Here's How Much College Tuition Has Increased Since 2006 – and 4 Ways You Can Save
It’s no secret that college tuition generally keeps getting more expensive. Just how much in the last two decades? According to U.S. News & World Report, since 2006, tuition and fees at private national universities have increased about 32% (when adjusted for inflation). For public universities, when adjusted for inflation, in-state tuition and fees have risen about 29%, while out-of-state ones have risen about 24%.
But those price tags are just a starting point — there are several ways you can save money on tuition and fees. Here’s some expert-backed advice that could potentially save you thousands of dollars.
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Take High School Courses for College
Marguerita Cheng, certified financial planner (CFP) and CEO of Blue Ocean Global Wealth, is the mom of three Gen Z kids. One way they’ve saved on tuition is by being intentional about selecting their high school courses — including advanced placement (AP) courses for college credit.
"They all took AP statistics and AP calculus in high school,” she added. “Since they had a strong foundation, they were able to receive college credit. They took AP coursework that satisfied their general education requirements and helped us save money on tuition.”
Take Required Coursework at Community College
Cheng said her family has also saved money on tuition by taking required coursework at community college, where the costs are lower.
“My older daughter took a year of accounting after the summer of her freshman year,” she said. “Not only was I able to help her, but this saved time and money for her.”
Cheng recommended checking with your current school to obtain approval prior to enrolling. The same daughter also took business law during winter break online at a community college.
Regularly Check on Financial Aid
“I would also encourage families to reapply for financial aid every year,” Cheng said. “You may not think you qualify, but you won’t know until you apply, especially if you have more than one student attending college.”
While there is need-based aid and merit-based aid, Cheng said to also consider researching opportunities for scholarships that are related to the major and field of study. In her family’s case, that looked like scholarships related to supply chain management and life sciences.
Look at Public vs. Private Options
If you’re choosing between a public and private university, keep in mind that the price tags for private institutions tend to be much higher than their private counterparts. However, some students can qualify for great financial aid choices that can make them extremely affordable.
“Unless you have a very good reason to attend a private university, your money may be better invested in an in-state public university,” said Melanie Musson, finance expert with Quote.com. “If you attend a local university, you can save by living at home instead of paying for room and board.”
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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