Private colleges have more leeway when it comes to tuition fees than state colleges.
In today's economic climate more and more people are feeling a college degree is vital to their future economic prospects, and many students and their families feel that a college education at a private college is well worth the costs involved. Private colleges have always been expensive but in recent times prices have risen sharply. However, with the average unemployment rate for college graduates being less than half that for people with just a high school diploma, many people see money spent on a college education as money well spent.
Tuition Fees
The main cost of any private college education is tuition fees and these vary greatly depending on which institution is being talked about. However on average it can be said that the cost of a private college education is approximately $32,000 to $35,000 per year in the years 2010to-2011 (Ref 3) for tuition fees alone.
Grants and Aid
The costs of a private college education are reduced considerably (on average by 50 to 70% - Ref 4) by government grants and financial aid. Depending on the college somewhere between 30 to 60 percent of full-time students receive grant aid that lowers the cost of their tuition. Federal tax credits and deductions also lower the overall cost. In addition, many students can benefit from scholarships and programs for low-income students.
Other Costs
Of course, tuition costs are just part of the overall cost of attending a private college. Accommodations and food for one year cost a considerable amount of money, usually averaging somewhere around $16,000 in 2010 to 2011. In addition, there are expenses for textbooks, entertainment and transportation. These costs vary from city to city and from college to college.
Benefits
The cost of a good degree from a prestigious private university has to be considered against the financial benefits that flow from it later in life. The difference in income between college graduates and high school graduates has been estimated to be around $20,000 per year. With the overall cost of a four-year private college degree being somewhere around $180,000, a degree will pay for itself after nine years. In 2005 female college graduates on average earned around 70 percent more than female high school graduates; for men, the figure was 63 percent.
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