Skyrocketing costs are making college less appealing for some young adults
In 2000, the average cost of an American home was $119,600, according to statistics by the U.S. Census Bureau. Add $188,058, and you have the average cost of a four-year college education in the U.S. in 2024 — $307,658.
Tuition inflation is a leading cause of why both men and women are deciding against a college degree. A recent Pew Research Center report found that since 2011 — when college enrollment was at its peak — college enrollment had gone down by 1.2 million in 2022, and that number has dropped since. The study also noted that men are much likelier to not attend college than their female counterparts, but “men and women were about equally likely to say that not being able to afford a four-year degree was a major reason why they hadn’t completed college.”
Self Financial ranked the top four colleges in each state across the country, analyzing their four-year degree and associated living costs to determine the least and most affordable high education institutions.
Top five most expensive universities after four years:
Columbia University — $514,442.
New York University — $497,402.
Georgetown University — $472,817.
Harvard University — $472,027.
California Institute of Technology — $458,330.
Top five least expensive universities after four years:
BYU-Idaho — $138,528.
Western Governors University — $143,591.
Minot State University — $151,572.
Purdue University-West Lafayette — $154,952.
New Mexico State University — $155,304.
Utah’s second-most affordable college was Brigham Young University in Provo, which had the eighth-lowest four-year tuition in the country.
Salt Lake City-based Western Governors University provides a unique experience to higher education. The fully online, nonprofit private university offers competency-based education, meaning it’s not credit-based.
“Competency units (are) where the student is taught, practiced and then demonstrates the competency that they are needing to learn,” Ismar Vallecillos, the regional director for WGU, overseeing university operations in Utah and eight other states, told the Deseret News.
This type of education layout allows students to move forward in their courses as soon as they demonstrate mastery of the material rather than waiting for the end of a semester or term.
“So the advantage with that is that if a student comes to us with prior knowledge or competencies, then they will be able to move a lot faster through these courses that they already know the information on if they don’t know something, as soon as they demonstrate competency, they move on,” Vallecillos added.
The average cost of tuition for a bachelor’s degree at WGU in 2023 was $12,138, $167 lower than the previous year. Because the university is a private nonprofit, it answers to zero shareholders regarding profit.
“If there’s no need to raise tuition, we won’t,” Vallecillos said. “There’s no increase set for every single year. It is on a needs basis as the departments and the different schools expand their programs, you know, develop these programs, and that’s why you see this drop, is that there’s adjustments between colleges based on what we need to sustain our university.”
What factors set a college’s tuition?
Whether a university is private or public can affect its annual tuition and fees. A public university means it receives the majority of funding from the state government, while private schools rely heavily on student tuition and donations. A private college’s tuition is the same price for both in and out-of-state students.
The College Board reported the average yearly costs comparing private versus public for the 2023-24 school year:
Public four-year in-state: $11,260 (2.5% increase year-over-year).
Public four-year out-of-state: $29,150 (3.05% increase year-over-year).
Private four-year nonprofit: $41,540 (4.0% increase year-over-year).
“For 2023-24, Utah has the fourth lowest public tuition and fees at public 4-year institutions,” Geoffrey T. Landward, the commissioner of higher education for the Utah System of Higher Education, told the Deseret News in an email. “Utah benefits from substantial state funding for higher education, which helps keep tuition rates relatively low. The state’s commitment to investing in education reduces the financial burden on students and their families, helping to keep costs down for students.”
He added that Utah is taking “proactive steps” to manage future higher education costs and ensure cost-effectiveness.
“The state focuses on retaining skilled talent and aligning workforce demands with educational programs, ensuring students acquire skills and degrees that provide significant returns in the job market,” Landward said.
The state higher ed system “is also expanding the use of shared services across institutions to manage costs more effectively. By consolidating administrative, institutions can reduce redundancies and achieve economies of scale, further helping to keep tuition affordable for students.”
