Understanding the Price Tag
Can I Afford College?
Yes! Don’t let the price tag of college keep you from applying. Yes, many schools are expensive but between applying for financial aid and scholarships, college is an option for everyone.
So How Much Does it Cost?
The table below should give you an understanding of how much the cost of tuition is as at different colleges and universities. Tuition refers to the cost of your classes- this does not include campus fees, books and computers, transportation, housing/dorming and food.
| TYPE OF SCHOOL | EXAMPLE | COST OF TUITION |
| CUNY- 2 YEAR | KINGSBOROUGH COMMUNITY COLLEGE | $4,800 |
| CUNY- 4 YEAR | HUNTER COLLEGE | $6,930 |
| SUNY | BINGHAMTON UNIVERSITY | $7,070 |
| OUT OF STATE PUBLIC | UNIVERSITY OF MASSACHUSETTS | $36,427 |
| PRIVATE | HARVARD UNIVERSITY | $49,653 |
You will immediately notice the difference in tuition between a public school such as Binghamton University and a private school such as Harvard University.
Below is an example of the direct and indirect costs of attending a school- this chart is specific to SUNY Stony Brook University, a public New York State school, but is representative of many colleges and universities across the United States.
| DIRECT COSTS | New York Resident | Out of State Resident |
|---|---|---|
| Tuition | $7,070 | $24,740 |
| Fees | $3,020 | $3,020 |
| Room | $9,352 | $9,352 |
| Meal Plan | $5,352 | $5,352 |
| Total Direct Cost | $24,974 | $42,644 |
| INDIRECT COSTS | New York Resident | Out of State Resident |
|---|---|---|
| Books | $900 | $900 |
| Transportation | $500 | $500 |
| Personal | $1,368 | $1,368 |
| Total Indirect Cost | $2,768 | $2,768 |
| FINAL ESTIMATED ANNUAL COST | $27,742 | $45,412 |
You will notice that tuition can start out relatively low depending on the type of school you attend, but tuition, fees and indirect costs quickly raise the price of college.
How Do These Costs Stack Up?
Apart from the cost of tuition, books and fees, these are expenses you are likely already paying for. Regardless of staying home or going away, you would still most likely have to travel to college, maintain your personal hygiene and eat. In many cases you may also be responsible for paying your own rent. A great way to get an understanding of how these costs stack up is to look at how much you spend monthly on food, transportation, entertainment, and other personal expenses and compare it to the prices listed.
For instance, the school year is from September to May, or eight months. The cost of a meal plan breaks down to about $670 a month. Is this more or less than you already spend on food? The cost of a dorm breaks down to about $1,170 a month, including utilities. What is the cost of living where you live? Do you have a car? What is the cost of public transit? If you do stay in your hometown, will someone be covering these expenses for you or will you be expected to pay for them?
So Can I Afford College?
While college will be expensive, there are ways to save and still receive a quality education. Starting at a community college can save you thousands of dollars in your first year. If you are able to continue living at home, you will save nearly $10,000 a year. In the next chapter, we will explore different options for financial, scholarships and loans.
Remixed With:
“Stony Brook University Financial Aid.” Stony Brook University, 2021, https://www.stonybrook.edu/commcms/finaid/undergraduate/basics/Cost.php?accordion=panel-d13e111.
