Published Tuition Prices at Public Institutions Increase Less Than Inflation

College Board’s 2024 Trends in College Pricing and Student Aid report, released today, shows average published in-district and in-state tuition and fees increased less than inflation at public two-year and public four-year colleges and universities. Undergraduate annual borrowing declined for the 13th consecutive year, while Pell Grants increased after several years of declines. Average student debt levels of bachelor’s degree recipients continued to decline while student debt levels vary by institution type and degree. Average net prices are lowest for lowest-income dependent students across institutions of all selectivity. 

“Borrowing patterns vary by student, family, and institutional characteristics,” said Jessica Howell, College Board’s vice president for research. “Among 2019-20 bachelor’s degree recipients, 17% of Black graduates borrowed $50,000 or more for their undergraduate study, compared with 9% of Asian, 7% of Hispanic, 10% of White, and 12% of graduates who were two or more races.”  

In 2024-25, average tuition and fees increased by 2.5% for in-district students at public two-year colleges, by 2.7% for in-state students at public four-year institutions, and by 3.9% for students at private nonprofit four-year institutions, before adjusting for inflation. After adjusting for the 3.1% inflation between the first eight months of 2023 and 2024, average published tuition and fees declined in the public sectors.  

“Several public college and university systems continued tuition freezes in 2024-25,” said Jennifer Ma, executive research scientist at College Board and coauthor of the report. “After adjusting for inflation, the average published tuition and fees in all three major sectors are lower in 2024-25 than in 2019-20, before the covid-19 pandemic.” 

In 2023-24, the total amount of grant aid supporting postsecondary students was $160.2 billion, a one-year increase of 3.6%, after adjusting for inflation. Between 2022-23 and 2023-24, the number of Pell Grant recipients increased by 6% and total Pell Grant expenditures increased by 11%, after adjusting for inflation.  

“Between 2022-23 and 2023-24, total annual education borrowing declined by 2.6% after adjusting for inflation,” said Matea Pender, senior policy research scientist at College Board and coauthor of the report. “This is the 13th consecutive year of decline in total annual borrowing after adjusting for inflation.” 

Key College Pricing Findings 

Published Prices—Sticker Prices Institutions Charge

• Average published tuition and fees for full-time in-state students at public four-year colleges and universities increased by 2.7% ($300) before adjusting for inflation, from $11,310 in 2023-24 to $11,610 in 2024-25. At the state level, average 2024-25 in-state tuition and fees in this sector range from $6,360 to $17,490. (Table CP-1, Figure CP-6)
• Average published in-district tuition and fees at public two-year colleges increased by 2.5% ($100) before adjusting for inflation, from $3,950 in 2023-24 to $4,050 in 2024-25. At the state level, average 2024-25 in-district tuition and fees in this sector range from $1,440 to $8,660. (Table CP-1, Figure CP-5)
• Average published tuition and fees at private nonprofit four-year institutions increased by 3.9% ($1,610) before adjusting for inflation, from $41,740 in 2023-24 to $43,350 in 2024-25. (Table CP-1)
• In 2024-25, average budgets for full-time undergraduate students range from $20,570 for public two-year in-district students to $62,990 for private nonprofit four-year students. At public four-year institutions, average budgets are $29,910 for in-state students and $49,080 for out-of-state students. (Figure CP-1) 

Net Prices—What Students Pay After Grant Aid and Scholarships 

• Average net prices are calculated as the differences between published prices and average grant aid received by first-time full-time students, including those who did not receive grant aid. In 2021-22, 81% of public two-year, 82% of public four-year, and 87% of private nonprofit four-year first-time full-time undergraduate students received federal, state, or institutional grant aid. (Pages 17–19)
• In 2024-25, first-time full-time students at public two-year colleges need to cover an estimated average of $9,680 in food and housing after grant aid, in addition to another $6,130 in allowances for books and supplies, transportation, and other personal expenses. (Figure CP-8)
• After adjusting for inflation, the average net tuition and fees paid by first-time full-time in-state students enrolled in public four-year institutions peaked in 2012-13 at $4,340 (in 2024 dollars) and was an estimated $2,480 in 2024-25. (Figure CP-9)
• After adjusting for inflation, the average net tuition and fees paid by first-time full-time students enrolled in private nonprofit four-year institutions declined from $19,330 (in 2024 dollars) in 2006-07 to an estimated $16,510 in 2024-25. (Figure CP-10)
• Within each selectivity group, the average 2019-20 net tuition and fees and average net budget were higher for higher-income dependent students for both public and private four-year institutions. Average grant aid was highest for dependent students in the lowest-income group. (Figures CP-11 and CP-12) 

