College tuitions have increased1 at a rate of about 16–18% over the past decade for public and private universities, and 32% (private four-year universities) and 72% (public four-year universities) the previous decade. The current average cost of tuition for a public university is $10,560. For a private university, it’s $37,650.
Part of the reason that tuition rates have risen so much is because higher education funding has been cut in many states. This is unfortunately putting higher ed attendance out of reach for some students, especially those in the low-income bracket.
One thing to consider when examining the cost of grad school is what kind of debt you can afford to take on, as well as what kind of salary you can expect with a completed graduate degree. Accruing a six-figure school loan for a less than a six-figure salary isn’t necessarily a wise financial decision. Financial aid, grants and scholarships must also be taken into consideration when calculating what you’ll actually spend on your advanced degree.