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The Cost of College & Why It's Less Than You Think The cost of a college education is more expensive than ever. However, the actual cost of college may be much less than you think. The cost of college Bank of America cost of college, how much does college cost, cost of college education, the cost of college Paying for college Many families in the U.S. pay about 30% for college out of pocket.1 The rest comes from a variety of sources. $11,550 The typical price of one year of college when averaging 4-year public and private school tuitions.2 FINANCIAL AID (31%) $185 billion Total aid available each year primarily in grants and scholarships.1 FAMILY INCOME AND SAVINGS (30%) Including 529s Over $225 billion has been saved in 529 plans.3 STUDENT BORROWING (15%) There are a number of federal student loan options, as well as private loans for students. STUDENT INCOME AND SAVINGS (12%) 4 out of 5 college students work during college to help fund tuition and other expenses.1 PARENT BORROWING (7%) Federal loans are also available to parents. EXTENDED FAMILY AND FRIENDS (5%) 21% of parents ask relatives and friends to direct gifts to a child?s college fund.1 Plan ahead for college Your child?s education may be a priority, consider speaking to a Merrill Edge Financial Solutions Advisor about 529s and other college investment options to best meet your goals.
The Cost of College & Why It's Less Than You Think The cost of a college education is more expensive than ever. However, the actual cost of college may be much less than you think.

The cost of college: How will you pay?

The cost of college continues to increase, but when you understand your college funding options, you may not have to pay as much out-of-pocket as you think. Learn more about your options.

Paying for college: Finding options Show infographic Text Version

Paying for college

Many families in the U.S. pay about 30% for college out of pocket.1 The rest comes from a variety of sources.

$11,550

The typical price of one year of college when averaging 4-year public and private school tuitions.2

FINANCIAL AID (31%)

$185 billion Total aid available each year primarily in grants and scholarships.1

FAMILY INCOME AND SAVINGS (30%)

Including 529s Over $225 billion has been saved in 529 plans.3

STUDENT BORROWING (15%)

There are a number of federal student loan options, as well as private loans for students.

STUDENT INCOME AND SAVINGS (12%)

4 out of 5 college students work during college to help fund tuition and other expenses.1

PARENT BORROWING (7%)

Federal loans are also available to parents.

EXTENDED FAMILY AND FRIENDS (5%)

21% of parents ask relatives and friends to direct gifts to a child’s college fund.1

Plan ahead for college

Your child’s education may be a priority, consider speaking to a Merrill Edge Financial Solutions Advisor about 529s and other college investment options to best meet your goals.

1 Sallie Mae “How America Pays for College” http://news.salliemae.com/files/doc_library/file/HowAmericaPaysforCollege2014FNL.pdf2014

2 The College Board http://trends.collegeboard.org/college-pricing/figures-tables/average-published-undergraduate-charges-sector-2014-15

3 Strategic Insight http://www.sionline.com/PracticeAreas/529_Industry_Analysis.aspJune2014 

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The cost of a college education is substantial. Fortunately, you may have access to many resources to help cover the expense. Don’t be overwhelmed by the cost of college. Learn more about saving and paying for a college education at Merrill Edge.