The tuition of state colleges increased at a manageable rate this year, at least compared to the worrying numbers of year's past, according to the College Board's latest statistics published Wednesday. Overall, tuition increased by 2.9 percent for the 2013-14 academic year, improving on a 4.5 percent increase in 2012-13, and an average growth of 8 percent over the last decade.
This year's 2.9 percent increase represents the lowest rate since 1974, according to the College Board.
State tuition has risen rapidly since 2000, when the government began to allocate less tax dollars to state universities, CNN reported. Only now have colleges begun to recover and replenish school funds, Jeff Lieberson, a spokesman for the American Public and Land-grant Universities, told CNN.
"It's not back to where it was before (before 2000), but at least it's not going in the wrong direction," Lieberson said. "And hopefully, this trend will continue."
The wrong direction was nearly pricing families out of sending their children to college. Family income has risen only 1.9 percent since 2002, according to the Census Bureau.
Factoring in room and board, the average cost of attending a state university, scholarships and grants notwithstanding, has increased by 2.7 percent from last year to $22,800, according to CNN. With scholarships and grants, the average cost dips to $17,060, up 3.2 percent from last year.
Though the average total cost of private colleges is much more expensive at $44,750, they are much more likely to provide financial aid. The average net cost of attending a private institution is $27,100, 5 percent higher than last year.
Even as costs rise, borrowing has decreased by 19 percent in terms of parents who took out loans. According to CNN, "it has been widely reported that in late 2011, the Department quietly tightened lending standards for PLUS loans, rejecting more parents with credit problems."
See below for the full chart and which states offer the best rates in state and out of state.
