While paying for college is a top concern for many — especially as tuition increases at most schools every year — families can turn to U.S News for data on tuition and fees and financial aid.
In-state students attending a public school pay an average of 57 percent less in tuition and fees for the 2016-2017 school year compared with those attending out of state, according to data reported to U.S. News in an annual survey. Both in-state and out-state students experienced an increase in tuition and fees by an average of nearly 2 percent and almost 3 percent, respectively.
The bump in tuition and fees is even more pronounced for students attending a private school; the price increased by an average of more than 3 percent in 2016-2017 compared with the previous school year.
To pay for the growing cost of college, the majority of 2015 graduates took out loans, borrowing $29,411 on average. For most undergraduates who borrow federal student loans, the maximum amount for subsidized and unsubsidized loans for an undergraduate is set to $31,000 by the Department of Education.
But schools are also giving more in need-based scholarships and grants to students, allocating 3.5 percent more in award packages in 2015-2016 compared with the prior academic year. A handful of colleges — 19 out of 1,082 schools — also offer merit aid to at least 40 percent of students without financial need.
There are also other ways to determine college affordability. Since 1993, U.S. News has provided information on the Best Value Schools, which measures academic quality and price, factoring in the net cost of attendance for a student after receiving need-based financial aid, among other cost considerations.
One example is Harvard University, a top-ranked Best Value School, which provides need-based financial aid to 55 percent of full-time undergraduates. The Massachusetts school offered an average need-based award in scholarship and grant money amounting to $48,533 in 2015-2016 — money that is free to the student, who doesn’t have to pay it back or earn it through work.
The data above are correct as of Sept. 13, 2016. For complete cost data, full rankings and much more, access the U.S. News College Compass.
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Strategies for Students Too Rich for Financial Aid, Too Poor for College
What You Need to Know About FAFSA Changes
U.S. News Data: College Costs, Financial Aid originally appeared on usnews.com
