Chapter 7.2, Problem 107E

To determine

To work : an extended application analyzing the average undergraduate tuition, room, and board charges at private degree-granting institutions in the United States from 1994 through 2016.

Answer to Problem 107E

Explanation of Solution

Given information:

Calculation:

How much does it cost to study in America? If you are interested in studying in the United States, one of the most important things you need to consider is how much everything is going to cost. This essential guide breaks down the cost of every aspect of university life to make sure you have everything covered.  

Tuition fees The US is one of the world’s most popular destinations for higher education − and also one of the most expensive. Although the initial pricing may cause a sharp intake of breath, it is worth exploring all avenues of funding and financial aid before ruling the country out.

Tuition fees range from $5,000 to $50,000 (£4,074 - £40,746) per year. Most undergraduate degrees last four years, so, on average, students are graduating with $132,860 (£101,505) worth of debt.

While some countries differentiate pricing for home, EU and international students, American universities differentiate between in-state and out-of-state students. A typical four-year public college charged in-state students $10,230 per year (£7,939) while out-of-state students were charged $26,290 (£20,404). There are private non-profit colleges too, which charge $35,830 (£27,808) on average. 

Accommodation costs In general, university towns in the Midwest region of the US have lower living costs, whereas the East and North East are more expensive. The average apartment starts at $500 (£408) per month (a one-bedroom apartment in a rural area) and goes up to $3,500 or £2,856 (a one-bedroom apartment in a built-up city).

Other essential student costs Internet provision costs $35-60 (£29-49) per month, and household and monthly phone bills are around $50 (£40). Petrol costs around $2.30 (£1.88) per gallon (4.5 litres). A monthly public transport pass costs about $50-60 (£40-49) and some areas offer discounted prices for students. The average cost of books and academic supplies per academic year is $1,170 (£954), or $390 (£318) per semester.