New research shows that the cost of attending public universities has decreased significantly over the past decade, with students paying less for tuition and borrowing less money.
Students are paying significantly less to attend public universities than they did a decade ago, according to new research. The average student attending an in-state public university this year faces a tuition bill of $11,610, which is down 4% from a decade earlier when taking inflation into account. But the real savings come in what the average student actually pays after getting grants and financial aid. That’s down 40% over the decade, from $4,140 to $2,480 annually.
That reduced cost 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. Meanwhile, at private colleges, tuition 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. The COVID-19 pandemic has been a big factor in the cost reductions, said Jennifer Ma, an executive research scientist at the College Board and lead author of the study
COLLEGE COSTS PUBLIC UNIVERSITIES TUITION FINANCIAL AID STUDENT LOANS
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