We are committed to helping families cover not just the cost of education but also strive to help cover the costs of educational opportunities. We consider educational opportunities to be anything that helps promotes education, be it in an academic sense or in a social sense.
Young people not only grow in the classroom but they grow while at summer camp, while playing a sport, while learning a new instrument or while attending a convention for their youth group.
The possibilities are endless and the need is tremendous, across not only the Greater Cleveland area but throughout the United States.
While we care about helping out families in any way possible, we want to focus for a moment on the ever-increasing costs of higher education. The numbers are simply staggering when considering the true cost of college, by that we mean not just tuition but books, travel expenses, meal plans, living expenses, and other miscellaneous fees that are added into the total college bill.
It is important for students and parents alike to understand exactly what the true cost of a college education is, when determining which school is the right fit.
Sticking to just tuition for a moment, the CollegeBoard estimated that the average cost of annual tuition for the 2012-2013 school year ranged from $3,131 for public two-year institutions (community colleges) to $29,056 for private four-year institutions.
However, when factoring in the full “cost of attendance” (which attempts to determine the true cost of college), the picture changes considerably. Take Ohio State University in Columbus for example, the CollegeBoard estimated a cost of attendance of $23, 587 for first-year students living on campus.
This means that the four-year cost at Ohio’s largest public school is going to be north of $100,000 (when also factoring in that colleges increase their costs each year).
What if a family is trying to pay for two kids? What about three, four or five kids? What about having multiple kids in school at the same time?
The numbers continue to skyrocket for families each year, regardless of the economic landscape.
For select private universities, this annual cost of attendance climbs considerably, with Case Western Reserve University’s 2013 Cost of Attendance number listed at $58, 248 for example.
Heading out of state to a public university such as Indiana University at Bloomington (2014 annual estimate for Cost of Attendance is $46,852), also promises to cost families upwards of $175-$200,000 per student, for a four-year education.
The other factor to remember is: what happens if a student does not graduate in four years? While this practice is still very possible if a student chooses the right school and is able to identify a major, the United States Department of Education determined that in 2013, 34% of students that earned a Bachelor’s Degree did so in 5-6 years.
We can go all day with statistics but the bottom line is very simple: Higher Education is very expensive.
We hope that this information is helpful and strongly recommend careful planning when choosing a college. Make sure to research what is available through financial aid, be it from the university, the federal government and/or from the state (when applicable).