Essential College Tuition Facts

Untitled-design-3

Essential College Tuition Facts

Published April 8, 2022 | Last Updated October 9th, 2023 at 08:10 pm

Untitled-design-3

When it comes to choosing a college, price is one of the top considerations, and tuition the largest part of the cost. While there are ways to reduce the expense of college, tuition can only be lowered through financial aid. This is one of many tuition facts that college-bound students need to know.

Here are some additional facts to help clear up common tuition misconceptions.

Average Tuition for 4-Year College for Both Private and Public College

Generally, private schools are more expensive than public universities. 

The average cost of tuition and fees at a ranked public college for the 2023-2024 academic year is $10,662 for in-state students and $23,630 for out-of-state students. The average cost of tuition and fees for private universities is $42,162.

Average College Tuition at the Ivy League Colleges

Ivy League schools have a well-earned reputation for being expensive. The average cost of eight Ivy League schools (including Harvard, Yale, and Columbia) was $59,985 for the 2022-2023 academic year. That amount is just for tuition; it doesn’t factor in the cost of room and board. 

Historical Cost of Tuition and Its Rise

The cost of higher education has risen steadily over the past few decades. 

Tuition prices for in-state students at public universities rose 158 percent from 2004 to 2024. The average fees and tuition costs for private universities have increased 132 percent over the past two decades. 

Average Cost of Room and Board

Students who live on campus have 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 $11,520 per year. 

At private, nonprofit institutions, the average cost is $13,028 per year. The average annual cost of on-campus room and board at a private for-profit university is $32,895.

Average Cost of Books and Supplies

Students also need to account for the cost of textbooks and supplies. The average cost of books and supplies for the 2022-2023 academic year for a student attending a four-year university was $1,240. This cost doesn’t change based on a student’s living situation (on-campus vs. off-campus) or 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 details on the average total cost of college each year. According to the report for the 2022-2023 school year, the average total cost of tuition, room and board, and fees is as follows:

  • Public four-year college, in-state: $23,250
  • Public four-year college, out-of-state: $40,550
  • Private four-year nonprofit college: $53,430

These numbers reflect the average published charges of schools in each category (e.g. “sticker price”). They don’t account for financial aid and scholarships, which can significantly lower the actual cost students pay (e.g. average net price). 

For example, the average net price (after financial aid) of tuition and fees for an in-state student at a public four-year college for the 2022-2023 school year is $14,630.

States with the Most Expensive Public Schools

The College Board’s report also provides details about college costs per state. Data indicates that the state with the most expensive public schools is Vermont. For 2023-2024, the average sticker price of tuition and fees for full-time, in-state students at four-year public universities in Vermont is $18,890. 

After Vermont, the most expensive states for public four-year schools were the following:

  • New Hampshire: $17,038
  • Pennsylvania: $15,312
  • New Jersey: $14,963
  • Illinois: $14,667

Vermont is also the most expensive state for out-of-state students ($43,890). 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 with the Cheapest Public Schools

Florida is the least expensive state for in-state students at public four-year colleges. The average cost of tuition and fees for the 2022-2023 school year for in-state students in Florida is $6,370. 

These are the other states that are least expensive for in-state students:

  • Wyoming: $6,440
  • Montana: $7,265
  • Utah: $7,387
  • North Carolina: $7,389

For out-of-state students, the cheapest state is South Dakota, where the average cost for 2022-2023 is $12,380. Here are other states where out-of-state students pay the least:

  • North Dakota: $14,800
  • 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 2022-2023, families spent an average of $28,026 on college costs. Additionally, the data shows, on average, parents covered 51 percent of college costs:

Percentage of Undergraduate Students Who Take Student Loans

Many undergraduate students take out student loans. In the latest data available from the 2021-22 academic year: 

  • 54% of students graduating with a bachelor’s degree from public and private nonprofit four-year schools graduated with debt. 
  • The average total debt per student for when they graduated was $29,100.

Average Amount That a Student Borrows

Based on student loan data from 2021

  • Undergraduate students borrow an average of $11,836 per year for their bachelor’s degree. 
  • For students attending a public university, undergraduates borrow an average of $30,030 total. 
  • For students attending a private, non-profit university, the average loan amount borrowed is $33,900. 
  • For students attending a private, for-profit university, the average loan amount borrowed is $43,900.

Average Interest on Student Loans Paid by Each Student in a Year

Federal student loans may have lower interest rates than private student loans. As of July 2023:

  • Federal student loan interest rates are 5.50 percent, fixed, for undergraduate students and 7.05 for graduate students.
  • Direct PLUS loans are 8.05 percent.
  • Private student loan interest rates range between 4.74 percent to over 15 percent with fixed and variable options available.  

Average Amount of Time It Takes a Student to Pay off Their Student Loan

The time it takes to pay back student loans varies and often depends on the amount of debt. The standard repayment plan is designed to have students pay off their loans in ten years. However, the reality is it takes longer for many people. One survey found the average time it took borrowers to pay off their student loans was 18.5 years.

Understand the Facts About Tuition

When helping your child decide on a college, tuition is one of the most important factors to consider. If your student qualifies for need-based financial aid and/or merit scholarships, they won’t have to cover the whole tuition amount alone. 

Remember to use a Net Price Calculator to get a true sense of how much it will cost to attend a specific school. The R2C Insights tool can help you compare schools based on tuition and tuition assistance.

_______

Use R2C Insights to help find merit aid and schools that fit the criteria most important to your student. You’ll not only save precious time, but your student will avoid the heartache of applying to schools they aren’t likely to get into or can’t afford to attend.  

Other Articles You Might Like:

Top Questions to Ask Your Student Before Making the Ultimate College Decision

How to Avoid Student Loans: How Parents Can Help

Answers to Your Top 5 Student Loan Questions

JOIN ONE OF OUR FACEBOOK GROUPS & CONNECT WITH OTHER PARENTS: 

PAYING FOR COLLEGE 101

HOW TO FIND MERIT SCHOLARSHIPS

In this article:

Upcoming Events

Similar Articles for You

Dear Roadie, My Son Struggles in AP Courses. Is The Stress Worth It for College?

Advice

Dear Roadie, My Son Struggles in AP Courses. Is The Stress Worth It for College?

Dear Roadie, My son wants to load up on AP classes his senior year because he thinks it will impress...

6 Types of Insurance for College Students and How to Save on Them

College Life

6 Types of Insurance for College Students and How to Save on Them

Navigating insurance options is essential for college students to protect their health, belongings, and finances. However, many people aren’t aware...

How to Write a College Essay That Works

Apply

How to Write a College Essay That Works

Millions of high school students apply for college each year, and many have to write at least one college application...

Become a Member

At Road2College you’ll find everything you need to make the admissions and paying for college process less stressful and more transparent.

TOOLS

Explore R2C Insights™ — your source for finding affordable colleges and merit scholarships.

Coaching

Get coaching on admissions and college financing.

Community

Join Road2College where parents and experts work together to inform and inspire college-bound families.