College has continued to surge in costs over the past several years, putting a growing number of students in debt. GOBankingRates broke down where its rising the most.
College tuition has become even more costly over the years as tuition rates continue to rise, forcing more students into debt. During the fourth quarter of 2023, student loan balances stood at $1.6 trillion, according to data from the New York Federal Reserve. The Council on Foreign Relations noted student debt has more than doubled over the past two decades. The other issue is students are borrowing even more as costs to attend both public and private universities across the U.S. have grown.
The costs in Oregon, Rhode Island and Massachusetts all rose over $17,000. Vermont, which saw costs rise over $16,000, rounded out the top five states with the largest private college tuition increases. For public universities, Connecticut, Vermont, Massachusetts, Virginia and Alaska had the largest eight-year increases with costs rising over $6,000 in each respective state. These annual costs include tuition and fees as well as room and board.
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