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The true cost of college is often much less than the sticker price. Costs consist primarily of tuition, fees and room and board. The chart below illustrates the average cost that most will pay.
Source: College Board, Annual Survey of Colleges, Trends in Student Aid 2020; NCES. IPED Fall Enrollment data.
2-year colleges and 4-year private colleges follow a similar pattern.
Source: Sallie Mae. How America Pays for College 2019: Sallie Mae’s national study of college students and parents.
1 The Plan is neither FDIC insured nor guaranteed and may lose value.
2 When withdrawals are used for other purposes, the earnings portion of the withdrawal is subject to federal income taxes and any applicable state income tax, as well as an additional 10% federal tax and the recapture of all previous New Mexico tax deductions taken for contributions to an account.