We’ve all heard it, the cost of college is rising and here in New England we have higher college costs than most.  It’s one thing to say that, but I think quite another to actually see the numbers.  I was looking at the  CollegeBoard’s College Trends and Pricing report (a little light reading if you’re interested) and came across these figures.  Keep in mind, the numbers I am sharing are solely averages from New England colleges.

                Average Public 4 Year College Costs: $19,444
                                Tuition and Fees: $9,857
                                Room and Board: $9,587

                Average Private 4 Year College Costs: $45,749
                                Tuition and Fees: $34,295
                                Room and Board: $11,454

After seeing these numbers, I wanted to do a little research on the average debt that NH students are graduating with.  I pulled information from the Project on Student Debt report from 2009 (the latest that they have numbers for).  17 colleges provided information, but only 9 of them listed the average debt that their students were graduating with.  The state average is $29,443.  The reporting 4 year Public Colleges range from $23,786 - $30,760 (5 colleges provided data, 4 of them included average debt).  The reporting 4 year Non-Profit Private Colleges ranged from $19,081 - $36,823 (12 colleges provided data, 5 of them included average debt).  For the specific NH report, click here.  With so few of the reporting private non-profit colleges providing average debt, I wonder if the number is actually higher.  What has been your experience from speaking with recent grads you may know?

So what does all this mean?  Students and families who are in the process of planning for college and choosing schools to apply to should balance out the types of colleges they are applying to: in-state public (4 year and possibly a Community College), privates, more expensive and less expensive options.  You want a financial range so that hopefully you have strong, viable options to choose from in the Spring of senior year.  For those that have chosen their college, look for ways to lessen the loan debt you may incur.  How can you do this?  Perhaps divert some summer earnings to pay for books or a part of your tuition (less money that will be borrowed), if offered work-study try and take advantage of those potential earnings, buy or rent used text-books, leave your car at home or use it infrequently (gas prices can make trips to the store quite costly).  And if you are in the process of figuring out how to meet your tuition bill and have any questions, please call our office at 888.7.GRADUATE ext. 119 to speak with one of our College Counselors or to schedule an appointment in our Concord office.

Information is power,
Val