The cost of college is quietly going down

by Lexi Lonas Cochran

The Hill

10/29/24

The cost of attending college in the United States has shown a notable decline in recent years, countering widespread public beliefs about rising tuition fees. According to data from the College Board published in late 2024, both tuition and student debt have been decreasing, presenting a positive shift for higher education affordability. Despite public perception that college costs are escalating, the data indicates otherwise.

Key Findings from the College Board Report

The report highlights that the average in-state tuition at public universities has decreased from $12,140 a decade ago to $11,610 in 2024. When adjusted for grant aid, students now pay an average net price of $2,480, a significant drop from $4,140 during the 2014-2015 school year. Similarly, the net price for private institutions has also declined, from $19,330 in 2006 to $16,510 in 2024. These reductions come even as the public’s concern about the affordability of college remains high.

Jennifer Ma, co-author of the report and executive research scientist at the College Board, noted, “The average sticker prices have declined the last five years across all three major sectors.” This observation contrasts sharply with media headlines that often emphasize outliers—elite schools with tuition nearing $90,000 annually—contributing to the misperception that all college costs are skyrocketing.

Factors Influencing the Decrease

Experts attribute the reduced tuition costs to multiple factors, including increased federal, state, and local funding for higher education. COVID-19 relief funds played a crucial role, providing temporary financial support that helped limit tuition hikes. Mark Becker, president of the Association of Public and Land-grant Universities, emphasized the collaboration among institutions, legislative bodies, and state governments in prioritizing affordability. However, with the cessation of federal COVID-19 relief and reliance on economic stability, the long-term sustainability of these reductions remains uncertain.

Student Debt Trends

The report also shows encouraging trends in student debt. The proportion of students graduating with debt has decreased, with the average amount owed dropping by 10% over the past decade—from $32,700 to $27,100. This decline marks a significant shift, especially as student debt has been a focal point of political discourse. The Biden administration, which has forgiven more student loans than any prior administration, has contributed to this reduction.

Mark Becker noted, “We’re seeing that the amount of debt students are taking on has come down dramatically.” This development underscores a broader narrative: while higher education remains a major investment, it is becoming more accessible, with decreasing reliance on loans.

Challenges and Future Prospects

Despite the positive data, some experts express concerns about the sustainability of these trends. Stephanie Hall, senior director of higher education policy at the Center for American Progress, cautioned that if tuition prices continue to stay below inflation, the financial pressure could shift elsewhere—to institutions, states, or even students. Hall emphasized the potential risks of inequities in funding models, which could disproportionately affect certain groups of students.

The future of college affordability largely depends on the stability of economic support at the state and local levels. Jennifer Ma pointed out that while local funding has been on the rise since the end of the 2008 Great Recession, its continuation depends heavily on economic conditions. As federal COVID-19 relief ends, state budgets and their commitment to supporting higher education will play an essential role.

Conclusion

Overall, while college affordability has improved with lower tuition costs and declining student debt, uncertainties about future funding persist. The sustainability of these gains relies on continued economic health and consistent investment in public higher education.

Original Article

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Prepared with the assistance of AI software

OpenAI. (2024). ChatGPT (4) [Large language model]. https://chat.openai.com