For many, a college education has been considered an opportunity for a better life. However, the rising cost of education has made it increasingly difficult for students to justify the investment. As a result, college enrollment in the U.S. has been declining in recent years, with a 4.1% drop in 2022 alone. Read on.
The Bureau of Labor and Statistics (BLS) has been tracking the cost of college for the past four decades. Unfortunately, their findings only add to the financial burden prospective students face. With the cost of education continuing to skyrocket, many are questioning whether it’s still worth it.
The BLS estimates that college-goers are now forking out 1246% more than their predecessors were in 1980, and that’s just on tuition fees.
The average cost of college in the United States is $35,551 per student per year, including books, supplies, and daily living expenses. Textbooks, materials, and other educational supplies have soared 949% since 1980.
The average cost of college has more than doubled in the 21st century, with an annual growth rate of 7.1%.
- The average in-state student attending a public 4-year institution spends $25,707 for one academic year.
- The average cost of in-state tuition alone is $9,377; out-of-state tuition averages $27,279.
- The average private, nonprofit university student spends a total of $54,501 per academic year, $37,641 of it on tuition and fees.
- Considering student loan interest and loss of income, the ultimate cost of a bachelor’s degree can exceed $500,000.
Source: https://educationdata.org/average-cost-of-college
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*All images courtesy of BASE4
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