Average Cost of College Tuition and the Hidden Cost in Between
According to the College Board, the average cost of college tuition this past year was $34,740 for private colleges, $9,970 for in-state residents at public colleges, and $25,620 for out of state residents. For a four-year graduate, your total to an average cost of college tuition of $138,960, $39,880, and $102,480. Those numbers are all in the hopes that you graduate in four years. However, the on-time graduation rate is a mere 41% and only 57% of students graduate within six years.
More Money, More Problems
On top of tuition, there are other things you need to account for: living expenses, food expenses, book fees, entertainment and more depending on your personal needs. Multiply those expenses by 4 (or more) years and it will run you a high tab. What about the time you spend? In just four years you spend 35,040 hours working towards a degree. How many of those hours do you spend in the right direction?
More than half of college students spend above and beyond to obtain a degree. With all that money being spent, only 27% of college graduates have a job related to their major. On top of that, it feels impossible to find a job within your major with a saturated job market, so you might pick the first one you can find. This leads to being overqualified, underpaid, and unhappy.
Hidden Cost of College Tuition
The sad truth is, average college tuition is expensive. But for some, it is necessary to have in order to reach career goals. The hidden cost of college tuition is more than added monetary cost, it is more about wasting time not knowing your personal destination. It is important to pick a major aligned with the career path that fits you before blindly spending thousands of dollars. The cost of college and college debt are rising. It is crucial to select the right path from the start or before attending college. How are you supposed to make such a huge decision on your own? Many of us struggle with figuring out how to align our interests and values with a career path. It is difficult to make the right choice with uncertainty being top of mind. The scary part is that it is a costly downside if you don’t.
Good News: You Don’t Have to Pay for It
The hidden cost is not about money, it is about what it would cost you if you went to college without knowing your path. The PathwayU Platform can help you with those crucial decisions about education, vocation, and employment. It will save you time, money and energy, things you will need to save up on the most in college. Don’t let the hidden cost deplete you.