Credible takeaways
- The average cost of attendance at a private four-year school was $60,420 in the 2023-24 academic year.
- The cost of college today has more than doubled since the 1970s and 1980s.
- States with the lowest tuition costs include Florida, Wyoming, and North Carolina.
- Students can rely on scholarships, financial aid, loans, and other funding sources to cover college costs.
The cost of college has mostly risen over the past several decades, with the highest costs at private not-for-profit colleges and universities. College students in the 1970s and ’80s paid an average of about $10,000 to $13,000 for tuition, fees, room, and board. By 2021, that number had more than doubled to $26,903, according to the National Center for Education Statistics.
At private four-year schools today, students face an average cost for tuition, fees, room, and board of $56,190 each year, according to College Board. These figures don’t include other college costs, like transportation.
Here’s a closer look at the average cost of college today, broken down by degree, state, and other factors.
Average cost of college in 2023-24
The average cost of college for the 2023-24 academic school varies by institution. The total cost of college is $19,860 at public-two year in-district institutions, $28,840 at public four-year in-state schools, $46,730 at public four-year out-of-state schools, and $60,420 at private four-year colleges, according to College Board. Total costs include tuition and fees, housing, food, supplies, transportation, and other miscellaneous expenses.
Related: How To Get Into College for Free
Average cost by degree (2023-24)
The cost to obtain a bachelor's, master's, or doctoral degree varies significantly between public and private schools, primarily due to higher tuition fees at private institutions.
Private four-year colleges have the highest total cost across all degree types, with doctoral degrees being the most expensive at $66,440. However, pursuing any degree at a public four-year college is much cheaper, with a bachelor's degree standing as the least expensive at $20,760 in 2023-24.
Private 4-year: $41,890 | Private 4-year: $30,970 | Private 4-year: $49,660 | |
Private 4-year: $13,580 | Private 4-year: $13,710 | Private 4-year: $16,780 | |
Private 4-year: $55,470 | Private 4-year: $44,680 | Private 4-year: $66,440 |
[Source: College Board]
Average cost of college by state (2023-24)
Obtaining a college education can be a significant investment in certain states. Some states with the highest tuition rates at public four-year colleges are Vermont, New Hampshire, and Connecticut, while states with the lowest costs are Florida, Wyoming, and North Carolina.
[Source: College Board]
College tuition is on the rise
The cost of college has generally increased over the past three decades. In the 1993-94 year, the average cost of tuition and fees (adjusted for inflation) was $5,380 at public four-year schools, and $23,300 at private four-year schools, according to College Board. In the 2023-24 year, those costs had increased to $11,260 and $41,540, respectively.
Although costs have continued to go up in the past few years, College Board suggests that they are decreasing slightly when you account for high inflation rates. The average inflation-adjusted tuition and fees declined by 4% at public four-year schools, and by 5% at private four-year schools between 2013-14 and 2023-24.
Part of this price deceleration may be a response to the COVID-19 pandemic, particularly the tuition freezes and stimulus funding for colleges that helped boost financial aid for students. It’s unclear whether prices will continue to decline, remain steady, or begin to increase again in the years to come.
All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms
How to get help paying for college
With an average annual tuition cost of $11,260 for in-state students at public colleges and $41,540 at private institutions, you may be wondering how to foot this significant bill. Here are some sources of funding to help you pay for college:
- Scholarships: Getting a scholarship for college is a great way to bring down your total costs. There are many types of scholarship awards available, with some based on academic merit, athletic achievement, community service, or niche interests and talents. To find opportunities, use scholarship search engines, ask your school counselor, and research organizations and companies that you or your parents are associated with.
- Employer assistance: If you work for an employer, check if your company offers any tuition assistance benefits. Some companies provide tuition reimbursement for employees who want to earn a degree and gain new skills.
- Federal financial aid: The U.S. Department of Education provides billions of dollars to students in financial aid each year. You might qualify for grants, work-study, or federal student loans, all of which can help you pay for college. To access federal financial aid, submit the Free Application for Federal Student Aid (FAFSA) online.
- Other financial aid: Many states and schools also offer state-based or institutional financial aid. This aid could come in the form of grants, scholarships, or student loans. You may be required to register for the FAFSA, but find out if there’s a separate application process to access aid. For example, some schools require an additional form called the College Scholarship Service (CSS) Profile.
- Private student loans: If you’ve exhausted your eligibility for grants, scholarships, and federal student loans and still need more money for school, private student loans could come in handy. Since private student loans have credit and income requirements, you might have to apply with a parent or other trusted adult as your cosigner to qualify. Remember that you’ll have to pay back student loans with interest, so keep your borrowing to a minimum to avoid overburdening your finances.
