According to a recent survey by the American Council on Education, Americans on average believe that in-state tuition for four-year public colleges is three times more expensive than it actually is.

Here are the facts: According to the College Board, annual tuition and fees for the 1999-2000 school year averaged $3356 at in-state public universities, and $15,380 at private colleges. And last year, college tuition and fees increased less than 5% in all categories and institutions – the lowest rate of increase for the past four years. Moreover, half of all students pay less than $4000, and almost three-quarters pay less than $8000.

Even so, throw in room and board, books and supplies, transportation, and other personal expenses, and the average annual tab comes to $10,909 for public universities, and $23,651 for private colleges. Nonetheless, like most families, you'll probably manage to pay the bills with a combination of savings, current income, loans, money from children's part-time or summer jobs, and perhaps grants or scholarships.

Average annual charges and estimated expenses for resident undergraduate college students

1999-2000*

*Source: The College Board

Projected College Costs

Here are estimates of future costs for four years of college, including tuition and fees, room and board, transportation, books and supplies, and other personal expenses.

Estimates are based on the College Board's annual survey and assume an average annual 5% increase in college costs. (Last year, increases in tuition and fees and room and board at four-year public and private colleges averaged between about 3% and 5%.) Note that actual increases may turn out to be lower or higher, and the college your child attends may be more or less expensive than the averages.