What is the Average Cost of a College Credit?

alex atkins bookshelf educationCollege students are some of the worst consumers in America, flipping the commonsense frugal strategy on its head: rather than “pay less for more” they “pay more for less.” It’s like prepaying for an elegant steak and wine dinner and then choosing a hot dog and chips for your meal. Expressed another way, college students (or more accurately, their parents) pay a very high price for an undergraduate education, while college students choose to take the minimal amount of courses, and often the least challenging courses to graduate. But the biggest waste of money occurs when college students — without parents to nag them about it — cut classes for whatever reason (hangover, went to bed at 4:00 am, the dog ate my homework, etc.). When you consider the average cost of a college credit, you might want to reconsider whether it makes sense to skip those classes.

The staff at Student Loan Hero used data from the Department of Education to calculate the average cost per college credit. There are significant differences of course between 4-year and 2-year schools, and whether the schools are public, private, or for- profit. Four-year colleges typically require 120 credits to earn an undergraduate degree. Thus, to earn a degree at a public school, tuition will cost $39,000; at a private school, the tuition adds up to a staggering $77,640. Here are the average cost per credit hour for colleges across these four sectors:

2-Year Public College: $135

4-Year Public College: $325

4-Year for Profit College: $647

4-Year Private College: $1,039

Average Cost of a College Credit: $594

So the next time you want to sleep in and skip morning classes, you may want to consider the actual hit to your pocketbook and decide if that is a wise use (or misuse) of your money.

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Read related posts: Getting the Most Out of College
How College Can Help You to Live a Good Life
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For further reading: https://studentloanhero.com/featured/cost-per-credit-hour-study/

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