College Pricing Trends for 2013-2014

The College Board recently released new college cost figures for the 2013/2014 academic year in its annual Trends in College Pricing report.

The College Board noted that even though this year's increase in tuition and fees was the smallest in many years, the growth in student grant aid from previous years has not continued. As a result, many students are facing higher costs, even in the face of smaller price increases.

To read the full Trends in College Pricing 2013 report, go to trends.collegeboard.org. Here are cost highlights:

Public colleges (in-state students):

Tuition and fees increased an average of 2.9% to $8,893
Room and board increased an average of 3.6% to $9,498
Total cost of attendance for 2013/2014 is $22,826

Public colleges (outstate students):

Tuition and fees increased an average of 3.1% to $22,203
Room and board increased an average of 3.6% to $9,498
Total cost of attendance for 2013/2014 is $36,136

Private colleges:

Tuition and fees increased an average of 3.8% to $30,094
Room and board increased an average of 3.5% to $10,823
Total cost of attendance for 2013/2014 is $44,750

"Total cost of attendance" includes tuition and fees, room and board, books and supplies, and an allowance for transportation and personal expenses.

I know as parents of college-age children read this, they're thinking, "Come on scholarship!"

Wishing you and your child luck,

Kevin Kroskey, CFP, MBA

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