When planning for college, one important consideration is whether you can afford public or private college. There are excellent options in each category, so it shouldn’t be difficult to find a place that’s right for your child, regardless of whether it’s a public institution.
Private
Private schools generally cost a significant amount more than public schools. According to the College Board, the average total cost for a four-year private school was $31,916 in 2005-2006. Multiplied by four, that’s a huge amount of money, especially if you have more than one child.
Public
Public schools get state support, and thus cost less than private colleges. The average total cost for an in-state student at a four-year public college was $15,566 in 2005-2006, according to the College Board. For out-of-state students at public colleges the average total cost was $23,239.
Community College and Junior College
An even more affordable way to get a college education is to start at a local community college or junior college. These are generally 2-year schools that cost less than a four-year state school. After two years, students can transfer to a four-year college – public or private. The College Board found that the average cost at a two-year public college was $11,692 in 2005-2006.
If your savings aren’t enough to cover expenses at the college of your child’s dreams, don’t worry. Scholarships, grants and loans can help finance a college education. Talk with your school’s guidance counselor to find good resources for scholarships and grants. There are federal and private student loan options.
Next step: Finding scholarships.
Step 1: Planning and saving for college.
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