The true cost of college: How much does your education really cost?

From tuition, room and board, books, and supplies, you might be surprised about how much you're really paying for your education. There can be a lot of guesswork when figuring out the true cost of college. Most often, we are only told the cost of tuition, plus room and board. But in reality, there are more costs to consider for college.

Understanding the true cost of college can give you a more realistic overall picture of the financials involved with attending college. And knowing this can help you make more informed decisions about which colleges are affordable for you—and which aren't. Fortunately, we've taken the guesswork out of it for you and pored over the stats and charts related to college tuition to create a simple and easy-to-understand resource. This way, you can use real-life data to help you make an informed decision about your choice of college.

What does the total cost of college cover?

Colleges generally publish their cost of tuition for various programs on their website to give you an estimate of how much it will cost you to enroll in a particular program. However, this is only part of what you can expect to pay for a college education. Many families often overlook the miscellaneous expenses that are involved with attending college:

• Tuition and Fees
• Room and Board
• Textbooks and Supplies
• Transportation

Additional College Expenses

While tuition, room and board, and books are commonly expected expenses of college, there are other fees you'll want to account for in your overall cost consideration:

• Parking fees
• Clubs or other organizations
• Greek life
• Dorm/apartment necessities
• Social outings
• College games/sporting events
• Lab fees
• Emergencies

Average costs for different college types

According to the Education Data Initiative, the average cost to attend college is $38,270 per student. However, the cost of tuition will depend on the type of college you're attending. In the U.S., higher education institutes may be a two-year college, a four-year public in-state university, a four-year public out-of-state university, or a four-year private university.

Below is the breakdown of each type of college's 2024-25 average published prices for tuition. Seeing the different costs can help you get a better idea of how much you can expect to pay for a degree at each type of college:

The tuition numbers you see are considered the "sticker costs" of colleges. These are similar to the sticker price on a car, meaning they don't always reflect what you'll actually pay. In addition to tuition, colleges have a cost of attendance (COA), which includes housing, food, books, supplies, transportation, and other expenses.

However, what you need to evaluate is the net price for a college—the actual cost after factoring in scholarships, grants, and other financial aid. This net price will give you a clearer picture of what you'll actually be paying out of pocket.

Net price vs sticker price for in-state public colleges

Let's look at the 2024-2025 average published tuition and fees (sticker cost) and net cost of attendance (the total cost after factoring in financial aid) for in-state student tuition at a public four-year college:

Source: College Board Trends in Pricing 2024

You'll see that the difference between the average published cost and the net cost for the 2024-2025 school year is quite drastic. The published cost of attendance is $29,910, while the net cost of attendance is only $20,780. That's a difference of $9,130. You'll need to borrow only what you need to cover the funding gap of the net cost, not the sticker cost.

Net price vs sticker price for private non-profit colleges

Let's look at the 2024-2025 average published tuition and fees (sticker cost) and net cost of attendance (the total cost after factoring in financial aid) for private non-profit institutions:

Source: College Board Trends in Pricing 2024

This table shows that there is a bigger cost difference between the published cost and net cost for private non-profit institutions. The full cost of attendance is listed at $62,990, but after scholarships and grants, the average net cost drops to $36,150. Yep, that's a $26,840 yearly difference in tuition and fees that can save you almost six figures over your four years! Remember, you don't need to borrow the full published cost—just enough to cover the net cost.

Understanding how loans factor into the true cost of college

Student loans are a major factor in your total college costs. If you are taking out loans, you must take the time to figure out how much the loans you take are actually going to cost you. This is where many students make the mistake of seeing their initial student loan balance and assuming that what they see is what they're paying back. What they often fail to consider are the interest rates when looking at their loans.

To calculate the true cost of college with student loans, you need to factor in your projected loan amount, the interest rate on the loan, and your repayment plan. You can use this student loan calculator to calculate the actual amount you'll be paying for college by the time you pay off your student loans.

Here are two options you can choose from to maximize your student loans:

• Federal student loans. These loans have much lower interest rates, which can save you thousands of dollars in accrued interest over the life of the loans. They also have more flexible repayment plans and other protections built into them. As of July 1, 2025, the current federal interest rate for new undergraduate student loans is 6.39%.
• Private student loans. These loans are given by private lenders such as banks or credit unions. Some students choose to use private loans when federal loans don't give enough or they are looking to get a loan faster. However, interest rates vary significantly and change often. Check your preferred lender for the most up to date rates.

While most students will take on additional student loans to meet the total cost of attendance, this is not free money. Not only do you have to pay back all of your loan, but you will also pay interest on whatever money you borrow by way of student loans. This is what one student had to say about taking student loans to cover miscellaneous costs: