Average College Tuition fees paid

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FB01
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Average College Tuition fees paid

Post by FB01 » Mon Jul 22, 2013 1:32 pm

Hi,

All the experienced people, can you please let me know what is the average college tuition fees you have paid for your kids. I know it will vary but would like to know the limit so that I can start saving accordingly.

JR

Quickfoot
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Re: Average College Tuition fees paid

Post by Quickfoot » Mon Jul 22, 2013 1:41 pm

Way too many variables, how old are your kids, are they going in state or out of state, private or public, are they going to go to community for the first two years? Our commitment to our kids is we will pay public instate tuition towards the college of their choice, if they want to go to another school they are welcome to but they will need to bridge the gap with grants, student loans, military benefits, or by working. Provided we are able to we would probably pay off their student loans when they graduate but we aren't telling them that :).

When they are teenagers we will pay the startup cost for the siblings to own a business whether it be lawn care or a snow cone shack, etc, a portion of their earnings (which we'll match 100%) will go to their 529s each year. We want them to go to college but we also want them to be invested in it and motivated to do well.

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Meg77
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Re: Average College Tuition fees paid

Post by Meg77 » Mon Jul 22, 2013 1:56 pm

I don't have kids yet but have 3 younger siblings so I can weigh in. The four of us all attended private universities spread out across the country (none of us paid in state tuition). We all lived on campus and paid room and board too. Annual tuition plus fees and board was between $30K and $40K a year even after a few small scholarships were taken into account for each of us. Remember that doesn't count books (around $1500 a semester) or extracurricular activities or fees such as sorority dues, or extras like spring break trips or studying abroad.

By the way there are all kinds of websites listing the current prices that every college in America is currently charging. And some websites that let you project costs into the future based on state residency, inflation, etc. Might be easier to just google that rather than than trying to poll people on this forum.
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Bogle101
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Re: Average College Tuition fees paid

Post by Bogle101 » Mon Jul 22, 2013 2:00 pm

I went to UPenn and did not qualify for financial assitance. My Dad said I cost him $275k when all was said and done. Ouch.
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MathWizard
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Re: Average College Tuition fees paid

Post by MathWizard » Mon Jul 22, 2013 2:12 pm

Two kids currently at a public university, one an entering Freshman.

In state, tuition is less than 50% of the total estimated cost of attendance, most is room and board.
Dining halls are MUCH nicer than when I went to school.

For them TCA is about $20K/yr.

I looked at better public Univ Engineering schools Urbana Champaign, Penn State, etc. and they had tuition of about $28K.

Private top tier school Eng. Schools like MIT and Stanford were $50K-$60K TCA. (He did not even want to apply.)

Mike Scott
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Re: Average College Tuition fees paid

Post by Mike Scott » Mon Jul 22, 2013 2:14 pm

$0. My wife and I worked and paid our way through college; our kids know that they will be doing the same. Two of them are currently on 95% and 90% academic scholarships at a local state university which makes it easier for them. It's too soon to know what #3 will decide to do. All three have their own college savings accounts but so far they would rather keep working part time than spend their savings.

Depending on where you are, instate tuition at a public school could be as low as a few thousand $ per year up to many $$$ per year for a private school.

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White Coat Investor
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Re: Average College Tuition fees paid

Post by White Coat Investor » Mon Jul 22, 2013 2:37 pm

The local state Us are $4-5K a year instate.
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ruralavalon
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Re: Average College Tuition fees paid

Post by ruralavalon » Mon Jul 22, 2013 2:47 pm

FB01 wrote: All the experienced people, can you please let me know what is the average college tuition fees you have paid for your kids. I know it will vary but would like to know the limit so that I can start saving accordingly.
There are far too many variables for a general answer.

Our four childen were in college over the years 1989 - 2005, most in state universities in other states, and I counted on paying $15-20k per year for school (not just tuition), not including their earnings from summer jobs and part-time jobs or any merit based student aid (there was no need based student aid).
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Re: Average College Tuition fees paid

Post by Moranall » Mon Jul 22, 2013 2:49 pm

I paid about $45,000 for 3 and 1/2 half years at an in-state university, graduating last December.

I also including housing in my loans, so you must factor that in.

My tuition + fees started at about $4,200/semester and ended just over $5,100/semester over my time there (my time was spent there consecutively, with no breaks). Tuition has been raising rapidly of late so it might be hard to project right now.

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Re: Average College Tuition fees paid

Post by Rupert » Mon Jul 22, 2013 3:01 pm

I think instead of trying to figure out what it might cost, which is, frankly, impossible to determine without having a pretty good idea what school(s) your kid(s) will attend, decide what you're willing to pay for and start from there. I decided when my kids were born that I was willing to pay whatever it costs for them to attend our state's flagship university -- tuition, fees and books. If my kids want to go somewhere else and it is more expensive than that, they'll have to find additional funding sources. After making that decision, I went to the website of the state flagship university and found out what the total estimated cost of enrollment was for that year. Then I entered that number into several college cost calculators (Vanguard has one) and chose the highest figure produced by those calculators as the figure I would aim for with my savings. Not a perfect method, I'm sure, but that's about the best you can do.
Last edited by Rupert on Mon Jul 22, 2013 3:11 pm, edited 1 time in total.

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Re: Average College Tuition fees paid

Post by Grt2bOutdoors » Mon Jul 22, 2013 3:03 pm

EmergDoc wrote:The local state Us are $4-5K a year instate.
That's a bargain! State tuition is $15K, to live on campus which many wind up doing because who really lives commuting distance from the school? All-in tuition, room and board is about $24K, does not include books, meal plan or club dues. Traveling semester abroad is not necessary unless you have the means to pay for it - that is luxury schooling/vacation.

