The average college tuition has dipped slightly, though that’s just the start of total college costs

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• Average 2021-2022 annual tuition for public, four-year colleges was $10,740 for state residents, and $27,560 for out-of-state residents, according to CollegeBoard data.
• On average, annual room and board costs added $11,950 to the cost of college.
• The average undergraduate student took out $6,470 of subsidized and unsubsidized student loans during the period. 

There’s no doubt that college in the US is expensive, though the cost of school has dropped in many states recently. 

While tuition has fallen slightly, that’s far from the only cost a student will encounter at a college or university. Things like room and board, textbooks and supplies, personal expenses, activitity fees, and transportation can all add up quickly.

Oftentimes, grants and scholarships don’t cover everything. About 30% of students graduated with student loans in the 2020-21 school year, according to the most recent CollegeBoard data.

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 inflatiCollege tuition has risen, but that’s far from the only expense a student will encounter at a college or university. 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. The average public, four-year university tuition for in-state students in 2020-21 was $10,980, so tuition has dropped 2.2% year over year. CollegeBoard currently doesn’t provide detailed state-by-state data for out-of-state tuition and fees. 

Average annual tuition at private 4-year colleges and universities

At private colleges and universities, tuition can be quite 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. 

Source: CollegeBoard

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. 

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 (the most recent year for which data was available), excluding earnings from federal work-study programs. The average graduate student received slightly less, at $8,860 per year. 

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.

Student loans taken out for the 2022-2023 school year will have higher 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. 

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.