A new study has shown that the cost of attending public universities in the United States has significantly decreased compared to ten years ago, while the tuition fees at private universities, which had seen a sharp increase over the years, have also finally slowed their growth.
According to a report by the Associated Press, data compiled by the non-profit organization College Board in the US indicates that the average tuition for students attending in-state public universities this year is $11,610, a 4% decrease when adjusted for inflation compared to a decade ago. However, the real savings come in the form of the actual expenses paid by regular students after receiving scholarships and financial aid, with data showing that this cost has decreased by 40% over the past decade, dropping from $4,140 per year to $2,480.
The data from College Board also shows that the tuition reduction for public two-year community colleges has been even more significant, dropping by 9% over the past decade, which is in line with the federal data collected by the National Center for Education Statistics (NCES).
Meanwhile, the tuition fees for private universities continue to rise, but at a much slower pace. According to College Board data, taking inflation into account, the tuition fees at private universities have increased by 4% over the past decade, reaching an average of $43,350. However, this change is substantial when compared to the previous two decades when tuition fees increased by 68%.
Despite this, the costs for parents sending their children to private universities or out-of-state public universities remain daunting – in some cases, as high as $95,000 annually. However, many institutions offer significant discounts for students from low to middle-income families.
Some private universities have been expanding their financial aid, including the Massachusetts Institute of Technology (MIT), which announced last November that starting in the fall, undergraduate students from families with incomes below $200,000 will no longer need to pay any tuition.