El ABC de la vida: Cómo pagar la universidad Consejos para planificar y pagar los costos de la universidad. Read the full description of the infographic Life 101: How to Pay for College A college degree can provide greater lifetime earnings and career opportunities, but paying for college can be difficult. Here's a snapshot of what's in store and ways to pay for higher education costs. How much does it cost? Average cost for in-state tuition, fees, and room and board at a four-year college in 2016-2017: Public: $20,900 Private: $45,370 How much do graduates owe? 70% of students graduate with student loans. The average student loan debt in 2016 was $37,172. What's the payoff? On average, college graduates earn nearly $1 million more over their lifetimes than high school graduates. Annual earnings for 25- to 34-year-olds with full-time, year-round jobs. Bachelor's or higher degree: $51,980 High school completion: $30,000 How can you pay for it? 529 plans 529 college savings plans are designed to encourage families to save for college. Contributions may qualify for an income tax deduction or credit. Average amount saved in a 529 plan: $7,534 Financial aid 86% of first-time, full-time undergraduate students at four-year institutions receive financial aid. Fill out the Free Application for Federal Student Aid (FAFSA) and discuss options with your institution’s financial aid office. Private loans These loans typically offer both fixed and variable interest rates, but repayment options are less flexible. Read the fine print, including whether repayment levels are tied to income. Federal loans These may be cheaper and have more repayment flexibility than private loans. Interest rates are fixed, meaning they won’t change over the life of the loan. There are also options for parents, such as PLUS loans. Jobs and direct payments Ask your tax planning professional about eligibility for credits or deductions. 77% of students work at least part of the year while attending college. How State Farm Can Help This Go Right: Your State Farm agent can help you understand your options for saving and paying for college.