Chart: The Total Costs of College
This chart comes courtesy of Adam Zoll, assistant site editor of Morningstar.com, who has been on a tear lately with a number of quality articles related to college finances. His informative series is not only packed with quantitative insights into higher education and related savings vehicles but also the sort of good, broad, and level-headed guidance lacking elsewhere. If you’re in the hunt for money saving ideas, and I suspect you are if you’re reading this blog, you can get some pretty compact advice by checking out his recent articles.
In this chart and article, titled And You Thought Just Tuition Was Expensive, Mr. Zoll points to a major problem for the affordologist: the fact that we cannot overlook the high and ever-rising costs in all things college. According to his sources, the additional costs of college- books, room and board, transportation, and incidentals- tack on an additional $14,000 per year per student on average. That’s not insignificant given that in-state public school tuition tends to run about $9,000 per year. Continue reading