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College costs up slightly but student loan borrowing declines

Graduate in cap and gown holding a clear piggy bank with coins.

November 1, 2022

The cost of college increased only slightly in recent years while borrowing and student loan debt amounts declined, according to new reports from the College Board.

In its recently released annual Trends in Higher Education Reports, the College Board examined college cost and student aid for the previous two years.

According to the reports,more institutions of higher education raised tuition and fees for the 2022-2023 school year than in the previous two years. (Many institutions put a freeze on tuition during the pandemic.) However, the increases were historically low at public institutions (1.8 percent), and moderate at private non-profit four-year institutions (3.5 percent).

In addition, the College Board found that borrowing and student loan debt continues to decline, with grant aid continuing to make up a greater portion of financial aid to students. According to the College Board, this was the tenth consecutive year in which borrowing has declined.