Understanding College Cost as a Family
Heading to the college fair? Don’t let misconceptions about cost limit your options as you explore. Understanding what affects college cost keeps more choices within reach. Here are three things to keep in mind:
- You Rarely Pay the Sticker Price
Colleges are required to publish their cost of attendance (COA), which reflects the all-in cost, including tuition, room and board, books and supplies, and other expenses. However, this number does not account for loans, grants, or scholarships, so what you really want to focus on is your net price: your true cost of attendance after financial aid. To better understand your potential net price, college fairs provide a great opportunity to speak with college representatives about financial aid. In addition, each college is required to offer a free net price calculator on its website. - Private College Is More Affordable Than You Think
Despite having higher sticker prices, private colleges and universities offer substantially more grants and scholarships than public institutions. In 2022–2023, the average institutional grant for undergraduate students was $22,340 at private nonprofit four-year colleges, compared with just $1,960 at public institutions. (Source: Trends in College Pricing 2025, Figures SA-15 and SA-16) - Students Can Be Included in the Process
Covering tuition may be beyond most students’ reach, but they can contribute to incidental costs. Talking with your student about college expenses helps them feel invested in their education and prepares them for financial responsibility after high school. Encourage them to take a summer job to cover books and supplies and to search for private scholarships.
Bob Cole is President and CEO of CollegeWell and Private College 529 Plan. He has dedicated his career focused on college access and financing programs for families.