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How much does an education cost?
How much college or graduate school costs can vary significantly. Costs depend on length of study, whether the school is public or private, and where you are attending a school in your state. To get a sense, consider the following cost of college.
Source: The College Board’s Trends in College Pricing 2019
|Tuition and Fees||Room and Board||Books and Supplies||Transportation||Other Expenses||Total|
|Private Nonprofit Four-Year On-Campus||$36,880||$12,990||$1,240||$1,060||$1,810||$53,980|
|Public Four-Year Out-of-State On-Campus||$26,820||$11,510||$1,240||$1,230||$2,170||$42,970|
|Public Four-Year In-State On-Campus||$10,440||$11,510||$1,240||$1,230||$2,170||$26,590|
|Public Two-Year In-District Commuter||$3,730||$8,990||$1,460||$1,840||$2,400||$18,420|
How much do you need to borrow?
Student loans are not the only way to finance your college or graduate school costs. According to Sallie Mae, 24% of the cost of college is funded by student and parent loans.
The remainder come from scholarships and family savings.
|How does the average family pay for college (average)||As a percent of the total cost of college|
|Grants & scholarships||$8,177||31%|
|Relatives & friends||$417||2%|
|Student income & savings||$3,502||13%|
|Parent income & savings||$7,801||30%|
What are typical student loan terms?
The average student loan debt for college graduates is around $29,000.
The federal student loan interest rate is 4.53% for the 2019-20 school year. For unsubsidized graduate student loans and parent loans, the federal interest rates are 6.08% and 7.08%.
The average student loan term is between 10 to 30 years.
Try putting in different loan amounts, interest rates, and loan terms to see what your estimated monthly payments are.