Coronavirus Is Slowing the Pace of Tuition Increases
December 18, 2020
In recent years, the cost of college has increased rapidly. The coronavirus may be finally stemming the tide though. For the 2020-2021 academic year, average tuition and fees for public four-year colleges increased by just 1.1% to $10,560, according to the College Board. Private four-year institutions saw an increase of 2.1%, bringing the average tuition to $37,650.
This is the lowest increase in three decades, going back to the 1990-91 school year. In 10 states, the average cost of tuition saw no increase.
Still, experts say the cost of college may have already reached an unsustainable level. Tuition costs had been steadily climbing for years, but began to rapidly increase following the Great Recession. As cash-strapped states cut education funding, colleges raised tuition to make up the shortfall.