The net annual cost of college tuition is down to $16,510 from $19,330 in 2006|Ken Lund|CC BY-SA 2.0
The College Board’s recent report reveals a hopeful trend in US college costs: in-state public university tuition has dropped to $11,610 per year, down from $12,140 a decade ago.
When factoring in grant aid, students now pay an average of $2,480 annually, a significant drop from $4,140 in 2014–2015.
Private colleges have also seen a decline in college tuition costs, with net annual costs down to $16,510 from $19,330 in 2006.
The decline in tuition fees results from increased state and federal funding, institutional efforts to maintain affordability, changing economic conditions, and competition among colleges to attract students.
Student debt declines
The report also highlights a decrease in student debt. Graduates with bachelor’s degrees have seen their debt drop 10% ($5,600) over the past decade, averaging $27,100 per borrower.
Despite these shifts, many Americans still believe college is growing more expensive. Over 40 million people still hold student debt.
While funding has bolstered affordability, experts warn that sustaining this trend depends heavily on economic conditions and funding stability.