Do you know how much it costs to send a child to college now? For the 2015- 2016 academic year, the College Board puts the average cost of tuition, fees and room and board at private nonprofit four-year schools at nearly $44,000. The College Board estimates other expenses (including books, supplies and transportation) at about $4,000. Thus, sending your child away to a private institution costs an average of around $48,000 this year; at universities considered “elite,” the total tab is generally well over $60,000. Those numbers likely will be even higher in the 2016-2017 school year and they will certainly be higher for youngsters entering college in the future.