Skyrocketing College Tuition Fees Leave Students Drowning In Debt

College tuition costs have skyrocketed in recent years, with student loan debt reaching an astonishing $1.6 trillion according to the New York Federal Reserve’s fourth-quarter 2023 data. This figure represents a more than doubling of borrowed amounts over just two decades.
Worse still, students are now taking out even larger loans as tuition fees continue their upward trajectory at both public and private universities across America. GOBankingRates has analyzed the average college costs for each school year from 2013-2014 to 2021-2022, relying on data compiled by the National Center for Education Statistics’ Digest of Education Statistics, revealing some staggering eight-year increases in tuition fees.
In Iowa, private institution costs have risen a whopping $22,354 since 2013-2014 – more than any other state over the same period. Similarly significant rises were recorded in Oregon ($17,896), Rhode Island ($17,772) and Massachusetts ($17,561). Vermont rounded out the top five with a $16,304 increase during this timeframe.
For public universities, Connecticut, Vermont, Massachusetts, Virginia and Alaska saw their costs rise by over $6,000 each since 2013-2014 – an eye-watering sum for families struggling to pay tuition fees already. These figures include both tuition and fees as well as room and board expenses.
The total average cost of college in America rose dramatically between the years studied: from $24,517 in 2013 up to a staggering $47,150 by 2022 for private institutions; while public universities saw an increase from $51,481 (in 2013) to $67,953 today.
The figures are equally alarming when looking at individual state changes between specific points on this timescale. Some striking trends become evident: in California, for example, the average cost of attending a private institution rose from $42,383 (in 2013) to an eye-watering $60,038 by 2022; while public universities saw their costs rise dramatically too – up from $47,908 in 2013 to a hefty $64,274 today.
For students considering studying outside of California and other expensive states such as New York or Massachusetts (where the average cost for attending private institutions rose by over $5,00 between these years), some relief can be found elsewhere: in Florida, where costs remained relatively stable at around $16,238 throughout this period; while Kentucky offers excellent value to aspiring learners. With their education fee remaining a modest $24,796 since 2013-2014 – the lowest of all fifty states analyzed by GOBankingRates during these years.
In contrast, Hawaii’s public university costs have risen dramatically over this period: from an already high average cost in 2013 ($28,572) up to $43,334 (a $16,972 increase). The figures reveal a similar trend for other states too – including Arizona and Georgia.
These rising costs have led many students into debt: the New York Federal Reserve’s data shows that student loan balances hit an eye-watering $1.6 trillion during Q4 of last year alone, with some experts warning this figure could rise to over two trillion dollars by next year (2025).
As costs continue their upward trajectory across America, many families are struggling to afford college tuition fees for the upcoming academic years – a trend that looks set to accelerate in future decades unless more affordable solutions can be found.