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 $27,000 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.
The infographic also highlights the different types of financial aid available to students, from grants and scholarships to loans and work study programs. To learn more about the costs of higher education, view the full infographic at http://www.varsitytutors.com/blog/the+true+cost+of+college+infographic.
In its continued effort to help students achieve academic excellence, Varsity Tutors recently launched a college scholarship program. The monthly merit-based scholarship, open to U.S. residents ages 16 and older, provides students with the opportunity to earn $1,000 toward their college tuition. The current submission period began on April 1st and will close on April 15th.
To learn more about the Varsity Tutors College Scholarship Contest and to view the official rules, visit http://www.varsitytutors.com/college-scholarship.