Every year, hopeful students and their families face a common question: “How are we going to pay for college?” While a college degree can certainly open doors for future career opportunities, the fluctuating college tuition pricing trends can make the decision to attend college more difficult, especially if you don’t qualify for student aid. Fortunately, there are resources to help, as the last 20 years have shown that financial aid for students has significantly increased.
How does a college student prepare and make the most of the current climate of college affordability? Let’s find out!
Notice the Current Trends
The first step to navigating pricing and aid trends is to actually know them! It’s no secret that tuition and fees are the most expensive part of going to college. For a lot of students, finances are the determining factor. In just the last 12 years, tuition and fees at a public four-year college have increased by almost 40%. These trends in college pricing can seem scary at first but when you’re properly prepared and educated, students and parents can get the most out of their aid.
Reliable sources such as College Board, will have college pricing trends reports available for students and parents to download and view. Knowing the trends in college pricing and student aid will be extremely helpful to have before submitting an application.
If you’re wondering why you should follow college pricing trends, here’s our answer: By comparing past trends and pricing over the last few decades, you will be able to see projected changes in your tuition and fees.
Highlighted below are key findings from the College Board’s College Pricing Trends—the report that allows you to view average tuition costs at various institutions, inflation-adjusted tuition rates, a budget breakdown of tuition, housing and food, books, transportation, and more. For additional information, refer to pages three and four of the full report.
- In 2023-24, the average published tuition and fees for full-time undergraduate students are:
- Public four-year in-state: $11,260, $270 higher than in 2022-23
- Public four-year out-of-state: $29,150, $850 higher than in 2022-23
- Public two-year in-district: $3,990, $100 higher than in 2022-23
- Private nonprofit four-year: $41,540, $1,600 higher than in 2022-23
- Between 1993-94 and 2023-24, average published tuition and fees increased from:
- $2,650 to $3,990 at public two-year
- $5,380 to $11,260 at public four-year
- $23,300 to $41,540 at private nonprofit four-year institutions
- In 2022-23, undergraduate students received an average of $15,480 per full-time equivalent student in financial aid: $10,680 in grants, $3,860 in federal loans, $850 in education tax credits and deductions, and $90 in Federal Work-Study.
How To Make College More Affordable
Even with fluctuating prices over time, the cost of college remains higher than ever, with colleges charging twice as much as they did in 2008. However, don’t let that keep you from furthering your education. Here are four ways to make it more affordable—no matter your financial status!
1. Consider All of Your Options
Start your college search early and consider ALL your options. College Raptor’s College Match Tool matches you with schools that are a best fit for you based on GPA and ACT/SAT scores, location preferences, intended major, and AFFORDABILITY. That’s right, by entering a full profile into your College Match Account, the tool accurately estimates what each of your top college choices will cost you. That makes selecting an affordable option so much easier.
FIND YOUR DREAM COLLEGE HERE >>2. Apply for Aid
By applying for financial aid through the Free Application for Federal Student Aid (FAFSA), you’ll be able to see how much money each college will give you before choosing which one you want to attend. This can be used to cover the cost of tuition, room and board, textbooks, and other educational-related expenses. If you’re already in college, filling out the application each year is still required in case your financial status and eligibility have changed.
3. Apply for Scholarships
Scholarships are financial support awarded to a student based on academic achievement or other qualifications. Best of all, they are considered FREE money, meaning you don’t have to repay them (although most have some sort of obligations associated with the award).
This is why we suggest all students apply for as many as they can! By using College Raptor’s scholarship search tool, you can find scholarships that you’re eligible for. Applying to the ones you’re matched with increases your chances of helping you pay for your tuition and other fees that add up throughout your college years. There are millions of dollars worth of scholarships out there—step one is to search and apply!
4. Create a Budget
If you’ve already done all of the above, it’s time to start budgeting. Paying for tuition and fees is just the beginning. You’ll also have to pay for food, gas, clothes, and activities. Creating a thoughtful budget will prevent you from overspending and taking out too many loans. Check out our money management guide to help you get started.
With proper money management, you can make your dollars last much longer, without stressing about money throughout the semester. No matter your financial status, creating a budget to live within or below your means will prevent poor financial decisions later on in life.
5. Apply for Loans
Student loans are another common type of financial aid for students who need financial support to attend college. These loans are provided by the federal government or through private lenders. Federal loans generally offer lower interest rates and a flexible repayment plan. Private loans often come with higher interest rates with immediate accumulation. For help finding the best options for you, use College Raptor’s FREE Student Loan Finder—no Social Security number or credit check required.
Before taking out student loans of any kind, we also recommend meeting with a financial aid advisor. They can help you understand how loans work and plan for paying them back after you graduate.
As a student or parent, the prices of college can seem overwhelming but a college degree is well worth the investment. Staying informed about trends in college pricing and student aid for public universities, community colleges, and private institutions will help you keep track of how prices change over time. By financially preparing for college, you’ll be able to make the right decision about which college to go to. Whether you’re thinking about undergraduate or graduate school, it is never a bad time to start planning ahead!
Between student loans and scholarships, College Raptor can help you tackle growing college affordability fears. Use College Raptor’s Student Loan Finder and Scholarship Search Tool to make it easier than ever to afford college.
