Money Smarts Blog
Get Schooled in the Costs of College
Nov 10, 2022 || Melissa Brown, Marketing Lead
Most parents and students know college costs a lot of money. But just how muct? Let's take a peek using my daughter's school as an example.
Mackenzie recently started her sophomore year at Illinois State University. With most of her gen-ed classes out of the way, she’s trying to narrow down what she wants to declare as her major (and despite her own mom being a number-loving financial professional, she’s leaning toward whatever involves the least amount of math). This semester, she’s taking four courses at three credit hours apiece.
Here’s where that pesky math comes in.
According to the ISU Student Accounts Office, each credit hour costs $359.47 (that’s in-state tuition … out-of-state nearly doubles to $620 per credit hour). That means each course she takes during a semester rings in around $1,078.41. Assuming there are 15 weeks in a semester, we can roughly break down the cost of that course into a daily amount. Ready? The cost of a single college course for Mackenzie on any given day at ISU is $14.38. And you’ll pay for it, whether your student sleeps through their alarm or shows up early and sits in the front row.
Now, that’s just the cost for one class. I’ve done the math and my daughter’s total cost per day — including tuition, housing, books and basic living expenses — is about $60. That’s like buying a round of Starbucks coffees for your classmates every day! The simple fact is, education is an investment in your student’s future. But with patience and a plan, it has the potential to pay off later in life.
The cost of higher education (per credit hour)
We’re not here to knock Illinois State (go Red Birds!). Student Loan Hero researchers calculated the costs of credit hours at various institutions throughout the country. Let’s take a look at the average costs per credit hour. The numbers below reflect average costs per credit hour. Does not include room, board, books, etc.
Get A Job
A job anywhere will give your finances a bit more breathing room, but you might also be eligible for a Federal Work-Study Program. You’ll have to apply using the Free Application for Federal Student Aid (FAFSA), and if you’re awarded this type of financial aid, you’ll be responsible for finding your own gig that qualifies. Earnings can be direct deposited to help you pay for your basic living expenses, or they can be credited to your school account to cover things like tuition and room/board.
Shop Around for Books
I love a good book as much as the next person, but not when they’re astronomically overpriced. Do your wallet a favor and skip the campus bookstore. Instead, shop online for a better deal. Better yet, confirm with your professor whether you really need the physical book (it’s common today to have most assignments online).
