Did You Know? Financial Benefit of a College Education
A college education is an investment in one’s future. But the costs associated with attending a college or university can vary greatly, particularly based on the type of institution, so it benefits students to shop around. According to a study by CreditKarma, conducted with data from the National Center for Education Statistics, the average annual cost of tuition and fees at a four-year private not-for-profit college in the United States is $33,230, whereas a fouryear public college averages $10,557. Public colleges, also referred to as “state schools,” can vary in price even further depending on the residency status of students. Students who reside in the state in which the college is located can expect to pay that $10,557 rate. However, out-of-state undergraduates at public colleges and universities will have an average cost of $24,847 for the same school. According to a 2021 College Board report, out-of-state students can expect to pay anywhere from double to three times the in-state sticker price. It can behoove students to establish residency where they plan to attend college or to apply to state schools where they live. To qualify for the lower price, in-state prospective students must meet various residency requirements, which vary by school and generally involve living in the state for a certain period of time prior to enrolling. Documentation such as a driver’s license, vehicle registration or proof of permanent primary residence are often needed.
