Average total cost of attending degree-granting institutions for first-time, full-time undergraduate students, by level and control of institution and student living arrangement: Academic year 2021–22 (In constant 2021-2022 dollars)
TUITION AND FEES
2010–11
2021–22
4-year institutions
Public
$9,138
$9,678
Private nonprofit
$33,979
$38,768
Private for-profit
$19,379
$17,825
2-year institutions
Public
$3,506
$3,970
Private nonprofit
$17,644
$17,735
Private for-profit
$17,800
$15,637
Average tuition and fees of degree-granting institutions for first-time, full-time undergraduate students, by level and control of institution: Academic years 2010–11 and 2021–22 (In constant 2021-2022 dollars)
Level of institution
Public
Private nonprofit
Private for-profit
4-year institutions
$14,708
$28,418
$24,601
2-year institutions
$8,391
$20,753
$24,279
Average net price for first-time, full-time degree/certificate-seeking undergraduate students awarded Title IV aid, by level and control of institution: Academic year 2020–21 (In constant 2021-2022 dollars)
Quick Facts for College Costs
$26,000/year is the average cost paid per year to live on campus with no financial aid for a bachelor’s degree.
The average cost, with financial aid factored in, is about $14,700/year for a bachelor’s degree.
About 80% of undergraduate students enrolling in college for the first time attend college at an in-state university. NCES
Estimated lifetime earnings by educational attainment (in millions of dollars)
SOURCE: Tamborini, Christopher R., ChangHwan Kim, and Arthur Sakamoto. 2015. “Education and Lifetime Earnings in the United States.” Demography 52: 1383–1407.
NOTES: Results are based on median regression using data from the 2004 Survey of Income and Program Participation (SIPP) and longitudinal records from the Social Security Administration. All content is simplified for presentation. Please see source material for full details and caveats. The findings and conclusions presented in this summary are those of the authors and do not necessarily represent the views of the agency.
Source: Burning Glass Institute analysis of American Community Survey, 2022. Calculated for workers ages 22–27 with a terminal bachelor’s degree, employed full-time, year-round and not enrolled in school.
Quick Facts for College Degree Worth
Bachelor’s degree holders enjoy significant lifetime earnings premiums, even when accounting for those who fail to complete their degrees and using discounted present dollar value.
Men with bachelor’s degrees earn approximately 900,000moreinmedianlifetimeearningsthanhighschoolgraduates.Womenwithbachelor′sdegreesearn630,000 more. Men with graduate degrees earn 1.5 millionmoreinmedianlifetimeearningsthanhighschoolgraduates.Womenwithgraduatedegreesearn1.1 million more.
Applying a 4 percent annual real discount rate, the net present lifetime value at age 20 of a bachelor’s degree relative to a high school diploma is 260,000formenand180,000 for women. For those with a graduate degree, it is 400,000formenand310,000 for women.
Even getting an Arts degree confers a decent wage premium (25%) over just high school work.
People who graduate college may have issues with underemployment, but they still enjoy significant wage premiums even when taking that into account.
Are Trades Superior to Bachelor Degrees?
Quick Facts for Trades vs Bachelor’s Degrees
Trades don’t seem to out-earn Bachelor degrees at all. BLS earnings
Average amount of grant and scholarship aid from all sources
Average net price
Total
$24,301
$9,593
$14,708
0−30,000
$22,691
$13,186
$9,505
30,001−48,000
$23,638
$12,682
$10,956
48,001−75,000
$24,338
$9,538
$14,800
75,001−110,000
$25,299
$5,441
$19,858
$110,001 or more
$26,574
$3,279
$23,295
Average total cost, net price, and grant and scholarship aid for first-time, full-time degree/certificate-seeking undergraduate students paying in-state tuition and awarded Title IV aid at public 4-year institutions, by family income level: Academic year 2020–21 (In constant 2021-2022 dollars)
Family income level
Average total cost
Average amount of grant and scholarship aid from all sources
Average net price
Total
$57,003
$28,585
$28,418
0−30,000
$50,605
$30,126
$20,479
30,001−48,000
$54,188
$33,565
$20,623
48,001−75,000
$55,475
$32,092
$23,384
75,001−110,000
$56,311
$28,477
$27,834
$110,001 or more
$60,901
$23,970
$36,931
Average total cost, net price, and grant and scholarship aid for first-time, full-time degree/certificate-seeking undergraduate students awarded Title IV aid at private nonprofit 4-year institutions, by family income level: Academic year 2020–21 (In constant 2021-2022 dollars)
Family income level
Average total cost
Average amount of grant and scholarship aid from all sources
Average net price
Total
$32,360
$7,759
$24,601
0−30,000
$31,419
$7,830
$23,588
30,001−48,000
$34,238
$8,488
$25,750
48,001−75,000
$35,041
$7,398
$27,642
75,001−110,000
$34,901
$6,397
$28,504
$110,001 or more
$36,269
$7,497
$28,772
Average total cost, net price, and grant and scholarship aid for first-time, full-time degree/certificate-seeking undergraduate students awarded Title IV aid at private for-profit 4-year institutions, by family income level: Academic year 2020–21 (In constant 2021-2022 dollars)
What does the financial aid situation look like?
How easy is it to qualify?
How much do people get?
What % of Students need to borrow?
How much do people on average borrow for school?
How long does it take to pay back student loans?
What are the average loan terms?
US Education vs the Rest of the World
How do US students compare to the rest of the world?
How do US colleges compare to the rest of the world?
College Indoctrination
Do colleges brainwash people?
What Should the Advice be to Adolescents about College?
Is it worth it to take a year off after high school?
