It’s no secret that higher education costs have continued to escalate in recent years in the United States. According to the Education Data Initiative, the cost of tuition at public 4-year institutions increased 36.7% from 2010 to 2023. Since 1963, a staggering 197.4%!
The bottom line: Going to college these days is a significantly costly endeavor. Our team has put together some insights to consider—and ideas to help students minimize the financial impact.
How much does it cost to go to college?
Experian reports the average tuition for a four-year college ranges from $11,260 to $41,540 per year. But tuition isn’t the only cost you have to factor. Although tuition receives most of the attention, the total cost of attendance also includes room and board, transportation, supplies and equipment, and other personal expenses.
According to Experian, the actual total cost ranges from $28,840 to $60,420 per year, depending on what school you attend, whether you commute or live on campus, and whether you pay for in-state or out-of-state tuition.
The financial impact of student loans
Federal and private student loans put college within reach for many, covering most of the costs. But with one problem solved, another emerges: How do people pay back the funds borrowed?
It turns out that challenge presents a significant obstacle for some. The Education Data Initiative reports the total average student loan debt (including private loans) may be as high as $40,681 per borrower, and it may take close to 20 years to pay off that debt.
For many students, the question then becomes: How do I fund my college career and minimize the debt?
Funding college and minimizing loans
When students fill out the FAFSA each year, your school’s financial aid office determines whether you qualify for federal grants and needs-based scholarships. Unlike student loans, these forms of aid don’t require repayment.
That’s one way to chip away at the costs. What else can you do?
Check with your school to find out about other merit-based scholarships you may be eligible to receive. Also apply for scholarships and grants from private organizations using databases like Scholarships.com and Fastweb.
Better still, if you’re a student in Northeast Ohio, you can enter the Stop the Hate Essay Contest for a chance to win $20,000 for college, which takes a big bite out of those tuition bills. Even our second runner-up wins $10,000 and the third runner-up wins $5,000. The bottom line is it’s well worth it to speak your mind in 500 words or less for a chance to fund your college education.
If you haven’t already, enter the contest!
Share what you’ve learned through your life experiences and tell how you’ll apply that knowledge to help create a brighter future.
Enter the Stop the Hate Contest
Important Reminder: Submission Deadlines
- Grades 6-10 essay submissions are due Thursday, January 9, 2025
- Grades 11 & 12 essay submissions are due: Thursday, January 16, 2025
Learn More About Stop the Hate
Resources:
Education Data Initiative. College Tuition Inflation Rate. Last Updated: September 9, 2024. Accessed: November 20, 2024.
Experian. What’s the Average Cost of College Tuition, Fees and Housing?. Posted: August 26, 2024. Accessed: November 20, 2024.
Education Data Initiative. Average Student Loan Debt. Last Updated: August 16, 2024. Accessed: November 20, 2024.
