Recent research reveals a significant decrease in tuition costs for public universities, driven by increased financial aid and a slowing rate of tuition increases at private institutions.
New research says the average student attending an in-state public university this year faces a tuition bill of $11,610. 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
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