- The average annual tuition for public, four-year colleges for the 2021 to 2022 school year was $10,740 for in-state residents, and $27,560 for out-of-state residents, according to data from CollegeBoard.
- On average, room and board costs added $11,950 per year during the 2021-2022 school year.
- The average undergraduate student took out $6,470 worth of subsidized and unsubsidized student loans during the 2020-2021 school year.
Student Loans
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There’s no doubt that college in the US is expensive, and the costs increase almost every year.
Oftentimes, grants and scholarships don’t cover the full cost — about 30% of students graduated with student loans in 2020-21 according to CollegeBoard data.
College tuition has risen, but that’s far from the only expense a student will encounter at a college or university.
Annual average in-state tuition at public 4-year colleges and universities
Across the US, college costs for public institutions are fairly similar. However, the trend in college costs has been mixed across states.
Compared to tuition five years ago, average in-state tuition and fees at public four-year institutions fell in 18 states after adjusting for inflation. The average in-state and fees at public four-year institutions increased by more than 10% in six states after adjusting for inflation. Out-of-state students also tend to pay more at state schools than in-state students.
According to data from CollegeBoard, the average college tuition at a public, four-year university for the 2021-2022 school year was $10,740 for in-state students, and $27,560 for out-of-state students. CollegeBoard currently doesn’t provide detailed state-by-state data for out-of-state tuition and fees.
| State | 2021-2022 In-State Tuition and Fees | 5-Year % Change |
| Alabama | $11,124 | -1.5% |
| Alaska | $8,835 | 10.7% |
| Arizona | $11,816 | -3.5% |
| Arkansas | $9,250 | 0.1% |
| California | $9,933 | -4.7% |
| Colorado | $11,769 | 2.2% |
| Connecticut | $14,549 | 10.3% |
| Delaware | $13,901 | 4.0% |
| District of Columbia | $8,636 | -1.7% |
| Florida | $6,366 | -10.6% |
| Georgia | $8,885 | -5.7% |
| Hawaii | $10,999 | -7.8% |
| Idaho | $8,000 | 1.9% |
| Illinois | $14,667 | -2.6% |
| Indiana | $9,937 | -4.0% |
| Iowa | $9,668 | 4.4% |
| Kansas | $9,363 | -6.1% |
| Kentucky | $11,169 | 0.0% |
| Louisiana | $10,014 | 0.1% |
| Maine | $11,031 | 1.7% |
| Maryland | $10,245 | -2.2% |
| Massachusetts | $13,986 | 1.4% |
| Michigan | $14,339 | 2.6% |
| Minnesota | $12,409 | 0.6% |
| Mississippi | $8,872 | 5.9% |
| Missouri | $9,803 | 1.5% |
| Montana | $7,265 | 0.9% |
| Nebraska | $9,093 | 2.9% |
| Nevada | $8,548 | 10.5% |
| New Hampshire | $17,038 | -3.1% |
| New Jersey | $14,963 | -1.5% |
| New Mexico | $7,975 | 7.3% |
| New York | $8,555 | -0.9% |
| North Carolina | $7,389 | -8.4% |
| North Dakota | $10,020 | 13.4% |
| Ohio | $12,056 | 4.4% |
| Oklahoma | $9,229 | 2.6% |
| Oregon | $12,251 | 12.3% |
| Pennsylvania | $15,312 | -1.9% |
| Rhode Island | $14,100 | 10.2% |
| South Carolina | $13,119 | -4.0% |
| South Dakota | $9,295 | 1.7% |
| Tennessee | $10,575 | -1.0% |
| Texas | $11,096 | 3.9% |
| United States | $7,387 | 0.6% |
| Utah | $17,747 | 1.8% |
| Vermont | $14,121 | 2.1% |
| Virginia | $10,902 | 5.0% |
| Washington | $8,733 | 4.1% |
| West Virginia | $9,162 | -8.4% |
| Wisconsin | $6,097 | 7.7% |
| Wyoming | $6,097 | 7.7% |
Average annual tuition at private 4-year colleges and universities
At private colleges and universities, tuition can be a bit more expensive. According to data from CollegeBoard, the average private school tuition was $38,070 per year during the 2021-2022 school year. Costs have been decreasing slightly, and average tuition at private schools is at its lowest amount since 2017-2018.