State and Local Funding for Higher Education

• In 2022-23, state and local funding per student was $11,040, the same as in 2021-22, after adjusting for inflation. State and local funding per student increased each year from 2012-13 to 2021-22, following four years of decline during and after the Great Recession of 2008. (Figure CP-13A, Figure CP-13B)
• Between 2016-17 and 2021-22, federal appropriations and government grants and contracts per student increased by 38% at public doctoral institutions and more than doubled at other types of public institutions, after adjusting for inflation. (Figure CP-15)  

Enrollment

• Between fall 2019 (pre-covid-19) and fall 2022, total postsecondary enrollment declined by 1,043,200 (5%)—from 19.5 million to 18.5 million. Total undergraduate enrollment declined by 7% (from 16.4 million to 15.3 million) and total graduate enrollment increased by 3.5% (from 3.066 million to 3.174 million). (Figure CP-18)
• Between fall 2015 and fall 2022, the combined share of Black, Hispanic, and Native students increased in public and private nonprofit four-year sectors across selectivity levels as defined by admission rates. This increase is mainly driven by the growth in the share of Hispanic students over time, consistent with the increase in the share of Hispanic high school graduates. (Figure CP-21) 

Key Student Aid Findings 

Total Aid and Total Aid per Student

• In 2023-24, undergraduate and graduate students received $256.7 billion in grants from all sources, Federal Work-Study (FWS), federal loans, and federal tax benefits. In addition, students borrowed about $13.3 billion from nonfederal sources. (Table SA-1)
• In 2023-24, undergraduate students received an average of $16,360 per FTE student in financial aid: $11,610 in grants, $3,900 in federal loans, $760 in education tax benefits, and $90 in FWS. (Figure SA-1, Table SA-3)
• In 2023-24, graduate students received an average of $28,420 per FTE student in financial aid: $10,750 in grants, $17,240 in federal loans, $370 in tax benefits, and $60 in FWS. (Figure SA-1, Table SA-3) Student Debt
• As of March 2024, 53% of borrowers with outstanding federal education debt owed less than $20,000 and held 12% of the total outstanding federal education loan debt; by contrast, 10% of borrowers owed $80,000 or more and they held 46% of the total outstanding federal education loan debt. (Figure SA-10)
• In 2022-23, 50% of bachelor’s degree recipients from public and private nonprofit four-year colleges and universities graduated with debt and the average debt level among borrowers was $29,300; 11% graduated with private loan debt with an average private loan debt level of $38,100; 49% graduated with federal loan debt with an average debt level of $20,900. (Figures SA-14A and SA-14B)
• Among 2019-20 bachelor’s degree recipients, 38% of dependent students with family incomes below $40K did not borrow, compared with 31%, 34%, 44%, and 57% of dependent students with family incomes of between $40K and $80K, between $80K and $120K, between $120K and $160K, and $160K or higher, respectively. In 2019-20, 17% of Black bachelor’s degree recipients borrowed $50,000 or more for their undergraduate study, compared with 9% of Asian, 7% of Hispanic, 10% of White, and 12% of graduates who were two or more races. (Figures SA-15 and SA-16) 

Grant Aid 

• In 2023-24, the total amount of grant aid supporting postsecondary students was $160.2 billion, a one-year increase of 3.6%, after adjusting for inflation. Total grant aid increased by 87% (after adjusting for inflation) between 2003-04 and 2013-14, from $82.0 billion to $153.3 billion. It then continued to grow to $166.6 billion in 2019-20, and declined in 2020-21, 2021-22, and 2022-23. (Figure SA-5)
• Pell Grant expenditures peaked in 2010-11 at $49.9 billion (in 2023 dollars). Between 2022-23 and 2023-24, the number of Pell Grant recipients increased by 6% and total Pell Grant expenditures increased by 11%, after adjusting for inflation. (Figure SA-17B)
• Between 2013-14 and 2023-24, institutional grant aid rose by 31% after adjusting for inflation, reaching a total of $82.8 billion in 2023-24. Institutional grants accounted for 52% of all grant aid for undergraduate and graduate students in 2023-24. (Figure SA-5)
• Between 2012-13 and 2022-23, average state grant aid per FTE undergraduate student increased from $870 to $1,180 in 2022 dollars. Average state grant aid per FTE undergraduate student ranged from under $200 in 7 states to over $2,000 in 8 states. (Figures SA-19A and SA-20A) 

Annual Borrowing

• In 2023-24, after the 13th consecutive decline in annual education borrowing, students and parents took out $99.0 billion in new loans, down from $159.2 billion (in 2023 dollars) in 2010-11. Average federal loans per student peaked in 2010-11 for both undergraduate and graduate students. Average federal loans per FTE undergraduate student declined to $3,900 in 2023-24, from a peak of $7,250 (in 2023 dollars) in 2010-11. Average federal loans per FTE graduate student declined to $17,240 in 2023-24, from a peak of $23,870 in 2010-11. (Figures SA-1 and SA-6) 

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