College Prices Up (Again)

Last Updated Oct 28, 2010 4:21 PM EDT

The College Board's report on college pricing is out and it's a doozy! The average cost of tuition, room and board at private schools is $36,993 this year and the average for in-state students at four-year public schools is $16,140 this year. If you're keeping score, the cost of going to a public college has increased by 24 percent in the past five years and the cost of private school is up 17 percent over the same time period.

If you're wondering whether paying up is worth it, check out this recent interview with Zac Bissonnette, author of "Debt-Free U".

There was a tiny silver lining from the report--only the "rich" pay through the nose for college. After grants and scholarships are considered, the average cost for private university drops to $21,020 and to $10,080 for public.

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    Jill Schlesinger, CFP®, is the Emmy-nominated, Business Analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and Chief Investment Officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.