If you have a high school student that dreams of going to college, then you're acutely aware that achieving that dream can be expensive –often very expensive.
Between 1980 and 2020, the average price of tuition, fees, and room and board to earn an undergraduate degree increased by 169%, with the average annual cost rising to $36,436 for the 2022-2023 academic year. Considering that the real median household income in the United States in 2022 was $76,330, the cost of college seems painfully out of reach for many families.
College offers many benefits, though, including gaining the knowledge and skills for a lifelong career, meeting new people, and exploring new ideas. College graduates also make more money over their lifetime than people who forego college.
For many, the benefits of going to college make the high cost of tuition a worthwhile investment.