College Cost Data Released for 2023-2024
published are average cost figures based on a survey of approximately 4,000 colleges across the country.
Over the past 20 years, the average price for tuition, fees, and room and board has increased 38% at public colleges and 29% at private colleges over and above increases in the Consumer Price Index, straining the budgets of many families and leading to widespread student debt.
Here are cost highlights for the 2023–2024 year.
Public four-year: in-state
• Tuition and fees increased 2.5% to $11,260
• Housing and food (formerly room and board) increased 3.7% to $12,770
• Total cost of attendance*: $28,840
Public four-year: out-of-state
• Tuition and fees increased 3.0% to $29,150
• Housing and food increased 3.7% to $12,770 (same as in-state)
• Total cost of attendance*: $46,730
Private four-year
• Tuition and fees increased 4.0% to $41,540
• Housing and food increased 4.4% to $14,650
• Total cost of attendance*: $60,420
*Total cost of attendance includes direct billed costs for tuition, fees, housing, and food, plus indirect costs for books, transportation, and personal expenses. Many private colleges are at or approaching $80,000 per year in total costs.
Sticker price vs. net price
The College Board’s cost figures are based on published sticker prices. However, many families do not pay the full sticker price.
A net price calculator is available on every college website. It helps families look beyond the listed tuition and fees. This tool is especially useful for students who are researching or applying to colleges.
A net price calculator estimates how much grant aid a student may receive at a specific college. The estimate is based on the student’s financial information and academic record. It also provides an estimate of the family’s out-of-pocket cost, known as the net price.
The results are not a guarantee of grant aid. However, they are designed to give families the most accurate estimate possible.
Student loan payments resumed in October
Student loan payments resumed in October 2023 for millions of federal borrowers. Payments had been paused for nearly three and a half years.
At the same time, the U.S. Department of Education introduced a new income-driven repayment plan. It is called Saving on a Valuable Education, or SAVE.
The SAVE Plan is the most generous income-driven repayment option to date. It includes several new benefits for borrowers. Some benefits are already in effect. Others will take effect in July 2024, when the plan is fully implemented.
Once fully implemented, monthly payments will be capped based on loan type. Payments will be limited to 5% of discretionary income for undergraduate loans. For graduate loans, payments will be capped at 10% of discretionary income.
Federal student loan interest rates for the 2023–2024 school year are the highest in years. Undergraduate Direct Loans carry an interest rate of 5.50%. Graduate Direct Loans have a rate of 7.05%. Graduate and parent Direct PLUS Loans have a rate of 8.05%.
2024–2025 FAFSA delayed until December
Typically, the Free Application for Federal Student Aid, known as the FAFSA, opens on October 1 for the upcoming school year. This year is different. The 2024–2025 FAFSA was delayed until December due to the most significant overhaul in decades.
The new FAFSA is much shorter. It also includes several important changes.
- A new Student Aid Index (SAI) replaces the Expected Family Contribution (EFC). This change is intended to clarify the purpose of the calculation. The SAI measures a student’s financial aid eligibility. It does not represent what a family is expected to pay.
- The new FAFSA removes the benefit for families with multiple children enrolled in college at the same time. Previously, this situation reduced the parent contribution. As a result, middle- and high-income families with more than one child in college may see lower aid eligibility.
- Certain types of financial support no longer need to be reported. This includes cash gifts from relatives and distributions from grandparent-owned 529 plans. These amounts will no longer count against a student’s aid eligibility.
The 2024–2025 FAFSA will still use income information from two years earlier. This information comes from your 2022 federal tax return. This period is known as the base year, or the prior-prior year.
However, the form will use current asset information. Asset values are based on the date the FAFSA is submitted.
Sources: College Board, Trends in College Pricing and Student Aid 2023; U.S. Department of Education, 2023
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