College is still getting more expensive

College is getting more expensive.
Author:
Updated:
Original:

Good news if you're planning to go to college! It's getting more expensive.

Even better? The amount of financial aid isn't keeping up.

So yeah, that's ... super awesome.

So here's what's actually happening.

This group called the College Board put out its yearly look at what's happening to college tuition costs. You can read the full report here.

What it found was the published cost of tuition and fees went up anywhere from 2.2 to 3.6 percent, on average, between this current school year and last.

That rate of increase is actually lower than it has been recently. But it's still outpacing student aid.

As Inside Higher Ed explains, the total amount of student aid provided has basically been the same the last couple years, even while tuition and other costs are rising. (But as the story notes, financial aid levels are way above where they were 10 years ago.)

Also interesting: Undergraduate students borrowed less, leading to a fifth straight year of lower overall borrowing.

The study picked out a flagship university from each state – in Minnesota that was the University of Minnesota Twin Cities. In-state tuition this year was listed at $14,140 – the ninth-highest of all the flagship schools. But out-of-staters will pay $23,800, which is one of the lower marks on the list.

How much students are actually paying

Factoring in student aid/scholarships/grants and other help, the study came up with the average net price of college (which is how much students actually end up having to pay). That's gone up for many students compared to a few years ago.

The average net price at four-year public colleges for this school years is $3,770 – that's $1,550 more than in 2009-10, and $860 more than 2006-07.

For two-year colleges, the net price this year is actually $920 less than a decade ago. But $270 more than in 2011-12.

At four-year private institutions, this year's average net is $14,190. Again, higher than five years ago, but lower than a decade ago.

"The reports document that, despite the moderate increases in average published prices, there were considerable increases in net tuition and fees over the past few years," co-author Jennifer Main said in a news release.

Next Up

Kyle Rudolph

Rudolph sends farewell to Vikings fans in Players Tribune piece

"Every season I played here, every game I played here — you all believed."

Megan Ryan

Star Tribune's Megan Ryan named new Twins beat reporter

Ryan replaces LaVelle E. Neal who is now in a columnist role.

minnetonka MME

Minnetonka in spotlight after teacher threatened for discussing Black trans woman

Parents and community members are calling on the district to do better and will hold a march prior to the school board meeting on Thursday.

Richard Pitino

Talk grows that this season will be Pitino's last at Gophers

A report says Pitino's tenure could be "down to his final games."

Screen Shot 2021-03-02 at 1.40.17 PM

Two gas trucks collide in Stearns County, neither explodes

The unlikely collision happened Monday afternoon.

unnamed (1)

MSP Airport expecting spring break to be busiest period since pandemic began

Passenger numbers will still be about a third lower than a year ago, though.

Target store

After bumper earnings, Target will accelerate new store openings

The retailer has revealed its plans for the next few years, which includes an investment in Minneapolis.

starbucks wayzata

100% plant-based restaurant coming to Wayzata this spring

The restaurant has plans to add additional locations in Minnesota this summer and franchise nationwide.

Patric Richardson

'Laundry Evangelist' from St. Paul gets his own Discovery+ show

Patric Richardson has built a career around the appreciation and care of clothing.

Related

Wisconsin colleges may get more expensive if you don't live there

The Wisconsin University System is looking at a major tuition increase

Yep, health plans you buy on your own or through MNsure are more expensive

Earlier this month, we told you health plans you buy on your own or through MNsure might get a lot pricier. That is not longer a "might."

Wait ... what? Report says Minneapolis is 3rd most expensive city in North America

The Economist says that Minneapolis is a more expensive place to live than every other U.S. and Canadian city except New York and Los Angeles.

College of Saint Benedict gets a $10M donation – the school's largest gift ever

The donation will be used to give students more hands-on learning opportunities.

Mankato students walk 100 miles to state capitol for affordable education

Students from other state colleges joined along the way.

St. Thomas to open new 2-year college to shrink the achievement gap

It's a more affordable option that will help students work up to a bachelor's degree.

A Minnesota school is named America's best community college

The northern MN tribal college topped 700 other schools.