Credible takeaways
- The average cost of attendance at a private four-year school was $60,420 in the 2023-24 academic year.
- The cost of college today has more than doubled since the 1970s and 1980s.
- States with the lowest tuition costs include Florida, Wyoming, and North Carolina.
- Students can rely on scholarships, financial aid, loans, and other funding sources to cover college costs.
The cost of college has mostly risen over the past several decades, with the highest costs at private not-for-profit colleges and universities. College students in the 1970s and ’80s paid an average of about $10,000 to $13,000 for tuition, fees, room, and board. By 2021, that number had more than doubled to $26,903, according to the National Center for Education Statistics.
At private four-year schools today, students face an average cost for tuition, fees, room, and board of $56,190 each year, according to College Board. These figures don’t include other college costs, like transportation.
Here’s a closer look at the average cost of college today, broken down by degree, state, and other factors.
Average cost of college in 2023-24
The average cost of college for the 2023-24 academic school varies by institution. The total cost of college is $19,860 at public-two year in-district institutions, $28,840 at public four-year in-state schools, $46,730 at public four-year out-of-state schools, and $60,420 at private four-year colleges, according to College Board. Total costs include tuition and fees, housing, food, supplies, transportation, and other miscellaneous expenses.
| Public 2-year (in-district) | | Public 4-year (out-of-state) | |
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Related: How To Get Into College for Free
Average cost by degree (2023-24)
The cost to obtain a bachelor's, master's, or doctoral degree varies significantly between public and private schools, primarily due to higher tuition fees at private institutions.
Private four-year colleges have the highest total cost across all degree types, with doctoral degrees being the most expensive at $66,440. However, pursuing any degree at a public four-year college is much cheaper, with a bachelor's degree standing as the least expensive at $20,760 in 2023-24.
| | | |
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| Public 4-year: $8,910
Private 4-year: $41,890 | Public 4-year: $9,250
Private 4-year: $30,970 | Public 4-year: $11,930
Private 4-year: $49,660 |
| Public 4-year: $11,850
Private 4-year: $13,580 | Public 4-year: $11,680
Private 4-year: $13,710 | Public 4-year: $13,400
Private 4-year: $16,780 |
| Public 4-year: $20,760
Private 4-year: $55,470 | Public 4-year: $20,930
Private 4-year: $44,680 | Public 4-year: $25,330
Private 4-year: $66,440 |
[Source: College Board]
Average cost of college by state (2023-24)
Obtaining a college education can be a significant investment in certain states. Some states with the highest tuition rates at public four-year colleges are Vermont, New Hampshire, and Connecticut, while states with the lowest costs are Florida, Wyoming, and North Carolina.
Top 5 most expensive states | Public 2-year in-district tuition and fees (2023-24) | Public 4-year in-state tuition and fees (2023-24) |
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Top 5 least expensive states | Public 2-year in-district tuition and fees (2023-24) | Public 4-year in-state tuition and fees (2023-24) |
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[Source: College Board]
College tuition is on the rise
The cost of college has generally increased over the past three decades. In the 1993-94 year, the average cost of tuition and fees (adjusted for inflation) was $5,380 at public four-year schools, and $23,300 at private four-year schools, according to College Board. In the 2023-24 year, those costs had increased to $11,260 and $41,540, respectively.
Although costs have continued to go up in the past few years, College Board suggests that they are decreasing slightly when you account for high inflation rates. The average inflation-adjusted tuition and fees declined by 4% at public four-year schools, and by 5% at private four-year schools between 2013-14 and 2023-24.
Part of this price deceleration may be a response to the COVID-19 pandemic, particularly the tuition freezes and stimulus funding for colleges that helped boost financial aid for students. It’s unclear whether prices will continue to decline, remain steady, or begin to increase again in the years to come.
Advertiser DisclosureLoan Amounts
$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers a wide range of in-school loans for nearly every type of degree. There are a number of repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.
You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
After half of the scheduled repayment period has elapsed
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Overview
Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.
Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option.
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Loan Amounts
$1,000 to $99,999 annually ($180,000 aggregate limit)
Overview
Powered by Cognition Financial, Custom Choice offers student loans for undergraduate and graduate students starting at $1,000. You can borrow up to $99,999 per year with a total aggregate limit of $180,000.
