These graduates-turned-freshmen may not see alarming tuition increases, but any improvements won’t compensate for the doubling of higher education costs over the past 30 years.
The average tuition, fees, room and board at public four-year colleges was $23,250 in the 2022-2023 school year, down 5.4% from the year prior after adjusting for inflation, according to the latest data from the College Board. College costs have been growing more slowly for a decade now, and decreasing for the past few years.
These lower costs are reflected in how much students are borrowing. New college freshmen may take on less debt than those who began their college careers just a few years ago, but not by much. Using the latest data available on college costs and average loans, 2023 high school graduates could borrow as much as $37,300 over a five-year undergraduate career. This is down slightly from 2022 graduates, who were looking at a possible $39,500 in student loan debt.Costs should always be a consideration in deciding whether or where to attend college, but finding those numbers can seem difficult. Colleges and universities should publish the cost of attendance on their websites.
This analysis assumes the student is paying on unsubsidized loans. But the federal government also subsidizes some qualifying loans, meaning it covers the interest while the student is attending classes half time or more, potentially saving thousands of dollars.Students are not required to make payments on federal student loans while attending school and for a six-month grace period after.
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