The College Board annually releases  new college cost data and trends. Average cost figures of approximately 4,000 colleges across the country are included in the survey.

Average price for tuition, fees, and room and board has increased 46% at public colleges and 30% at private colleges over and above increases in the Consumer Price Index over the past 20 years. The increase  is reflected in the student debt increase.

Here are cost highlights for the 2022-2023 year.1 This year, public colleges have done a better job than private colleges at keeping tuition and fee increases under 2.3%. Note: “Total cost of attendance” includes direct billed costs for tuition, fees, and  room and board, plus indirect costs for books, transportation, and personal expenses.

Public colleges: in-state students

 Tuition and fees increased 1.8% to $10,940
 Room and board increased 3.0% to $12,310
 Average total cost of attendance: $27,940

Public colleges: out-of-state students

Tuition and fees increased 2.2% to $28,240 
Room and board increased 3.0% to $12,310 (same as in-state)      
Average total cost of attendance: $45,240

Private colleges

Tuition and fees increased 3.5% to $39,400
Room and board increased 3.0% to $14,030
Average total cost of attendance: $57,570

Note: Many private colleges are at or approaching $80,000  per year in total costs.

Sticker price vs. net price

The College  Board’s cost figures are based on published college sticker prices. Many families pay less than full sticker price. A net price calculator, available on every college website, can help families see beyond a college’s sticker price. It can be a very useful tool for students who are currently researching and/or applying to colleges.

A net price calculator provides an estimate of how much grant aid a student might be eligible for at a particular college based on the student’s financial information and academic record, giving families an estimate of what their out-of-pocket cost — or net price — will be. The results aren’t a guarantee of grant aid, but they are meant to give as accurate a picture as possible.

FASFA for 2023-2024 year opened on October 1

Planning for college costs should start years before the first year of college. The Free Application for Federal Student Aid (FAFSA) for the 2023-2024 year opened on October 1. It’s important to keep in mind that the 2023-2024 FAFSA will factor in your income information from two years prior, which it will get from your 2021 federal income tax return, but it uses current asset information.2 Your income is the biggest factor in determining financial aid eligibility.

1) College Board, Trends in College Pricing and Student Aid 2022

2) U.S. Department of Education, 2022