cost of transportation, which may include public transportation subscriptions, maintenance of a car, and fuel. Some colleges charge something called comprehensive fees, which combine tuition, fees, and room and board.