Page 27 - BusinessWest February 7, 2022

Education
After the Sticker Shock
Colleges Offer Many Ways to Make a Degree More Affordable
It’s not exactly news that the cost of college — at least, the published price tag — has consistently risen over the past two decades. But the net cost — what students actually pay — has actually crept down a bit. That’s largely due to the myriad resources families can access to help bring those costs down and reduce the initial sticker shock. Putting the pieces together takes some effort, self-education, and patience, but most families would agree that the end result, a degree, is worth the journey.
FBy Joseph Bednar
ifty thousand. Sixty thousand. Seventy-five thousand.
A generation ago, dollar figures in that range might get a student through
college; these days, at many schools, they’re typical price tags for one year. Good thing no one pays sticker.
“I don’t care if you’re making $5 million a year or no money; there isn’t a
single student paying the sticker price,” said Richard O’Connor, director of Financial Aid at American International College (AIC). “There’s a lot of shock when families see the sticker price, but as you take them further through the process, they see what the final bottom line is for them.”
Indeed, according to the College Board, for the 2021-22 year, the average published tuition and fees for full-time students average $10,740 for a public, four-year, in-state college, 1.6% higher than in 2020-21. For public, four-year, out-of-state schools, it’s $27,560, 1.5% higher than in 2020-21. Private, four-year colleges currently average $38,070, 2.1% higher than the year before.
However, the majority of full-time undergraduate students receive grant aid that helps them pay for a good deal of those costs. The average net tuition and fees paid by first-time, full-time, in-state students enrolled in public four-year institutions currently sit at $2,640, a 15-year-low. At private schools, it’s $14,990 — again, a 15-year low. “Almost all families enrolling in college do not pay that sticker price,” said Bryan
Bryan Gross says families aren’t always aware how many resources are available to help pay for college.
BusinessWest EDUCATION FEBRUARY 7, 2022 27