If you apply with a cosigner, you may be able to release them from your loan after 36 on-time payments. You can also receive a 0.25 percentage point discount on your interest rate by setting up autopay, as well as a 2% reduction of your principal balance after graduating.
Custom Choice doesn’t charge application, origination, prepayment, or late fees. It also lets you pause payments through forbearance if you qualify for its natural disaster or unemployment protection programs.
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan to undergraduate and graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, it may be easy to get reapproved for your future years of study — undergraduates have a 97% approval rate when they return to Sallie Mae with a cosigner.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, bar study, medical school, medical residency, dental programs, dental residency, and other health profession programs. However, this lender no longer offers a career training loan.
Loan terms
10 to 15 years for Smart Option Student Loan; up to 15 years for law school and bar study loans; up to 20 years for medical school, medical residency, dental school, dental residency, and health professions loans
Loan amounts
$1,000 up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens may qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,001 up to 100% of school certified cost of attendance
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Loan Amounts
$1,500 up to school’s certified cost of attendance less aid
Overview
Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender that offers low-cost undergraduate and graduate school loans to students nationwide. While only fixed-rate loans are available, interest costs may be lower than what you see with other private loans.
While you can apply with a cosigner to lock in the best rate possible, removing that cosigner later may be tough. Only one repayment plan allows cosigner release, and you must make four years of consecutive on-time payments and meet other credit and income requirements to qualify.
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Loan Amounts
$1,000 to $350,000 (depending on degree)
Overview
Citizens offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.
Student borrowers can defer payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $150,000 for undergraduate and graduate degrees; $250,000 for MBA and law; and $180,000 or $350,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 up to cost of attendance
Overview
Education Loan Finance (ELFI) is a division of Tennessee-based SouthEast Bank owned by Education Loan Finance, Inc., a non-profit whose mandate is to provide access to higher education. ELFI launched in 2015 and offers undergraduate, graduate, and parent private student loans as well as student loan refinancing.
ELFI student loans and refinance loans are available to residents in all U.S. states including Puerto Rico. Borrowers can benefit from no application, origination, or prepayment fees. ELFI also offers flexible repayment terms and competitive rates, however there’s no cosigner release option and the lender doesn’t offer any discounts.
Loan amounts
$1,000 - Cost of attendance
Cosigner release
A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.
Eligibility
All 50 states as well as Washington DC and Puerto Rico.
How to get help paying for college
With an average annual tuition cost of $11,260 for in-state students at public colleges and $41,540 at private institutions, you may be wondering how to foot this significant bill. Here are some sources of funding to help you pay for college:
- Scholarships: Getting a scholarship for college is a great way to bring down your total costs. There are many types of scholarship awards available, with some based on academic merit, athletic achievement, community service, or niche interests and talents. To find opportunities, use scholarship search engines, ask your school counselor, and research organizations and companies that you or your parents are associated with.
- Employer assistance: If you work for an employer, check if your company offers any tuition assistance benefits. Some companies provide tuition reimbursement for employees who want to earn a degree and gain new skills.
- Federal financial aid: The U.S. Department of Education provides billions of dollars to students in financial aid each year. You might qualify for grants, work-study, or federal student loans, all of which can help you pay for college. To access federal financial aid, submit the Free Application for Federal Student Aid (FAFSA) online.
- Other financial aid: Many states and schools also offer state-based or institutional financial aid. This aid could come in the form of grants, scholarships, or student loans. You may be required to register for the FAFSA, but find out if there’s a separate application process to access aid. For example, some schools require an additional form called the College Scholarship Service (CSS) Profile.
- Private student loans: If you’ve exhausted your eligibility for grants, scholarships, and federal student loans and still need more money for school, private student loans could come in handy. Since private student loans have credit and income requirements, you might have to apply with a parent or other trusted adult as your cosigner to qualify. Remember that you’ll have to pay back student loans with interest, so keep your borrowing to a minimum to avoid overburdening your finances.
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Meet the expert:
Rebecca Safier
Rebecca Safier has over eight years of experience writing on personal finance and higher education. Formerly a senior writer for LendingTree and Student Loan Hero, she’s covered student loans, financial aid, personal loans, budgeting, and more. She loves helping people make informed financial decisions. When she’s not writing, you can find her blogging on her personal site Remote Bliss.
