A new report released by the University of California (UC) on July 1st revealed that 63% of undergraduate graduates from the class of 2024 graduated without student loan debt, which is higher than the 43% reported in 2013.
The report indicated that in 2024, the average student loan debt for California students was $17,300, lower than the $28,700 reported in 2013.
The report stated, “The majority of University of California students graduate without a burden of student loans, and for those who do borrow, their debt is typically manageable and continues to decrease over time. The University of California has lowered the cost of obtaining a university degree.”
For the upcoming academic year 2026-2027, the estimated annual tuition fee at the University of California is $15,588, higher than $12,570 five years ago.
According to information on the University of California’s official website, when including expenses such as accommodation, textbooks, and meals, the total annual cost for in-state students living on campus exceeds $47,000, while off-campus living costs exceed $46,000.
For out-of-state students living on campus, the total annual cost exceeds $86,000, and for those living off-campus, it exceeds $85,000.
In November of last year, the University of California Board of Regents approved a policy to continue annual tuition increases by a 13-3 vote. Under this model, undergraduate tuition can be raised by up to 5% each year.
One of the three regents who voted against the tuition hike was California Lieutenant Governor Eleni Kounalakis.
She stated, “Our students are sleeping in their cars and relying on food banks for meals. I believe that before each tuition hike, we should look back and see if we have exhausted all possible alternatives to avoid raising tuition.”
During the board meeting, the Director of Financial Aid, Shawn Brick, stated that 35% of in-state undergraduate students in California apply for student loans. According to data released by the University of California in January of this year, nearly 77% of students in the system are California residents.
The University of California indicated that they have implemented various measures to improve the affordability of education. They reported that the average expenditure on textbooks for students has decreased from around $1,100 in 2013 to less than $400 in 2025.
Furthermore, the University of California stated that their financial aid system is one of the most comprehensive in the nation, with 54% of in-state undergraduate students not needing to pay tuition.
They mentioned that for the class of 2024, California residents with a family annual income below $60,000 paid an average of $10,500 in total educational costs.
On the other hand, for in-state students with family incomes between $60,000 and $120,000, the average payment was $18,900; for those with incomes between $120,000 and $180,000, the average payment was $30,200; and for students with family incomes exceeding $180,000, the average payment was $37,000. These figures have remained relatively stable over the past 15 years.
The University of California also highlighted that on average, alumni are able to recover the educational costs of obtaining a University of California degree through post-graduation income approximately six years after enrollment.
They mentioned that over the past 20 years, individuals with a bachelor’s degree from the University of California had a median cumulative income of $2.1 million; those with a bachelor’s degree from any university in California had a median cumulative income of $1.661 million; while those with only a high school diploma from California had a median cumulative income of $870,000.