| School year | Average tuition cost | Year-over-year change |
| 2009-2010 | $32,250 | 4.10% |
| 2010-2011 | $33,000 | 2.30% |
| 2011-2012 | $33,320 | 1% |
| 2012-2013 | $33,940 | 1.90% |
| 2013-2014 | $34,770 | 2.50% |
| 2014-2015 | $35,520 | 2.20% |
| 2015-2016 | $36,680 | 3.30% |
| 2016-2017 | $37,520 | 2.30% |
| 2017-2018 | $38,060 | 1.40% |
| 2018-2019 | $38,190 | 0.30% |
| 2019-2020 | $38,780 | 1.50% |
| 2020-2021 | $38,710 | -0.20% |
| 2021-2022 | $38,070 | -1.70% |
Average room and board cost
Costs for on-campus dorms, meal plans, and transportation add up. According to CollegeBoard, public and private colleges handle the costs of room and board differently. Here’s how the average cost breaks down across three types of schools.
| Type of college | Average annual room and board cost |
| Public two-year college | $9,330 |
| Public four-year college | $11,950 |
| Private four-year college | $13,620 |
Average amount of financial aid
The average cost of college has actually decreased each year for the past few years, and the amount of student aid each student receives has increased. While the average tuition cost is high, there’s a good chance you won’t pay full price. According to data collected by the National Center for Education Statistics, about 86% of students receive some form of financial aid.
According to data from CollegeBoard, the average undergraduate student received $10,050 worth of student aid during the 2020-2021 school year, excluding earnings from federal work-study programs. The average graduate student received slightly less, at $8,860 per year.
| School year | Average undergraduate student financial aid received | Average graduate student financial aid received |
| 2020-2021 | $10,050 | $8,860 |
| 2019-2020 | $9,880 | $9,010 |
| 2018-2019 | $9,700 | $8,980 |
| 2017-2018 | $9,580 | $8,870 |
| 2016-2017 | $9,200 | $8,680 |
| 2015-2016 | $9,110 | $8,540 |
| 2014-2015 | $8,860 | $8,490 |
| 2013-2014 | $8,590 | $8,450 |
| 2012-2013 | $8,330 | $8,410 |
Average student loan debt taken on per year
During the 2020-2021 school year, the average loan taken out varied between undergraduate and graduate students. Here’s the average loan amount taken per year according to CollegeBoard, along with the costs multiplied by four. Federal student loan interest rates from the US Department of Education associated with each loan type are also listed for the 2020-2021 school year. Current rates are also listed.
| Type of loan | Average loan taken during 2020-2021 school year | Average projected loan balance over 4 years | Federal student loan interest rate, 2021-2022 | Federal student loan interest rate, 2022-2023 |
| Undergraduate – Subsidized and unsubsidized | $6,470 | $25,880 | 2.75% | 3.73% |
| Undergraduate – PLUS | $17,810 | $71,240 | 5.30% | 6.28% |
| Graduate – Subsidized and unsubsidized | $18,800 | $75,200 | 4.30% | 5.28% |
| Graduate – PLUS | $26,880 | $107,520 | 5.30% | 6.28% |
Student loans taken out for the 2022-2023 school year will have solid interest rates. Subsidized and unsubsidized federal loans will carry a 3.73% interest rate for undergraduate borrowers, and 5.28% for graduate borrowers. PLUS loan interest rates are at 6.28% for the upcoming school year for undergraduate and graduate borrowers.
Private student loans are also an option. Offered by banks, credit unions, and online lenders, private student loans are an alternative to federal student loans.
According to data from private student lender LendEDU, the average private student loan interest rate tends to be higher than federal student loan interest rates.
| Year | Average private student loan funded | Average interest rate |
| 2020 | $11,279 | Insufficient data |
| 2019 | $13,954 | 10.63% |
| 2018 | $13,954 | 9.69% |
| 2017 | $12,772 | 8.01% |
| 2016 | $16,285 | 8.08% |
It’s also worth noting that private student loans don’t have options available like income-driven repayment. They’re also not eligible for federal relief programs, like the temporary forbearance during the coronavirus pandemic.
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