College tuition has become even more costly over the years as tuition rates continue to rise, forcing more students into debt.
During the fourth quarter of 2023, student loan balances stood at $1.6 trillion, according to data from the New York Federal Reserve.
The Council on Foreign Relations noted student debt has more than doubled over the past two decades. The other issue is students are borrowing even more as costs to attend both public and private universities across the U.S. have grown.
GOBankingRates looked into how much college costs have risen in each state. To do so it analyzed each state’s average college tuition costs for each school year starting with 2013-2014 through 2021-2022.
To find the school costs for the previous eight years, it relied on the National Center for Education Statistics’ Digest of Education Statistics.
A view of Wellesley College campus. (Jessica Rinaldi/The Boston Globe via Getty Images / Getty Images)
GOBankingRates determined that the cost of tuition for private institutions surged more than $22,000 in Iowa, which marked the largest eight-year increase of all 50 states.
The costs in Oregon, Rhode Island and Massachusetts all rose over $17,000. Vermont, which saw costs rise over $16,000, rounded out the top five states with the largest private college tuition increases.
For public universities, Connecticut, Vermont, Massachusetts, Virginia and Alaska had the largest eight-year increases with costs rising over $6,000 in each respective state.
These annual costs include tuition and fees as well as room and board.
Davenport College at Yale University on September 28, 2022 in New Haven, CT. (Stan Godlewski for The Washington Post via Getty Images / Getty Images)
2013: The average total cost was $24,517
2022: The average total cost jumped to $47,150.
That's a 48% change.
2013: The average total cost was $51,481.
2022: The average total cost jumped to $67,953.
That's a nearly 25% change.
Oregon’s average private college costs were
2013: The average total cost was $42,383
2022: The average total cost jumped to $60,038
That's a nearly 30% change.
2013: The average total cost was $46,704
2022: The average total cost jumped to $64,025.
That's about a 27% change.
2013: The average cost was $47,908.
2022: The average total cost jumped to $64,274.
That's about a 25% change.
2013: The average cost was $15,693.
2022: The average total cost jumped to $22,063
That's about a 28.9% change.
2013: The average cost was $21,638.
2022: The average total cost jumped to $28,816.
That's a nearly 25% change.
College students celebrate during their graduation ceremony. (iStock / iStock)
2013: The average cost was $21,814.
2022: The average total cost jumped to $28,572.
That's a nearly 24% change.
2013: The average cost was $24,071.
2022: The average total cost jumped to $30,921.
That's a more than 22% change.
2013: The average cost was $19,845 annually.
2022: The average total cost jumped to $26,507
That's a roughly a 25% change.