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December 5, 2019

College Costs by the Numbers

College Costs by the Numbers

Photo by dylan nolte on Unsplash

Everyone hears that college costs are rising.  Although a four-year college degree is more valuable than ever, paying for that degree is getting more expensive. According to US News and World Reports, the average tuition and fees at private national universities has risen 154% in the last twenty years.  What is even more shocking is that in-state tuition and fees at public national universities has jumped by 221%.

Before your family creates your paying-for-college plan,  understand a few college costs key terms and the differences by college and state.  

Sticker Price

Many refer to the sticker price of college that is the fully loaded retail price of every component of college costs.  Many schools refer to the sticker price as their cost of attendance.  This includes tuition, fees, room and board, books and supplies, personal expenses, and loan fees.  

Net Price

The next important term is net price, that is sticker price minus the free money such as merit and need-based scholarships and grants.  Many talk about the net price as the real cost of college.  

Private Nonprofit Four-Year Institutions

The College Board reported that the average sticker price for Private Nonprofit Four-Year Institutions is $49,870 in 2019-20.  That is almost $17,000 more than it was 20 years ago. The good news is that the average sticker price to attend in 2019-20 is lower at $27,370.

Public Four-Year Institutions

In contrast to these private institutions, Public Four-Year Institutions have a lower sticker price.  In 2019-20, the average in-state sticker price is $21,950, which was about $9,500 more than in 1999-2000.  The average student is paying a net price of $15,380 in 2019-20.  

Just be aware that college costs by state still vary dramatically.  When the College Board assessed the five-year percentage change of just tuition and fees for in state, national the percentage change was six percent.  However, the percentage varied from a 12 percent decrease in Washington to a 25 percent increase in Alaska.


State 2019-20 In-State Tuition and Fees 2019-20 Out-of-State Tuition and Fees Five-Year % Change
Alabama $10,920 $27,520 7%
Alaska $8,230 $25,550 25%
Arizona $11,920 $31,320 6%
Arkansas $9,030 $22,170 10%
California $9,970 $31,750 1%
Colorado $11,380 $31,670 14%
Connecticut $13,660 $33,170 19%
Delaware $13,290 $33,000 7%
Florida $6,350 $21,990 -7%
Georgia $8,720 $24,650 1%
Hawaii $10,980 $31,600 5%
Idaho $8,000 $25,180 13%
Illinois $14,170 $27,040 3%
Indiana $9,670 $29,450 -1%
Iowa $9,360 $27,150 11%
Kansas $9,200 $23,510 3%
Kentucky $10,900 $25,530 10%
Louisiana $9,610 $20,780 22%
Maine $10,480 $27,640 2%
Maryland $10,110 $24,920 8%
Massachusetts $13,640 $30,030 15%
Michigan $13,770 $37,280 10%
Minnesota $11,830 $24,850 4%
Mississippi $8,600 $21,080 16%
Missouri $9,020 $21,180 0%
Montana $7,200 $24,750 6%
Nebraska $8,750 $23,180 11%
Nevada $7,950 $22,770 15%
New Hampshire $16,920 $30,410 7%
New Jersey $14,540 $27,390 4%
New Mexico $7,430 $21,600 12%
New York $8,430 $20,650 7%
North Carolina $7,280 $23,790 1%
North Dakota $9,290 $13,380 15%
Ohio $11,330 $25,580 4%
Oklahoma $8,920 $22,420 17%
Oregon $11,220 $31,840 17%
Pennsylvania $14,940 $28,090 6%
Rhode Island $13,060 $29,740 11%
South Carolina $13,060 $33,020 6%
South Dakota $8,980 $12,500 8%
Tennessee $10,250 $24,350 7%
Texas $10,470 $27,640 10%
Utah $7,160 $21,770 8%
Vermont $17,470 $41,640 12%
Virginia $13,630 $34,730 13%
Washington $10,080 $30,750 -12%
West Virginia $8,490 $23,040 18%
Wisconsin $9,100 $24,270 -4%
Wyoming $5,580 $18,150 12%
United States $10,440 $26,820 6%

 

Understanding My College Costs


In order to better understand not just one year of college costs but all four years, we suggest calculating your college costs using Quatro’s Paying for College Calculator.  You can select the average net price or income-based net price for over 1,000 colleges.  Plus, you can see how far your college savings to date and cash contributions from income will stretch to pay these costs.  If they are not enough, quickly compare parent and student financing options to fill any gap.
 
 
Photograph of Colleen Krumwiede
Colleen Krumwiede
Co-Founder & Chief Revenue Officer

Colleen MacDonald Krumwiede is a financial aid expert with over a decade of financial aid experience at Stanford GSB, Caltech, and Pomona College and another decade at educational finance and technology companies servicing higher education.  She guides go-to-market strategy and product development at Quatromoney to transform the way families afford college.


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