The Cost of College: A Shift in the Tide?
A Decade of Change in College Tuition
The cost of college has long been a concern for students and families. However, new research suggests that the tide may be shifting. According to the College Board, the average student attending an in-state public university faces a tuition bill of $11,610, a 4% decrease from a decade earlier when adjusted for inflation. But the real savings come in what the average student actually pays after getting grants and financial aid. This has decreased by 40% over the decade, from $4,140 to $2,480 annually.
A Reduction in Student Debt
The reduced cost of attendance means less borrowing. Just under half of students attending in-state public universities are graduating with some debt, down from 59% a decade earlier. And among those who do borrow, the average loan balance has fallen by 17%, to $27,100.
Private Colleges: A Slowing Trend
Tuition at private colleges continues to rise, but at a much slower rate. It has increased 4% over the past decade, when taking inflation into account, to an average $43,350. This is a big change from the two decades prior, when tuition increased 68%.
The Impact of the Pandemic
The COVID-19 pandemic has had a significant impact on the cost of college. Many institutions froze tuition, and states and the federal government increased funding for higher education, allowing colleges to reduce costs. While some of this funding has expired, the pandemic has led to a temporary reprieve for students.
Conclusion
The cost of college is no longer spiraling out of control. In-state public universities have seen a 4% decrease in tuition, and private colleges have slowed their rate of increase. While costs remain high, the reduced debt burden for students is a positive trend. However, the value of a college education is still a topic of debate.
Frequently Asked Questions
Q: What is the average cost of attending an in-state public university?
A: The average cost is $11,610.
Q: What is the average cost of attending a private college?
A: The average cost is $43,350.
Q: How has student debt changed over the past decade?
A: Just under half of students attending in-state public universities are graduating with some debt, down from 59% a decade earlier. The average loan balance has fallen by 17%.
Q: What have colleges done to reduce costs?
A: Many institutions have frozen tuition, and states and the federal government have increased funding for higher education, allowing colleges to reduce costs.
Q: What is the value of a college education?
A: Research finds that Americans with a bachelor’s degree earn a median of $2.8 million during their careers, 75% more than if they had only a high school diploma.
