Cure for college sticker shock
Families of college-bound students share a common illness: sticker shock. Sure, in-state tuition isn't bad, but add dorm, books, and other costs and parents are looking at a lifestyle change for four to six years. If junior wants out-of-state or private school options, things really start to look scary. Tuition alone at private schools can range from $26,000 per academic year to about $40,000. With one in college and one soon to follow, I'm shaking in my boots.
U.S. Department of Education to parents: College costs less than you think.
Shopping for colleges is a bit like buying a car. There's a sticker price, and a what-you-pay price. This month a new federal law kicks in which requires schools to publicly show "actual cost" information so those looking can get a more realistic picture before making a decision.
According to the Oct. 11 Christian Science Monitor, the national average "sticker price" of a four-year, public university is $7,020. However, the average "net price" is only $1,620 - a huge difference. For private schools the average $26,270 sticker price whittles down to an $11,870 net price. These are averages; as you'll read below regional examples weren't this drastic.
"Net" means cost after factoring in tax benefits and grants. Nationwide that amount has gone down in the last five years. While sticker price seems to edge higher, what most families actually pay for a college education has decreased.
Of course, individual situations vary considerably by taxable income and eligibility for student aid; these are just averages. What's changed is that the vague "can cost less" claims of admissions representatives now have to get much more specific, thanks to this new reporting law.
Some colleges got ahead of the new requirement with NPCs - net price calculators - on their websites. Users who don't see one for their chosen schools, or just don't know where to begin, can go to the U.S. Department of Education's College Navigator website, http://nces.ed.gov/collegenavigator/.
Users can search by geographic area or type in a specific institution. Either way you get a plethora of information and a customized estimate of what you'll be expected to pay out of pocket.
For example, I typed in University of Idaho and selected bachelor's degree on the main page at left. I got this year's tuition/fees, books, and estimated living costs. The "sticker" total was $18,480. Farther down page is a "net price" category; that click showed a range between $9,323 and $15,680, depending upon family income level.
George Fox, a private university in Oregon, shows a sticker price of $26,180 in tuition and $36,700 in total expenses (dorm). However the "net price" for all costs averages $10,000 less.
No matter which category a family fits, the sticker shock fades. This site has a lot more information, such as available majors, admissions averages, number of students, SAT scores, athletics, web links, and more. Everything but the check.
Sholeh Patrick is a columnist for the Hagadone News Network. E-mail sholehjo@hotmail.com.