While it still is a wise investment for prospective students, college is continually getting more expensive.
According to the Associated Press, the College Board released new data Thursday that suggests the average cost of college may have increased again, but at a lower rate.
The following is the average costs for students at different types of institutions.
- Four-year college or university, in-state: $18,943
- Four-year college or university, out-of-state: $32,762
- Two-year public school, in-state: $11,052
- Private, four-year nonprofit college or university: $42,419 (with a meal and housing plan)
- For-profit school: $15,230 (housing figures not available)
- Average cost of books and transportation was $2,000+
Part of its Trends in Education report, the new data does suggest that tuition is still rising faster than the rate of inflation. However, the report also found that student loan borrowing has dropped off 13 percent over the last three years and eight percent since last year.
"This year's Trends reports make it clear that some of the more visible trends of recent years have slowed or turned around," co-author of the new report Sandy Baum, a research professor of education policy at the George Washington University Graduate School of Human Development, said in a press release. "It is encouraging that published prices are rising more slowly than in the past and that annual education borrowing has continued to decline. However, the reports also document dramatic increases in published tuition and fees over time that outstrip growth in grant aid for many students, as well as rising levels of cumulative debt among graduates.
"Assuring that our nation continues to provide access to affordable education for all who can benefit is a prerequisite for a healthy economy and society."
Student loans continue to plague recent college graduates, as the national total has surpassed three trillion dollars. According to the Huffington Post, a separate report from the Institute for College Access & Success found that students in one U.S. state have an average of less than $20,000 in student loan debt.
"As more students borrow, and borrow more," the report reads, "concerns about the effects of student loan debt - for individuals and the broader economy - have risen.
"High student loan debt, risky private loans, and even low debt when paired with low earnings, can hold borrowers back from starting a family, buying a home, saving for retirement, starting a business, or saving for their own children's education."
