College Board Releases 2008 College Costs
It’s back to school time again and the College Board has released its annual Independent College 500® Index (IC 500), calculating a student’s average annual expenses and the average prices charged by institutions. CSB credits your account accordingly for the new school year using the IC 500.
The average cost of one year’s tuition, fees, room and board for the 2008-2009 academic year is $37,208. This represents an increase of 5.49% percent over last year. Good to know if you are concerned with the rising cost of higher education and how to prepare for it.
Expenses to take into consideration other than those included by the IC 500 are books and supplies, transportation, and other personal expenses. These extra factors will also affect the amount of money spent annually for higher education.
This index is based on the College Board’s Annual Survey of Colleges. The complete survey is released each fall in their Trends reports. These reports cover average prices and expenditures for upcoming academic year 2008-09, as well as a wealth of data on enrollment and financial aid. A link can be found at www.collegesavings.com within the research section.