I have a friend who's son is entering his senior year in high school and is beginning to sweat next years college costs and rightfully so based on what we found. Armed with a glass of wine each, we set out to see what the median college cost (including room and board) and what pupil loans were available, their interest rates, and cost. This was no small feat as both the colleges and the pupil loan lenders (both secret and government) make it about as clear as mud.
The first step was to pick five median society colleges, state universities, and high end secret colleges to get the numbers from. We wanted to see the spread and come up with a inexpensive median that was fairly correct on today's costs. When in doubt, we did round up since we wanted to get real world figures and didn't want to cut any corners that might not be available for everyone. After we got our median costs, then we would search out all the distinct pupil loan possibilities.
Current College Costs and pupil Loans Interest Rates
Here's what we ended up with on median society college every year costs. Tuition, room and board, and median fees came to about ,000 per year or a total of colse to ,000. State universities were a microscopic more than double, about ,000 per year or ,000 total. And the top end Ivy League type colleges came in at a whopping ,000 per year for a total cost of 0,000.
These figures are all based on as correct facts as we could find on the respective websites of each school. Not exactly scientific but a very good median to use for determining what the cost is for indispensable pupil loans for all three categories. These numbers are based on 9 months (some schools had quarters rather than semesters) and didn't allow for any extra discounts or grants from the colleges (and some did have some good offers that may sacrifice the cost).
Even with the most recent changes in the Government pupil Loan programs, you can't count on any grants or scholarships due to the maze of qualifications. But if you qualify due to financial reasons, there is a good opening to get a government grant for up to 00 per year. But we excluded any other financial aid in our investigate to keep it comparable in general. Most students will qualify for some help in financial aid be it discounts, scholarships based on merit, or even part time work funded by the school or government programs.
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