Attending college and earning your degree is often an essential step toward achieving your professional goals. However, it’s no secret that college can be expensive. In the last 20 years, the average cost of college increased by 40% at public 4-year colleges and 44% at private 4-year colleges, according to the Education Data Initiative. So, it’s important to do your research and choose a program that will advance your career goals without saddling you with debt. Let’s look at the different factors to consider when evaluating the cost of higher education.
Tuition, Fees, and Financial Aid
The first factor you’ll want to consider when looking at college affordability is the cost of tuition, as this will compose the largest chunk of your financial expenses.
Remember that in addition to tuition, universities often have additional fees, such as registration fees and IT and service fees. Some colleges also charge application fees, while others offer free applications.
Public vs. Private Colleges
You’ll also find a difference in tuition costs between public and private institutions. While some private colleges boast elite statuses, it’s important to remember that they often come with a much bigger price tag than public universities.
According to U.S. News & World Report, private institutions are 73% more expensive than public in-state universities. Additionally, private colleges generally have one set tuition rate for everyone and do not offer an in-state tuition discount.
I had gone into a lot of debt attending a private four-year college. I realized I was spending too much on my bachelor’s if I wanted to pursue my master’s.
– Madison Vasquez, ’21, B.S. Human Services
In-State vs. Out of State
Tuition can vary greatly from college to college, but the most significant difference is between in-state and out-of-state costs. It typically costs less to attend a public college or university in the state where you live than to choose one out of state.
The average cost of in-state tuition is $9,349 annually, whereas the average price of out-of-state tuition is $27,023 annually.
Financial Aid
Unless you have enough savings to cover the total cost of tuition, you’ll likely need to consider what financial aid and student loan options are available for you. If you’re planning to utilize tuition assistance, you’ll want a financial aid team that’s on your side and will help you borrow smart.
Transportation
Choosing an online program can save you money on transportation because you won’t be commuting back and forth from campus to attend classes. Whether you use public transportation or have a personal car, commuting expenses can add up quickly.
Additionally, many colleges charge students for a parking pass. But in some cases, having a parking pass doesn’t guarantee a space. Instead, students may be forced to park illegally, risking being ticketed or towed.
Transfer Credit
If you have transfer credit, you’ll also want to factor that into the equation as you consider the cost of finishing your degree. Data from the U.S. Government Accountability Office estimates that students who transferred lost an estimated 43% of their credits, or 13 credits on average.
If you’ve already completed some courses or have an associate degree, then choosing a college that maximizes transfer credit can save you a lot of money and help you earn your degree faster. Plus, who wants to retake classes to complete their undergraduate degree?
Knowledge Earned Outside the Classroom
Some colleges even assess potential credit for knowledge earned outside the classroom, adding value to your work experience in a whole new way.
Flexible vs. Traditional Course Structure
While a traditional course structure can be the right student experience for some, it often isn’t the right fit for busy adults like you. Adaptable online programs allow more flexibility to meet the demands of working adults. You will be able to complete your coursework whenever works best for you. You don’t have to navigate specified times that may interfere with your work schedule. While some online students take one course at a time, others enroll full-time to earn their degrees quickly.
Military Benefits
If you are a veteran or current active member of the military, another great way to reduce the cost of college is by choosing a Military Friendly® college with a team who is savvy in helping you navigate your military benefits. Many schools offer tuition discounts and waive fees for active military and veterans.
I would encourage my fellow veterans and military folks to use your benefits, whether it’s the 100% tuition waiver from the National Guard or the GI Bill®. There are a lot of different education benefits across the branches.
– Derek Reiss, ’20, B.S. Communication Studies
Affordability at the UNH College of Professional Studies
If you’re looking for an affordable and flexible online college with high-quality programs, consider the UNH College of Professional Studies!
As an access-focused public, nonprofit college, our undergraduate and graduate tuition rates are among the lowest for residents and non-residents in New Hampshire and New England. We are committed to keeping our tuition rates low. This includes minimizing fees and arming you with the information you need to “borrow smart” with your student loans.
Our teams will also help you determine your best financial aid plan. We work to maximize your transfer credits and utilize military benefits. This helps to keep the cost of attendance and degree completion as low as possible.