College costs for parents

I'm curious to know what parents typically pay for their kids' college education. I know it varies depending on income, but can someone give me an idea of an average or ballpark amount that parents usually contribute?

Ballpark amounts for parent contributions to their child's college education can vary greatly based on factors like the specific college or university, family income, and financial aid availability. That being said, I can give you some general figures to consider.

1. The College Board reports that the average cost of tuition and fees for the 2021-2022 academic year:

- Public in-state: $10,740.

- Public out-of-state: $27,560.

- Private: $38,070.

Keep in mind that these amounts are only for tuition and fees, and do not include room and board, books, transportation, or other living expenses. When factoring in these expenses, the total cost per year can range from $25,000 to $70,000 or more depending on the institution and individual circumstances.

2. According to recent Sallie Mae surveys, parents contribute approximately 44% of the college expenses through a combination of their income, savings, and borrowing. This percentage has declined from previous years, as more families rely on scholarships, grants, and the student's income or borrowing to fund college education.

As an illustration, if a family was paying for a public in-state school with an annual total cost of $25,000, a parent contribution of 44% would be approximately $11,000 per year. However, remember that each family's situation is unique, and the actual contribution may differ based on factors like financial aid, scholarships, type of institution, location, and family financial circumstances.

To gauge a more accurate estimate of expected parent contribution, it's highly recommended to utilize a Net Price Calculator available on most college/university websites. By entering your financial information, this calculator provides an estimate of your expected family contribution, financial aid, and the net cost to attend that specific institution.