New research reveals a significant decrease in college costs, particularly for in-state public universities. Average tuition is down 4% from a decade ago, and the amount students actually pay after financial aid has dropped by 40%. Private college tuition increases have also slowed. While private tuition continues to rise, the rate has significantly decreased compared to previous years.
New research says the average student attending an in-state public university this year faces a tuition bill of $11,610.
Yet research still finds that, over time, a degree pays off. 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, according to 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.
Many institutions have tried to limit cost increases. Purdue University in Indiana, for example, has frozen its annual in-state tuition at $9,992 for the past 13 years.
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