Try the Vanguard college estimator - pick what school you are targeting and see how outrageous some of these prices charged really are. Don't spend $200K on a second tier school undergrad, save your money for grad school.
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Re: Average College Tuition fees paid

Post by MnD » Mon Jul 22, 2013 3:22 pm

We actually have a CC a few hours from here with dorms, cafeteria and meal plans so we can compare costs "apples to apples" for all 4 types of colleges......

Annual tuition, fees, housing and meal plan:
Private Colorado U $57K
Flagship State U $26K
2nd tier smaller State U $18K
Community college $12K

Patricio
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Re: Average College Tuition fees paid

Post by Patricio » Mon Jul 22, 2013 3:48 pm

I just wrote the last check for my son's college education. Cornell, four years, tuition, fees, room, board, books: Total $222,000.

Was it worth it? Probably, in ways mostly intangible. But we'll see.

campy2010
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Re: Average College Tuition fees paid

Post by campy2010 » Mon Jul 22, 2013 3:53 pm

This information is nicely laid out on the website of the schools in which you're targeting. If I were you, I would start there.

Retread
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Re: Average College Tuition fees paid

Post by Retread » Mon Jul 22, 2013 4:08 pm

Bogle101 wrote:I went to UPenn and did not qualify for financial assitance. My Dad said I cost him $275k when all was said and done. Ouch.
To show you how this information is meaningless, I also went to Penn undergraduate and the total cost was about $15,000 all inclusive with no financial aid. Of course, it may be a factor that I was in the class of '60. :happy
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siamond
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Re: Average College Tuition fees paid

Post by siamond » Mon Jul 22, 2013 4:59 pm

I'm currently paying $45k for one kid and $30k for another (who has a decent scholarship), out of 529 plans I opened 10 years ago. OUCH. Oh, and my younger one is twice as smart as his two brothers (and myself) added together... Ivy League, here we come... :shock:

I know I pay a lot because those are good private colleges (East coast) and because my own income is rather high right now (plus I totally hate the idea of forcing my kids into a big bad loan when starting their adult life), but... OUCH. I just realized I'm going to pay more for colleges for those 3 kids than I paid for my house's mortgage. OUCH. Oh, and those college fees have been increasing 5 or 6% a year. Did I mention 'OUCH'?

I would agree with many posters, it all depends on MANY parameters. I kind of like the idea of aiming for an 'upper average' kind of school, and try to fund it via 529 plans. And let the kid deal with the difference if it turns out higher. A good 529 plan (e.g. Utah, New York) is anyway a good & flexible investment, so if you end up putting too much in there, this isn't necessarily bad. That is... if you can afford it... :shock:

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Re: Average College Tuition fees paid

Post by rec7 » Mon Jul 22, 2013 6:30 pm

Retread wrote:
Bogle101 wrote:I went to UPenn and did not qualify for financial assitance. My Dad said I cost him $275k when all was said and done. Ouch.
To show you how this information is meaningless, I also went to Penn undergraduate and the total cost was about $15,000 all inclusive with no financial aid. Of course, it may be a factor that I was in the class of '60. :happy
Bruce
So 118k not quiet as cheap as it seemed. But still a good deal compared to 275k.
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rustymutt
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Re: Average College Tuition fees paid

Post by rustymutt » Mon Jul 22, 2013 7:05 pm

My son is a freshman this August. I think with the cost of books, the full year (28-30 hours) with room and board is around $10k. Smaller schools help allot. Any way you do it, it's going to cost you more in the future.
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Re: Average College Tuition fees paid

Post by Dave76 » Mon Jul 22, 2013 7:36 pm

rustymutt wrote: Any way you do it, it's going to cost you more in the future.
I disagree. I think it's going to be a lot cheaper in the future, with sensible and affordable options. The education bubble is going to burst and the brick and mortar will soon be history.

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Re: Average College Tuition fees paid

Post by almeida » Mon Jul 22, 2013 9:27 pm

Dave76 wrote:I disagree. I think it's going to be a lot cheaper in the future, with sensible and affordable options. The education bubble is going to burst and the brick and mortar will soon be history.

You can earn a degree from the London School of Economics on a school bus driver's salary.
This is one of the reasons why we're not doing 529s for our kids right now. The system is not sustainable and we're counting on it collapsing before our kids get to be college aged. (We do have a backup plan though: our kids are dual citizens and can attend college in a country with a much saner approach to education.)

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Re: Average College Tuition fees paid

Post by EternalOptimist » Tue Jul 23, 2013 7:00 pm

My daughter went to a private college and graduated about 6 yrs ago---$35,000/year
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Re: Average College Tuition fees paid

Post by Rajsx » Tue Jul 23, 2013 8:10 pm

- Our daughter went to U penn for Undergrad- 50k per year X 4, 1 yr Masters at Georgetown 55k X 1, and Med School at local State University 27k each year X 4, to a total of 363 k inclusive of tuition, room and board

- Our son is doing undergrad in state school, academic scholarship covers 85% of his tuition, I estimate 50k for total expenses inclusive of part tuition, room & board, and books. His post graduate education cost is up in the air depending on where he gets to go.

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MIARay
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Re: Average College Tuition fees paid

Post by MIARay » Wed Jul 24, 2013 11:34 am

http://trends.collegeboard.org/college- ... troduction

You can look at the 2012 full report, excel (great breakdown of the numbers) or presentation in the right hand column. You can also take a look at archive years dating back to 1998.

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papiper
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Re: Average College Tuition fees paid

Post by papiper » Wed Jul 24, 2013 11:41 am

Live at home - community college
$9000/year

large great public university in state on campus
$28,000 year

ivy league
$60,000 per year

your mileage may vary - but these are very rough numbers today for all in costs. A LOT of variability state to state/school to school and living options.

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