The Research
How much does college really cost?
Families reported spending an average of $28,409 on college in academic year 2023-24, a 1% increase from $28,026 in 2022-23. That’s a national average of $86,000 for all four years of college.
In Connecticut, we see the average being just shy of $40,000 per year or $120,000 for all four years. This figure easily doubles when families are set on going to specific schools.
REAL LIFE: This family reach out to us after graduating college. They sent their daughter to the university down the street and, by all standards, she had a wonderful college experience. However, graduated with $227,000 in student loans for a bachelor’s degree in marketing, making $67,000 per year. Do you think she’ll ever pay off these loans?
Sallie Mae, How America Pays for College (2024)
Many families were negatively affected by the new FAFSA®
About 3 in 4 families (74%) reported completing the Free Application for Federal Student Aid (FAFSA®) for the 2023-2024 academic year but of those who also completed the new FAFSA® for the 2024-2025 academic year, just 29% found it easier to complete.
Sallie Mae, How America Pays for College (2024)
Having a plan to pay for college is at an all-time high
Nearly 6 in 10 families (59%) report having created a plan to pay for all years of college before the student enrolled.
Tuition and Fees by State: Flagship Universities
Connecticut has the highest cost for in-state students. In 2023-24, published tuition and fees for full-time in-state students at public flagship institutions range from $6,380 at the University of Florida and $6,700 at the University of Wyoming to $19,670 at Pennsylvania State University and $20,370 at the University of Connecticut.
Enrollment by Race/Ethnicity
Between fall 2011 and fall 2021, the shares of undergraduate students who were Asian, Hispanic, or two or more races increased while the shares of undergraduate students who were Black, White, or American Indian/Alaska Native declined.
Total Student Aid by Type
Between 2012-13 and 2022-23, institutional grant aid for undergraduate students increased by 33%. More families are relying on money from the school itself.
