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College cost calculator. A college cost calculator, in the United States, is an online tool allowing students and their parents to calculate how much college is likely to cost. [1][2] Numbers are input into the online calculator, and if done properly, it gives an estimate of the likely expenses for that student attending that particular college.
These costs factor in tuition, housing, food, university fees, and supplies such as textbooks, manuals, and uniforms. Two year public universities, such as a community college, factor in tuition and fees, and have an average yearly cost of $3,730. The average tuition and fees for for-profit institutions were 14,600. [1]
Tuition and fees do not include the cost of housing and food. For most students in the US, the cost of living away from home, whether in a dorm room or by renting an apartment, would exceed the cost of tuition and fees. [7] [9] In the 2023–2024 school year, living on campus (room and board) usually cost about $12,000 to $15,000 per student. [7]
Average sticker price for tuition and fees. Average net price for tuition and fees. Private nonprofit four-year college. $41,540. $15,910. Public four-year college (out-of-state residents)
University of Michigan. In-state tuition and fees: $15,948 Out-of-state tuition and fees: $52,266 Room and board: $12,034 Tuition and other costs to attend the University of Michigan in Ann Arbor ...
For example, Princeton University had a sticker price of $57,410 for tuition and fees in the 2022-2023 school year, but the average cost per student receiving needs-based grants was only $17,464.
Harvard University, a well-known costly but wealthy institution that had previously cut tuition for students whose families earned less than $60,000 a year, proceeded to cut costs by nearly fifty percent for those students whose families earned between $120,000 and $180,000 a year. [21]
In 2017, a federal endowment tax was enacted in the Tax Cuts and Jobs Act of 2017 in the form of an excise tax of 1.4% on institutions that have at least 500 tuition-paying students and net assets of at least $500,000 per student. The $500,000 is not adjusted for inflation, so the threshold is effectively lowered over time.
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