The deadline for college decisions is drawing near, and a lot of potential students are committing to their preferred universities. An enrollment deposit, one of several fees students will pay over the course of the following four years, is required with that commitment.
- Public vs. Private: Public institutions are generally much cheaper for in-state students, while private colleges can be significantly more expensive.
- In-State vs. Out-of-State: For public universities, out-of-state students pay a much higher tuition than in-state residents.
- On-Campus vs. Off-Campus Housing: Living on campus typically comes with a higher cost for room and board.
Here’s a breakdown of the average cost of attendance (including tuition, fees, room and board) for the 2023-2024 academic year:
- Public, In-State: $26,027 [Source: educationdata.org]
- Public, Out-of-State: $41,200 (average of in-state and out-of-state) [Source: collegedata.com]
- Private, Nonprofit: $55,840 [Source: educationdata.org]
How much has tuition increased?
College tuition in the US has been steadily rising for decades. Over the past 10 years, the average annual growth rate has been around 2%. This means the cost of attending college has more than doubled in the 21st century.
For example, a public in-state student attending a 4-year college in 2010-2011 would have paid an average of $9,678 for tuition alone. Today, that same student pays an average of $11,260 [Source: collegedata.com].
While the cost of college can seem daunting, there are ways to make it more affordable. Scholarships, grants, and financial aid can significantly reduce the burden. You can also explore options like community colleges or online programs, which can be a more cost-effective way to earn a degree.
Sixty-four percent of the over 60,000 high school grads want to enroll in two- or four-year college programs. Debt will be incurred by many, adding to the 43.5 million Americans who now owe money on student loans.
The Supreme Court invalidated President Joe Biden’s attempt to eliminate student loans last year. According to the White House, Obama is now suggesting a workaround that would result in the cancellation of loans for over four million borrowers. Additionally, $5,000 in debt relief might be available to over 10 million debtors.
