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University is getting more expensive as wages stagnate, pushing more Americans into debt.
While average college tuition fees increased 59% between 2000 and 2019, median weekly earnings of bachelor’s degree holders only increased 5%, according to data from the National Center for Education Statistics and the Bureau. of Labor Statistics.
Americans owe $ 1.73 trillion in student loan debt, with the average borrower owing $ 39,351. For many families, sending their children to college would not be possible without financial assistance, including scholarships, grants, work-study programs and loans. With nearly 90% of first-year students receiving financial aid for college, access to such aid is crucial to keep the university accessible to most students.
The StudySoup digital learning marketplace analyzed US Department of Education College Scorecard data and net price data across four household income brackets to determine which colleges and universities have tuition fees. highest in 2019-2020 and to find out what students at these schools are actually paying. .
Costs, entered for schools with 500 or more students, do not include accommodation and meals. The net price figures reflect the average that a student pays in tuition fees after the application of federal aid, including grants or Pell loans, with the average net prices taking into account only students who receive a kind of federal aid.
The disproportionate jump in college costs with stagnant salary increases has made it increasingly difficult and expensive for students to attend two- and four-year institutions, public or private. For the 2020-2021 school year, the average cost of four-year public colleges $ 10,560 per year for state residents and $ 27,020 for out-of-state residents. The rise in prices, according to CNBC information, is due in part to reduced state funding and the rising cost of living. These costs also do not take into account additional expenses, which range from accommodation and school supplies to transportation.
Read on to find out which US colleges are the most expensive, and what students are actually paying.