Just one-third of Americans graduate from college. According to the College Board, the average price of tuition and fees per year comes out to $9,970 for state residents and $25,620 for out-of-state residents at public colleges and $34,740 at private colleges. At the nation’s top universities, tuition and fees can exceed $55,000 per year. None of those prices take into account additional expenses such as room, board, and books.
The rising cost of college has led many students to take out tens of thousands, if not hundreds of thousands, of dollars worth of loans. Today, roughly 41 million college graduates and an additional four million dropouts owe more than $1.5 trillion dollars in student debt. But the exorbitant cost tends to pay off. According to the Census Bureau, the median college graduate earns 74.5% more than the median high school graduate with no college degree. Beyond income, jobs that require a college degree often come with additional benefits such as health care, retirement investment, and greater job security.
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