Fully funding a college education without debt is no simple task. It’s no secret that the cost of a four-year degree has soared. But do you realize how much it has risen?
According to Education Data Initiative, the average cost of college tuition and fees at four-year public schools has risen 179% over the last 20 years. It’s an average annual increase of 9.0%.
The average cost of tuition and fees at private four-year schools has risen 124% over the same period for an average annual increase of 6.2%.
That is an increase from an annual cost of $3,349 to $9,349 for a public university and $14,616 to $32,769 for a private school.
The statistics are sobering, and students are piling up unmanageable debts to secure a degree.
But there are ways to reduce out-of-pocket expenses and avoid or at least minimize the need to take on debt.