College tuition costs have fallen significantly at many schools

New research says the average student attending an in-state public university this year faces a tuition bill of $11,610. 

By Nick Perry and Cheyanne Mumphrey of The Associated Press. Excerpts:

"Figures compiled by the nonprofit College Board indicate the average student attending an in-state public university this year faces a tuition bill of $11,610, which is down 4% from a decade earlier when taking inflation into account. But the real savings come in what the average student actually pays after getting grants and financial aid. That's down 40% over the decade, from $4,140 to $2,480 annually"

"at private colleges, tuition continues to rise, but at a much slower rate. It has increased 4% over the past decade, when taking inflation into account, to an average $43,350, according to the College Board. That's a big change from the two decades prior, when tuition increased 68%."

"The COVID-19 pandemic has been a big factor in the cost reductions, said Jennifer Ma, an executive research scientist at the College Board and lead author of the study.

“We know that during COVID, a lot of institutions — public and private — froze tuition,” Ma said.

As states and the federal government responded to the pandemic, Ma said, they increased higher education funding, allowing colleges to reduce the cost of attendance. Some of that money has since expired, however, including an infusion of federal pandemic aid that was mostly used up by the end of 2022."

"Many institutions have tried to limit cost increases. Purdue University in Indiana, for example, has frozen its annual in-state tuition at $9,992 for the past 13 years."

"Costs for those attending public two-year community colleges have fallen even more, by 9% over the past decade"

"Some private colleges have been expanding their financial aid, including the Massachusetts Institute of Technology, which in November announced undergraduates with a family income below $200,000 would no longer need to pay any tuition at all starting in the fall.

Other private colleges are discounting tuition as a marketing move in an increasingly difficult environment. They face a dwindling pool of young adults, and students who are more wary of signing up for giant loans. Recruiting students is crucial for staying afloat as operational costs rise. After temporary relief thanks to federal money during the pandemic, many colleges have cut programs to try to keep costs under control."

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