Figures compiled by the nonprofit College Board indicate the average student attending an in-state public university this year faces a tuition bill of $11,610, which is down 4% from a decade earlier when taking inflation into account. The real savings come in what the average student actually pays after getting grants and financial aid, which is down 40% over the decade, from $4,140 to $2,480 annually.
Meanwhile, at private colleges, tuition continues to rise, but at a much slower rate. It has increased 4% over the past decade, when taking inflation into account, to an average $43,350. That's a big change from the two decades prior, when tuition increased 68%.
Costs are coming down as Americans question whether college is worth the price. Surveys find that Americans are increasingly skeptical about the value of a degree, and the percentage of high school graduates heading to college has fallen to levels not seen in decades.
Yet research still finds that, over time, a degree pays off. Americans with a bachelor's degree earn a median of $2.8 million during their careers, 75% more than if they had only a high school diploma.
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