 What's happening guys? It's Shane here and today we're going to be talking about how much college costs, right? So there's a lot of information out there that you read on the internet on how much college costs and it varies greatly. So in this video, I'm basically just going to go over what it actually costs in my experience. This is after doing tons of research on it and also working personally with people because a problem with a lot of the data that's reported in these studies is just 20 years ago, college didn't cost nearly as much as it does now. And it also doesn't take into a lot of factors like how much your student loans are going to compound over the lifetime while you're paying them off. So the true cost of college is going to be different than a lot of the numbers that you hear. Before we get into that, make sure to gently tap the like button. We'll set a goal for this one of 1000 likes. And if you haven't done it already, of course, hit that subscribe button and ring the notification bell. All right. So how much is college going to cost when you include all of the expenses like renting a dorm room, all the supplies you have to buy as well as the tuition, etc. It is going to cost about 80 to $100,000 to get a bachelor degree. So that's over a four year period. It's going to cost 80 to $100,000. And the average student who takes out student loans is going to take out nearly $40,000, right? So you're going to go about $40,000 in debt and it's going to cost you in total if you include rent and everything about 80 to 100,000. Now there are ridiculously expensive colleges out there where you can rack up about $80,000 in one year. So for instance, Harvey Mudd College costs around $77,500. University of Chicago is not far behind and then Columbia is very expensive as well. But those are extreme outlier examples. But if you break it down even further, let's look at public, private, in-state and out-of-state schools. So a private four year school on average is going to cost $32,000 a year in tuition and fees. So that's about 128,000 for the full four years just in tuition and fees. A public four year out-of-state school, so you're attending a public school, but it's out-of-state. So therefore it's more expensive is going to be about 23,000 a year. And over four years, that's about 94,000. A public four year college that's in-state is around 9,400 a year. Over four years, that's going to be around 36,000. And a public two year college is going to be around 3,400 a year. And of course, you would only attend that for two years. That would be like a community college setting. So that's around six to 7,000 for those two years. Of course, I rounded down on all of these a little bit. So it's a little bit off, maybe by a thousand dollars or so, just to make it simple. So if you went to a private four year university for all four years, it would be ridiculously expensive. You'd be nearly $130,000 in debt. But if you did something a little more affordable, let's say you go to a community college for the first two years, around $3,500 a year, you'd be 7,000 in the whole. And then 9,400 for the next two years at an in-state school, that'd be about 18,000. So you'd spend around 25 to 27,000 for your total costs and fees of tuition to go to these two universities. First the community college and then the university. Right? So that's a lot more reasonable. That's literally saving $100,000 in tuition and fees just by doing that alone. But that's just the first part of the story because we're only talking about the debt that you accumulate while you are attending the university. Right? So you graduate with about $40,000 in student loan debt and then you have to pay interest on that debt. So what are the interest rates for undergraduate loans? They're usually around 3 to 5%. Currently or at least in the last year, they were 4.53%. And this is for the typical student loans that you would take out if you signed up for FAFSA. If you go to graduate school, student loans have an even higher interest rate. They're more like 7 to 7.5% if you take out grad plus loans. In 2019, 2020, nearly half of the students who went to college had to go into debt and the average debt was around $37,500, nearly $40,000. And collectively, they now owe $1.8 trillion. This is more debt than credit card loans. This is more debt than car loans. The only type of debt that beats this is going to be mortgage. So housing loans. Now you might be asking yourself, how long does the average person take to pay off these loans? And the answer to that is about 20 years. The average person takes around 20 years to pay off their college debt. However, the amount of debt that people have has gone up about 500% or five times since 1999, which is about 20 years ago. So people have been taking around 20 years to pay off their student loans, which were five times less 20 years ago. So who knows how long it's going to take them to pay them off into the future. It might be 25 years, 30 years, 35 years, maybe 40 years before people on average are paying off their student loan debt. And this is why it's so important with this current system, the way that it works, that you make sure to choose a degree that is going to give you a return on investment. If you're going to spend all of that money getting a college degree, go on average $40,000 in debt to get a college degree. You need to make sure that it's going to pay off because people who graduate with good degrees aren't going to take all that long to pay them off. It usually takes them maybe five years instead of 20. And if you want to know in great detail how to choose your college degree, how to get the most out of college with the least amount of time, effort and money, check out my college 101 course down in the description below. That will absolutely solve your issues. But with that being said, I also go over this stuff in great detail on my channel. So check out my other videos right here. I made them just for you. Go ahead, hit that subscribe button, hit the like button, hit the notification bell and comment down below any thoughts, comments, etc. that you have on the video. And I will see you next time.