Key Takeaways

• According to the National Center for Education Statistics, the average cost of tuition and fees for a bachelor's degree is $19,020 per year. Therefore, the total average cost after 4 years is about $76,080.
• The total cost of a bachelor's degree after 4 years is about $142,000. This figure includes tuition, fees, and additional hidden costs such as "textbooks and supplies, college dorm or off-campus living expenses, and other student expenses like transportation."
• As per research conducted by the National Student Clearinghouse Research Center between July 1, 2014, and June 30, 2015, it was found that it takes an average of 5.3 years to complete a bachelor's degree. However, according to a survey by NCES conducted between 2015-16, it takes an average of 52 months (4.3 years).

Introduction

The Average Time and Investment Needed to Complete a Bachelor’s Degree Program

Average Investment

Tuition and Fees

• According to the National Center for Education Statistics, the average cost of tuition and fees [at all colleges, i.e., including both public and private institutions] for a bachelor's degree is $19,020 per year. Therefore, the total average cost after 4 years is about $76,080 [calculated: $19,020 x 4 years].

• For public colleges, the average cost of in-state tuition is $9,377 per year, while the average cost of out-of-state tuition is $27,091. Therefore, for 4 years, the total cost at an in-state university is $37,508 and $108,364 at an out-of-state college.
• For private colleges, the average amount a student spends on tuition per year to get a bachelor's degree at a for-profit university is $18,244, and $37,641 at a nonprofit institution. Therefore, the total cost for 4 years at a for-profit institution is $72,976 and $159,564 at a nonprofit.

 

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B. Total Costs, Including Additional Hidden Costs

• The average cost per year to attend college and live on campus in the United States is $35,551 per student at four-year schools.
• Those who live off campus spend an average of $35,392 per year, a difference of less than $200 from those who live on campus.
• Additionally, those who live off campus but stay with their families spend an average of $24,587 per year.
• Therefore, the total cost of a bachelor's degree after 4 years is about $142,000. This figure includes tuition & fees and additional hidden costs, such as "textbooks and supplies, college dorm or off-campus living expenses, and other student expenses like transportation."

 

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• The above averages in section 1B are for all institutions, i.e., both public and private institutions.

C. Average Estimates of Additional Hidden Costs

• Cost of Rooms (on-campus housing): $6,897 per year [A total of $27,588 for 4 years = $6,897 x 4 years]
• Cost of Board (on-campus meal plan): $5,335 per year [A total of $21,340 for 4 years = $5,335 x 4 years]
• Cost of Textbooks and Supplies: $1,226 per year [A total of $4,904 for 4 years = $1,226 x 4 years]

• The above averages in section 1C are for all institutions.

2. Average Time

• As per research conducted by the National Student Clearinghouse Research Center between July 1, 2014, and June 30, 2015, it was found that it takes an average of 5.3 years to complete a bachelor's degree. However, according to a survey by NCES conducted between 2015-16, it takes an average of 52 months (4.3 years).

 

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Why a Bachelor's Degree Might Take Longer Than 4 Years

•  Full-time students who take about 15 credits per semester can "complete their bachelor's degree within four or five years." Many colleges require a student to have 120 credits to graduate. However, part-time students can take over six years to complete the same degree; they mostly take about 9 credits per semester.
• Students who switch majors may also take longer than 4 years to complete their bachelor's degree.
• A survey by the National Student Clearinghouse Research Center shows that students who had a higher number of stop-outs after enrolling for a bachelor's degree took longer than 4 years to graduate (see the figure below).

 

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Research Strategy