When I was in high school, I couldn’t wait to get out of my hometown. I wanted to live somewhere new and start fresh. I presume this is the feeling of most high school students. It’s a craving for an escape from the bubble of routine and normality. While going away to a 4-year college affords teens greater independence and exposure to these new experiences, it’s important to consider the tuition expenses and other costs.
Your teen can leave his or her hometown and attend several types of colleges. There are in-state public schools, out-of-state public schools, and private schools. Note that private colleges and universities often charge one tuition rate for all students regardless of where they reside, due to reduced state funding. Usually the cost of private institutions is significantly higher than public institutions. Attending an out-of-state public school could be less expensive than attending a private institution. In-state public schools are often a lower-cost alternative to the other two options.
Of course, the biggest expense regarding any type of college is tuition, but there are other costs to consider as well. Based on the College Board’s Trends in College Pricing 2013 report, I put this chart together to show you the cost difference in schools and where the money goes, from tuition and fees to room and board to books and school supplies. According to their research, the average cost difference between an in-state public school and a private school is over $24,000 a year!
Reduced Tuition Options
As you can see, in-state public schools are significantly more affordable than out-of-state public and private schools in any location. However, there are some schools that offer reduced tuition loopholes in case your student is interested in an out-of-state or private school. Some colleges will waive residency requirements to students whose parents are policemen, firemen, teachers, or are in the military. At Texas A&M University, non-Texans who earn a competitive scholarship of at least $1,000 qualify for in-state tuition rates. It can also be beneficial for your child to attend your or your parenting partner’s alma mater. Northern Oklahoma College waives non-resident fees for children of alumni of several Oklahoma schools.
There are also tuition aid programs that reduce out-of-state tuition for qualifying students who attend school in one of the four geographic regions in the United States. The benefits vary by region, state, and school, so research the benefits in your area accordingly. Here are good places to start:
Check out the below websites for further information about the entire college process.
Each year, the cost for a college education rises. Don’t give up or let your teen be discouraged. If you do your research thoroughly, it can save thousands of dollars and help your student attend the school of his or her dreams.