As College Student Debt Hits Historical Highs, Varsity Tutors Reveals The True Cost Of College In New Infographic
ST. LOUIS, April 12, 2013 /PRNewswire/ -- To empower parents and students during the college planning process, Varsity Tutors, a premier one-on-one academic tutoring and test prep provider, today released an infographic that highlights all the costs of pursuing higher education. Entitled "The Real Cost of College," the infographic breaks down the average estimated costs for enrollment, sources of financial aid and debt averages for full-time undergraduate students.
Student debt surpassed credit card debt in the United States for the first time in 2010. In 2012, the average college student left school owing $27,253 in student loans. These are just a few statistics that emphasize how important it is to understand all the expenses of college and identify potential funding opportunities while planning a student's path to higher education.
"Now more than ever, it's crucial that parents and students are aware of the total cost of a degree," said Varsity Tutors founder and CEO Chuck Cohn. "As the cost of tuition continues to rise, students need to be vigilant about planning ahead and finding the best options for funding their education, not only to attend college in the first place, but also to graduate with an amount of debt they can manage."
The infographic features key findings from the College Board Annual Survey of Colleges, including these telling statistics:
- The total annual expense of attending an in-state public four-year institution – tuition and fees, room and board, books and supplies, transportation and other expenses – averages $22,261; while an out-of-state four-year public institution averages $35,312 and a private non-profit college or university averages $43,289 each year.
- $237 billion in financial aid was given during the 2012-13 school year; the average student received $13,218 in financial aid.
- 67 percent of 2009 college graduates are in debt with student loans.
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