When it comes to choosing a college, prices are one of the top considerations, and tuition the biggest area of the cost. While there are ways to reduce the cost of college, tuition are only able to be lowered through financial aid. This really is one of many tuition facts that college-bound students need to know.
Here are some additional facts to assist clean up common tuition misconceptions.
Average Tuition for 4-Year College for Both Private and Public College
Generally, private schools cost more than public universities.
The average price of tuition and fees in a ranked public college for that 2023-2023 academic year is $10,338 for in-state students and $22,698 for out-of-state students. The typical cost of tuition and costs web hosting universities is $38,185.
Average Educational costs in the Ivy League Colleges
Ivy League schools have a well-earned reputation for being expensive. The typical price of eight Ivy League schools (including Harvard, Yale, and Columbia) was $57,547 for the 2023-2023 academic year. That amount is simply for tuition; it does not factor in the cost of room and board.
Historical Cost of Tuition and it is Rise
The price of advanced schooling has risen steadily over the past many years.
Tuition prices for in-state students at public universities rose 211 percent from 2002 to 2023. The typical fees and tuition costs for private universities have increased 144 percent over the past two decades.
Average Price of Room and Board
Students who survive campus need to pay for room and board. The average room and board payment for a student living on campus at a public four-year university is $11,451 per year.
At private, nonprofit institutions, the average price is $12,682 per year. The typical annual cost of on-campus room and board at a private for-profit university is $10,654.
Average Cost of Books and Supplies
Students also need to account for the cost of textbooks and supplies. The average price of books and supplies for the 2023-2023 academic year for a student attending a four-year university was $1,240. This cost doesn't change based on a student's circumstances (on-campus vs. off-campus) or on the type of university (public vs. private).
Average Total Cost of Education
The College Board's Trends in College Pricing and Student Aid publication provides information on the typical total price of school every year. According to the report for the 2023-2023 school year, the typical total price of tuition, room and board, and costs is really as follows:
- Public four-year college, in-state: $22,690
- Public four-year college, out-of-state: $39,510
- Private four-year nonprofit college: $51,690
These numbers reflect the average published charges of schools in every category (e.g. “sticker price”). They do not take into account financial aid and scholarships, which could significantly lower the actual cost students pay (e.g. average net price).
For example, the average net price (after educational funding) of tuition and costs to have an in-state student at a public four-year college for that 2023-2023 school year is $14,590.
States with the Most Expensive Public Schools
The College Board's report also provides details about college costs per state. Data indicates that their state with the most expensive public schools is Vermont. For 2023-2023, the typical car or truck of tuition and fees for full-time, in-state students at four-year public universities in Vermont is $17,750.
After Vermont, the costliest states for public four-year schools were the following:
- New Hampshire: $17,040
- Pennsylvania: $15,312
- New Jersey: $14,963
- Illinois: $14,667
Vermont can also be the most expensive state for out-of-state students ($41,930). These are the other states that are most costly for out-of-state students:
- Michigan: $38,710
- Virginia: $35,650
- Connecticut: $34,670
- Oregon: $34,380
States using the Cheapest Public Schools
Wyoming is the least expensive state for in-state students at public four-year colleges. The average cost of tuition and costs for that 2023-2023 school year for in-state students in Wyoming is $6,100.
These would be the other states which are least expensive for in-state students:
- Florida: $6,370
- Montana: $7,265
- Utah: $7,387
- North Carolina: $7,389
For out-of-state students, the cheapest state is South dakota, in which the average cost for 2023-2023 is $12,840. Here are other states where out-of-state students spend the money for least:
- North Dakota: $14,260
- Louisiana: $19,950
- Wyoming: $20,650
- New York: $21,040
What Percentage of College Costs Do Parents Pay Out of Pocket?
A survey by Sallie Mae shows that for the academic year 2023-2023, families spent an average of $26,373 on college costs. Additionally, the information shows, on average, parents covered 54 percent of college costs:
- Parent income: 23 percent
- Parent savings: 22 percent
- Parent borrowing: 9 percent
Percentage of Undergraduate Students Who Take Student Loans
Many undergraduate students remove student loans. In the latest data offered by the 2023-20 academic year:
- 55% of students graduating having a bachelor's degree from public and private nonprofit four-year schools graduated with debt.
- The average total debt per student to accomplish a bachelor's degree was $28,400.
Average Amount That a Student Borrows
Based on student loan data from 2023:
- Undergraduate students borrow typically $11,836 each year for their bachelor's degree.
- For students attending a public university, undergraduates borrow typically $30,030 total.
- For students attending a personal, non-profit university, the typical amount borrowed borrowed is $33,900.
- For students attending a personal, for-profit university, the typical loan amount borrowed is $43,900.
Average Interest on Student Loans Paid by Each Student in a Year
Federal student education loans have reduced rates of interest than private student education loans:
- Federal student loan rates of interest range between 2.75 and 5.30 percent
- Private student loan interest rates range between 3.34 and 12.99 percent (fixed); 1.04 to 11.98 percent(variable).
Over 90 percent of borrowers have federal student education loans.
Average Period of time It requires a Student to Pay off Their Student Loan
The time it takes to repay student education loans varies and frequently depends upon the amount of debt. The standard repayment plan is designed to have students repay their loans in 10 years. However, the reality is it requires longer for most people. One survey found the average time that it took borrowers to repay their student loans was 18.5 years.
Understand the Facts About Tuition
When helping your son or daughter pick a college, tuition is among the most important things to consider. If your student qualifies for need-based financial aid and/or merit scholarships, they won't need to cover the entire tuition amount alone.
Remember to utilize a Net Price Calculator to get a true sense of how much it'll cost you to go to a specific school. The College Insights tool will help you compare schools based on tuition and tuition assistance.