Skill Assessment: Just How Expensive Is College? Skill:Problem Solving Objective: Students will use the concepts of nominal costs and opportunity costs to determine what the true economic costs of college are. Problem you will be solving: How expensive is college and will it be worth it? Task: Complete the charts and questions below first. Follow the steps and labels closely. Then, complete the written response posted at the bottom. This requires a half page typed response, which will summarize your findings and demonstrate your skill of problem solving. Part I. Determine Costs of Two Colleges Nominal or Real Cost of College College 1:CU Boulder How did you get these costs? Tuition and Fees (4 years):$40,992 I have a friend that goes to CU boulder so i asked him how much it costs a year Housing/ Commuting (4 Years):$54,494 I looked up the common rates for the housing at CU Books, Supplies (4 Years) It should be about $2000 a year for books so about $8000 for books total Again asked my friend who goes to CU Nominal or Real Cost of College 2 College 2:Oklahoma University How did you get these costs? Tuition and Fees (4 years):Non resident is $27,143.50 I'm on a tuition website Housing/ Commuting (4 Years):$40,000 after all 4 years Housing website Books, Supplies (4 Years)$9,666.50 Standard rates for books at OU Opportunity Costs of College Job:Dicks Sporting Goods Hourly Wage X Hours a week Weeks a X Year X Years X Total = Salesmen 60 40 50 4 Total Economic Costs: Real/Nominal Cost of College + Opportunity Costs Total Economic Costs of College 1:Being in debt for just about my whole life Total Economic Costs of College 2: Not having money for anything because of how little hours I would be working Part II. Determine the Nominal/Real Benefits of College: Degree: Annual Avg Salary X Years Working X = Total Life Income Diploma 25636 40 1,025,440 Bachelor’s Degree 35256 40 1,410,240 Link for stats: https://smartasset.com/retirement/the-average-salary-by-education-level Part III. Conclusion and Problem Solving Cost- Benefit Analysis: After completing this chart, write a half page (double spaced), response explaining your findings based upon your data. What is the economic costs of the two colleges you want to go to? Is going to these colleges going to be economically beneficial or costly? The economic costs of going to CU Boulder would be way more expensive than going to Oklahoma University but if i were to go to OU i would be leaving all of my family behind me in Colorado. It’s going to be terrible because of the debt but i can just go to a community college and spend less but and get the same education as everyone else yes it might not be from a university but atleast I will have less debt to pay off.