College ain't cheap. And according to two College Board reports released Wednesday, the price tag keeps on climbing.
The average annual percentage increase in inflation-adjusted published tuition cost dropped between 2006 to 2016, but prices continued a pattern of slow growth between 2015-16 and 2016-17 at a rate quicker than financial aid and family incomes can afford.
Meanwhile, total education borrowing fell for the fifth straight year.
One study reports nearly 60 percent of college students say college costs stress them out.
According to the College Board, these are the average cost of tuition and fees for the 2015-2016 school year:
- $32,405 at private colleges
- $9,410 for state residents at public colleges
- $23,893 for out-of-state residents attending public universities
This is (not) fine.
Less loans, more grants
The study found that overall, tuition and fees grew across the board in higher education sectors in 2016-17, but at a slower rate than last year.
The College Board found that undergraduates are relying less on loans and more on grants in recent years.
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