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College Costs Increase for 2015

Background

Every year, the College Board releases its Trends in College Pricing and Trends in Student Aid reports that highlight current college costs and trends in financial aid. While costs can vary significantly depending on the region and college, the College Board publishes average cost figures, which are based on its survey of nearly 4,000 colleges across the country.

Following are cost highlights. Total cost figures include tuition and fees, room and board, and a sum for books, transportation, and personal expenses. Together, these expenditures are officially referred to as the “total cost of attendance.”

Public colleges (in-state students)

  • Tuition and fees increased an average of 2.9% to $9,139
  • Room and board increased an average of 3.2% to $9,804
  • Total average cost* for 2014/2015: $23,410 ($22,826 in 2013/2014)

Public colleges (out-of-state students)

  • Tuition and fees increased an average of 3.3% to $22,958
  • Room and board increased an average of 3.2% to $9,804
  • Total average cost* for 2014/2015: $37,229 ($36,136 in 2013/2014)

Private colleges

  • Tuition and fees increased an average of 3.7% to $31,231
  • Room and board increased an average of 3.4% to $11,188
  • Total average cost* for 2014/2015: $46,272 ($44,750 in 2013/2014)

Keep in mind that these are average cost figures. The total cost for the most selective private colleges is substantially higher—over $60,000 per year.

To continue reading about 2015 college cost increases, click here and download our free e-book, Education Planning: Strategies to Help Plan for Your Child’s Future.


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