With the new academic year in full swing, college students and their parents might be wondering how tuition costs have gotten so out of control. In 2015, the average tuition at a private, nonprofit four-year college was $32,405, up significantly from $10,088 (in inflation-adjusted 2015 dollars) 30 years prior, according to the College Board.
Many college students will be financing their skyrocketing tuition through debt, adding to the existing $1.3 trillion in total student loans outstanding in the United States. On average, the 2015 college graduate who has student debt will have to pay back slightly more than $35,000, and future college graduates can expect student-loan indebtedness to increase.
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