College Cost | Is It Worth It?

Publish Date: November 10, 2023

The high cost of higher education is a significant financial obstacle today. A majority of students pursue college for improved job prospects and higher salaries. However, the excessive cost of college may be reducing it’s worth. Consequently, many are now questioning whether it is indeed worth it.

Compared to two decades ago, the cost of college tuition has significantly surged. According to US News data, the average cost for tuition and fees among ranked private national universities–schools that are often research-oriented and offer bachelors, masters, and doctoral degrees–has risen by about 40% since 2004 when accounting for inflation.

Tuition Change Over the Past Two Decades

Not adjusted for inflation:

Tuition and fees at private national universities have jumped about 132%.
Out-of-state tuition and fees at public national universities have risen by nearly 127%.
In-state tuition and fees at public national universities soared nearly 158%.

Adjusted for inflation:

Tuition and fees at private national universities have increased about 40%.
Out-of-state tuition and fees at public national universities have risen about 38%.
In-state tuition and fees at public national universities have grown by almost 56%.

According to US News data, the average 2023-2024 school year tuition and fees are $42,162 at private colleges, $23,630 for out-of-state students at public universities, and $10,662 for in-state residents at public schools. The average tuition and fees to attend an in-state public college are nearly 75% less than the average sticker price charged at a private institution.

Though college costs continue to rise, earning your degree matters. College graduates typically earn significantly more money throughout their lifetimes. The key is finding a college that leads you to a degree for a rewarding, lucrative career at a price that you can afford.

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