That old adage about having to spend money to make money has never been more true than in reference to college. Among the many clear benefits of a college education are measurably improved average lifetime earnings an a higher likelihood of a satisfying career. But those benefits come at a cost, one that seems to practically double every year.
How much has the cost of college really increased over the last ten years?
Unsurprisingly, our friends at the College Board happen to track this exact information. Their comprehensive analysis of Tuition and Fees and Room and Board over Time provides exactly the information we are looking for, especially after some additional calculations.
Private Non-Profit Four Year Schools
Average tuition for private non-profit four year schools in 2021-22 was $38,070.
Average tuition for private non-profit four year schools in 2011-12 was $33,320.
That increase of $4,750 over a decade represents a 14.3% rise in tuition costs.
Average tuition and room and board for these schools in 2021-22 was $51,690.
Average tuition and room and board for these schools in 2011-12 was $45,370.
That increase of $6,320 over a decade represents a 13.9% rise in combined tuition and room and board costs.
Public Four Year Schools
Average tuition for public four year schools in 2021-22 was $10,740.
Average tuition for public four year schools in 2011-12 was $9,890.
That increase of $850 over a decade represents a 8.5% rise in tuition costs.
Average tuition and room and board for these schools in 2021-22 was $22,690.
Average tuition and room and board for these schools in 2011-12 was $20,510.
That increase of $2,180 over a decade represents a 10.6% rise in combined tuition and room and board costs.
Analysis
Despite public perception, the cost of college has NOT doubled over the last decade. The rate of increase in tuition and room and board decade by decade has slowed considerably.
Interestingly, after adjusting for inflation, the average published tuition and fees declined in both public and private non-profit four year schools between 2020-21 and 2021-22.
Average public school costs have increased more than private school costs.
Tuition at the average public university only costs about 28% of tuition at the average private four-year school, a ratio that has been stable for decades.
Tuition and room and board at the average private college is still approximately $24,400 less than tuition at the Ivy League school average of $76,118!
In summary, college costs continue to rise over time, but the rate of change over the last decade has slowed with costs actually dropping over the last year. Based on your school and major, you may be able to anticipate a sizable return on investment from your college education, but you’ll have to spend money up front to earn that money later.
[NOTE: We update this post whenever possible to reflect the most current data.]
Mike Bergin