This exercise was developed under the direction of Mark Gebert, a lecturer in the College of Arts and Sciences, Department of Statistics at the University of Kentucky.
A similar kind of activity has been used in STA210: Introduction to Statistical Reasoning which is a component of the University’s general education program, UK Core (see more at http://www.uky.edu/UGE/documents/Templates/Statistical.pdf). Successful students who complete this course at UK should be able to articulate how statistical science can be used to address uncertainty in many of our decisions and decide whether a statistical argument (that is used, for example, in the mainstream media) is valid.
Among the many issues that make the transition from high school to college a difficult one for many students (and their parents) is the amount of money involved. Almost all schools make public their tuition and room and board costs in an effort to help prospective students and their families draw meaningful comparisons among postsecondary institutions they may be considering about the expense of going to school. While these two expenses, tuition and room and board, are certainly common to the college experience and most likely the largest portion of a student’s educational expenditure, they are not all of it. This learning object will explore some sources of information for comparing college tuition and room and board costs. Beyond the basic, documented costs, are hidden costs and sometimes money wasters. Adding up documented and hidden costs will get your closes to “real cost of college”.
It is no secret that college costs have sky-rocketed, are out of control and seem to keep raising each year. Pulling in the the opposite direction is that the importance of obtaining a college degree helps secure a better future. How much does college cost each year and how can it be made affordable through financial aid, planning and a knowledge of the real costs of higher education. Follow this link to the "College Affordability and Transparency Center" and see first hand how much college tuition has jumped over time. Plug in a few colleges to compare private and public, four year and two programs.
Follow this link to CNN Money, "how much will that college really cost?", and enter in following examples. Develop a list of these entries and their costs.
(1) A local college
(2) A regional college in your state ( instate tuition)
(3) A College from a neighboring state
(4) A college referred by a school counselor, friend of family member
(5) A college you might consider a dream or ideal school
There are always hidden costs. Brainstorm with a friend to identify 50 hidden costs you might imagine college life could include freshman orientation, buying versus renting books and the cost of routine evens such as friday night pizza parties. Read CNN Money: 12 Best ways to beat the hidden costs to develop a list.
Prepare to seek advice from experienced students.
(a) Read How to pay for the hidden costs of college .
(b) On Facebook, twitter, skype, phone or in person, interview an upper classmen or someone who has recently attended college to learn more about hidden costs and experiences to overcoming hidden costs.
(c) Take this new knowledge, and modify your college wish list form above to also include a hidden costs amount. Strategize a way to curb costs.
College Affordability and Transparency Center. U.S. Department of Education. http://collegecost.ed.gov/
Four Steps to College, American Council on Education & Lumina Foundation for Education: http://www.knowhow2go.org/
"Freshman Planner," Southern Regional Educational Board's Electronic Campus Regional Mentor System. http://www.electroniccampus.org/Planning/Freshman_Planner/Default.asp.
Secret Costs of College, Better TV. http://www.youtube.com/watch?v=zU6ga_x8_JA .
SREB Fact Book on Higher Education. http://www.sreb.org/page/1123/fact_book_on_higher_education.html
"Tassel: Worth the Hassel?" Students and Parents, Kentucky Higher Education Assistance Authority (KHEAA). http://www.kheaa.com/website/kheaa/parents?main=1.