College is a good investment
By 2021, the difference had grown to 62 percent (and closer to 90% for workers with graduate degrees). Currently, California workers with a bachelor's degree earn a median annual wage of $81,000.
A new national survey shows college is too expensive for most Americans, forcing 38 percent of undergraduates to plunge deep into debt. Most borrowers then struggle for years to repay their loans, delaying major life decisions such as starting a family, buying a home—or returning to school.
The facts, according to The College Board, are that, “After adjusting for inflation, the average net tuition and fee price paid by first-time full-time in-state students enrolled in public four-year institutions peaked in 2012-13 at $4,230 (in 2023 dollars) and declined to an estimated $2,730 in 2023-24.”
Between 1973 and 1980 was the only time when average tuition and fees fluctuated and decreased for a brief period. By the 1981-1982 academic year, tuition costs rose again and have continued to rise every year since. Between 2000 and 2021, average tuition and fees jumped by 65%, from $8,661 to $14,307 per year.
The answer is: public institutions receive government funding. If colleges were to become free, taxes across the board would increase and the middle class would receive the majority of this. Those who did not attend college, or couldn't afford it, may not want to pay for someone else's education.
California. The California State University system knows how to take care of state residents aged 60 and over. Tuition is waived for all state-supported colleges. Many of the University of California campuses also offer courses for students who are at least 50.
Most families pay for college using some combination of savings, income and financial aid. Financial aid is money you receive to help cover college costs. Some financial aid, like grants and scholarships, doesn't need to be repaid. Financial aid can also come in the form of loans — money you have to repay.
Wealthfront projects that the total cost of a 4 year in state school will cost 158,400 for 4 years by 2034. By 2040, it could be roughly 175,000. There is a report from 2008 called "Measuring Up - 2008" that shows the difference between college costs over 30 years and household income.
Tuition is flat or declining, while state and federal grant aid is on an upswing. Students are also borrowing less, new data shows. Despite the public perception that college costs are soaring, new national data shows tuition at many of the nation's colleges and universities has been flat or declining.
Among adults who are currently enrolled in a higher education program, 31% considered stopping out due to the cost of the degree or credential program. Overall 35% of currently enrolled students said they have considered stopping out in the past six months and of that group, 54% say they struggle to pay monthly bills.
Reduced State Funding: Decreased state funding for public colleges has led these institutions to hike tuition fees to compensate for the loss of revenue. Operating Costs: High operational costs, including staff salaries and student services, significantly contribute to the high tuition fees.
The average cost of attendance for a student living on campus at an in-state public 4-year institution is $27,146 per year or $108,584 over 4 years. Out-of-state students pay $45,708 per year or $182,832 over 4 years. Private, nonprofit university students pay $58,628 per year or $234,512 over 4 years.
The data reflects enrollments reported for 1.4 million 18-year-old freshmen as of 31 October 2024. The decline is most significant at both public and private, non-profit four-year colleges, which have seen a more than 6% decline in enrollment. For 46 states, Inside Higher Ed noted, the average drop was almost 7%.
According to a report by the Institute for Higher Education Policy, 83% of schools — serving 93% of undergraduates — provide an ROI within 10 years. That means that within 10 years, students recoup what they would be making with a high school diploma plus the cost of their college degree.
Higher Earning Potential
In fact, the median salary for someone with a bachelor's degree is more than twice as high as for someone with only a high school diploma or GED. It is also 45% higher compared to those with an associate degree.
Higher education costs have increased more than 170% over the last 40 years. Lack of regulation of tuition costs, along with increased expenses, raises total costs for students. Administrative overhead and demand for more student services also increase costs.
On average, most parents pay for less than half of their kid's college education. Students use their own income, scholarships, and loans to help pay for the rest of their schooling.
Some schools would have lots of students that don't pay full price, and some schools would have most that do,” she explains. But the full cost of attendance is “not what most students pay. So don't be turned off by the sticker price. Odds are good that what you'll pay will be discounted to some degree.”
Students may take classes and training that are specifically geared toward gaining practical experience. These job-related skills can help qualify students for work after graduating, and because the program is only two years long, students may find a job sooner than if they attended a four-year college.
California. California Promise provides a tuition-free community college program for first-time, full-time students attending public community colleges. It covers the cost of tuition for up to two years as long as students meet specific academic criteria and maintain a certain course load.
College doesn't have age limits, and it's okay to go back to school at any age, even 70.
California State University waives all tuition for state-supported classes and dramatically reduces campus fees for residents age 60 or older. Different Cal State locations may offer online courses or in-person classes.