Average Cost of College: 2024
The average cost of attending a private four-year college is more than double the cost of attending a public in-state school in 2023-24.
Written by
Writer, Fox Money
Jennifer Calonia has spent over 10 years covering finance, with bylines at Yahoo Finance, USA TODAY Blueprint, Newsweek, and U.S. News & World Report.
Updated April 18, 2024, 6:26 PM EDT
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Editor
Renee Fleck is a student loans editor with over five years of experience. Her work has been featured in Fast Company, Morning Brew, and Sidebar.io, among other online publications. She is fluent in Spanish and French and enjoys traveling to new places.
Fox Money is a personal finance hub featuring content generated by Credible Operations, Inc. (Credible), which is majority-owned indirectly by Fox Corporation. The Fox Money content is created and reviewed independent of Fox News Media. Credible is solely responsible for this content and the services it provides.
In 2024, college costs in the United States have reached unprecedented levels, with some universities quoting students almost $100,000 per year for tuition, fees, room and board, and other essentials. Fortunately, not all students have to face these steep expenses.
The cost of college varies greatly based on the state you're studying in, whether it's a public vs. private institution, and the type of degree you're pursuing. It's also influenced by how much need-based financial aid you can qualify for.
Key findings
- College costs including tuition, fees, housing, books, and supplies, have seen a steady increase over the last two decades.
- In 2023-24, the average cost of attending a 4-year, in-state public college was $28,840, compared to $60,420 at a private institution.
- Tuition and fees at a 2-year community college averaged $3,990 in 2023-24.
- Bachelor’s programs are the most affordable degree at public institutions, while at private schools, master’s degrees cost less than a bachelor’s degree.
- Vermont, New Hampshire, and Connecticut are the top 3 states with the highest tuition rates at public 4-year in-state colleges.
Average cost of college: 2023-24
Attending a four-year private or out-of-state public institution can cost you 62% to 109.5% more than attending a four-year public school in your own state. To save money on the cost of college at a four-year school, consider attending a state school in your area.
Source: College Board
Average cost by degree type 2023-24
On average, earning a master’s degree at a private institution is less expensive than obtaining a bachelor’s or doctoral degree. However, a master’s degree from a private school costs 113% more than one from a public institution.
Public 4-year schools
Private 4-year schools
Average cost of college by state 2023-24
The average cost of college by state varies by institution. For example, Vermont, New Hampshire, Massachusetts, and Pennsylvania have some of the highest tuition rates and fees among public two-year and four-year schools. By contrast, North Carolina has among the least expensive tuition and fees at public institutions.
Trends in college tuition
Over the past two decades, the median undergraduate cost of college — which includes tuition, fees, room, and board — has steadily increased.
In 2000-01, the median cost of college for an undergraduate student at a public four-year school was $8,468, according to the National Center for Education Statistics (NCES). A decade later, that figure rose to $15,823 during the 2010-11 year. Its latest data reports that costs have reached as high as $22,064 in 2021-22.
This upward trajectory is evident across all higher education data, including between two- and four-year institutions, and public and private degree-granting schools.
How to pay for college
With tuition rates and fees on the rise, consider the following strategies to help you pay for college:
- Scholarships, grants, and fellowships: Scholarships and grants are need- or merit-based aid, which doesn’t need to be repaid. Graduate fellowships are usually merit-based forms of aid which offer funding while you study.
- Part-time work: Start your search on campus, or through part-time opportunities in the industry you’re working toward. The extra cash can help cover daily expenses while you’re in school.
- Federal student loans: Federal student loans are for students or parents of dependent students. These loans come with fixed interest rates and more favorable terms and protections for borrowers compared to private student loans.
- Private student loans: If you’ve exhausted all of your available funding, consider private student loans to help fill in any gaps. To qualify, you (or a cosigner) will need to meet certain income and credit requirements.
Fox Business does not make or arrange loans.
Frequently asked questions
How much is college tuition?
The average cost of tuition and fees at a public four-year college was $11,260 for in-state undergraduate students in 2023-24. Private school tuition and fees at four-year institutions averaged $41,540 for the same academic year.
Which schools offer free tuition?
Some institutions for higher education offer free tuition to eligible students. For example, College of the Ozarks in Missouri, Deep Springs College in Nevada, and Macaulay Honors College in New York. Keep in mind that specific eligibility requirements and terms might apply.
How much financial aid can I get for college?
The amount of federal aid you’re eligible for depends on the school’s cost of attendance (COA), your Student Aid Index (or Expected Family Contribution), and other forms of aid you’ve already received. Generally, how much you can borrow from private student loan lenders depends on your income, credit, and other factors.