Average College Tuition in 2022–2023

The average college tuition cost has increased in the 2022–2023 academic year over the prior year across both public and private schools, according to U.S. News data based on an annual survey.

A college’s sticker price is the amount advertised as the full rate for tuition and fees before financial need, scholarships and other aid are factored in. Net price is the amount that a family pays after aid and scholarships — usually offsetting the sticker price shock.

After tuition freezes and discounts at many colleges last school year due to the economic impact of the coronavirus pandemic on families across the country, tuition rates are up this year. The average tuition and fees at private ranked colleges has climbed by about 4%, according to data for the 2022–2023 school year submitted to U.S. News in an annual survey. At ranked public schools, tuition and fees rose significantly less, by 0.8% for in-state students and about 1% for out-of-state.

Schools reported this data in spring and summer of 2022. Some colleges are continuing tuition discounts and freezes for the 2022–2023 academic year to eligible students.

But the cost of education is a significant financial challenge for many families, who often underestimate the price.

According to the 2021 Fidelity Investments survey College Savings & Student Debt, 38% of high school students and 1 in 4 parents believe the total cost of attendance for one year of college equals $5,000 or less. This number is far below what they’re likely to pay at public and private four-year colleges. In addition to tuition and fees, students must also pay other expenses such as housing, food and books, which can run thousands of dollars a year.

Choice of college contributes to affordability. According to the Fidelity survey, 4 in 10 high school students rated cost as the “most important” factor in choosing a college.

The average cost of tuition and fees to attend a ranked public college in state is about 74% less than the average sticker price at a private college, at $10,423 for the 2022–2023 year compared with $39,723, respectively, U.S. News data shows. The average cost for out-of-state students at public colleges comes to $22,953 for the same year.

(JOYCE SU)

One way to determine a college’s affordability is by evaluating financial aid award packages. While an institution like Princeton University in New Jersey, for instance, advertised a sticker price of $56,010 for tuition and fees in 2021–2022, the average cost to students after receiving need-based grants that year was around $16,562.

Since 1993, U.S. News has provided information on the Best Value Schools, looking at academic quality and price, and factoring in the net cost of attendance for a student after receiving the average level of need-based financial aid.

Harvard University is the №1 Best Value School among National Universities, schools that are often research-oriented and offer bachelor’s, master’s and doctoral degrees.

Harvard provided need-based grants to 55% of undergraduates. The highly selective Massachusetts school offered an average need-based scholarship or grant award of $62,613 to undergraduates in 2021–2022. That amount exceeded the school’s tuition and fees that year of $55,587, sometimes going toward other costs, like room and board.

Some regional schools, including those not as selective as Harvard, are also generous with need-based financial aid.

For example, although Berry College charged $38,656 in tuition and fees last year, 71% of students received need-based grants. The Georgia institution’s financial aid awards in 2021–2022 dropped the average net price for students to $26,038.

Full article by Emma Kerr and Sarah Wood can be found here.