The cost of going to college and earning a bachelor's degree has outpaced inflation over the past several decades. Demand has increased as more parents push their children to attend college. As a result, schools are sinking increasing amounts of money into upgraded facilities and buildings in an effort to attract the best and brightest.
Average Cost
The average cost of a bachelor's degree is $25,143 per year at a private college and $6,585 at a public college or university, according to the 2008-09 reports released by the College Board. About 56 percent of students pay less than $9,000 in tuition and fees per year, the board found, while only 9 percent pay more than $33,000. These averages do not include room and board.
Most Expensive
Washington, D.C.'s George Washington University tops the list as the most expensive college to attend with annual tuition of $40,437. Filling out the rest of the top five are the Sarah Lawrence College, Kenyon College, Vassar College, and Bucknell University. The cheapest of these has annual tuition of $36,652.
Least Expensive
On the other end of the price spectrum is the University of Nevada, with annual tuition of $2,682. Other inexpensive colleges include Florida State University, San Diego State University, the University of Florida, and Florida Atlantic University. All of these public schools have annual tuition of around $3,000 or less.
Tuition Increases
From 1958 through 2001, tuition increased at a rate of 6 to 9 percent, or about 1.2 to 2.1 times the rate of general inflation. On average, tuition increased at a rate of 8 percent. If this rate of increase were to continue, it would mean if you have a child today, the average price of public school tuition when he is ready for college will be $26,313. In real dollars, assuming a 3 percent annualized inflation rate, that equates to $15,847 per year.
Alternatives
Over a person's lifetime, the gap between having a high school diploma and a bachelor's is estimated by the College Board to be close to $800,000. A question arises as to whether alternatives exist that can get a person the advantage of a bachelor's degree without its cost.
Luckily, for some careers these advantages exist. It is possible to get the education and experience needed for some jobs by attending cheaper technical schools or two-year associate's degree programs. These schools focus on real-world knowledge and skills that can be directly applied to a job. This saves you the time and expense of having to take a year or two of liberal arts classes that provide the "core" of a typical four-year education.
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