Today’s College Costs
RISING COLLEGE COSTS have long been a major concern. How much might your family pay? Consider some numbers:
- According to the College Board, it costs an average $24,920 in tuition, fees, food and housing to send a child to an in-state university for the 2024–25 academic year, while the tab for a private college averages $58,600. Sound steep? At some elite private colleges, the annual cost is now more than $80,000.
- Some have contended the real cost hasn’t climbed nearly as fast as the sticker price, thanks to financial aid. Indeed, figures from the Federal Reserve Bank of New York show education borrowing up just 42% over the 10 years through 2024’s second quarter.
- Among students graduating from public and private nonprofit colleges during the 2022–23 academic year, 50% had borrowed to pay for their bachelor’s degree. The average amount was $29,300, says the College Board.
- During the 2023-24 academic year, grants accounted for 59% of financial assistance to undergraduates and graduates, and federal loans for 32%, according to College Board data.
- For undergraduates who take out federal loans during the 2024–25 academic year, the interest rate is typically 6.53%, up from 5.5% the year before.
- What sort of income can college graduates expect? Check out the Department of Education’s College Scorecard, where you can learn median earnings by college and area of study.
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