Trends in College Pricing and Student Aid Report: Published Tuition Prices at Public Institutions and Annual Federal Borrowing Increase by Less than 1% Beyond Inflation

College Board

• November 6, 2025

College Board's 2025 Trends in College Pricing and Student Aid report, released today, shows since last year average published in-district and in-state tuition and fees increased by less than 3% at public two-year and public four-year colleges and by 4% at private nonprofit four-year colleges, before adjusting for inflation. Total annual borrowing increased slightly, while federal Pell Grants increased for the second year in a row. Average student debt levels of bachelor's degree recipients continued to decline.

In 2024-25, a total amount of $173.7 billion in grant aid supported postsecondary students, reflecting a one-year increase of 5.4% after adjusting for inflation. This increase was largely driven by Pell Grant aid, which increased by 19% over the previous year. The number of Pell Grant recipients also increased by 14%, from 6.4 million to 7.3 million students.

"Grant aid reduces the actual cost of attending college and helps ease some of the financial strain on students and families," said Jessica Howell, College Board's vice president of research. "Expanding Pell Grants is an important step toward improving college access and affordability, unlocking more opportunities for students as they pursue their college and career goals."

In 2024-25, a total amount of $88.7 billion in federal loans was disbursed, an increase of $500 million from 2023-24, after adjusting for inflation. In 2024-25, total federal loans borrowed by graduate students increased over the previous year, while undergraduate students' total federal loans borrowing declined.

"The 2024-25 school year marks the first year-over-year increase in annual borrowing in the last 14 years," said Matea Pender, senior policy research scientist at College Board and coauthor of the report. "Between 2023-24 and 2024-25, total annual education borrowing from federal and nonfederal sources combined increased by 1.2%, after adjusting for inflation."

In 2025-26, average tuition and fees increased by 2.7% for in-district students at public two-year colleges, by 2.9% for in-state students at public four-year institutions, and by 4.0% for students at private nonprofit four-year institutions, before adjusting for inflation. After adjusting for the 2.6% inflation between the first eight months of 2024 and 2025, average published tuition and fees increased by less than 1% in the public sectors and by 1.4% in the private nonprofit four-year sector.

"Over the last 10 years, average tuition and fees in the public sectors increased less than inflation," said Jennifer Ma, executive research scientist at College Board and coauthor of the report. "In the last decade, the average published tuition and fees declined in the public sectors and increased by 2% in the private four-year sector, after adjusting for inflation."

Key College Pricing Findings

Published Prices-Sticker Prices Institutions Charge

• Average published tuition and fees for full-time in-state students at public four-year colleges and universities increased by 2.9% ($340) before adjusting for inflation, from $11,610 in 2024-25 to $11,950 in 2025-26. At the state level, average 2025-26 in-state tuition and fees in this sector range from $6,360 to $18,090. (Table CP-1, Figure CP-6)
• Average published in-district tuition and fees at public two-year colleges increased by 2.7% ($110) before adjusting for inflation, from $4,040 in 2024-25 to $4,150 in 2025-26. At the state level, average 2025-26 in-district tuition and fees in this sector range from $1,440 to $8,900. (Table CP-1, Figure CP-5)
• Average published tuition and fees at private nonprofit four-year institutions increased by 4.0% ($1,750) before adjusting for inflation, from $43,250 in 2024-25 to $45,000 in 2025-26. (Table CP-1)
• In 2025-26, average budgets for full-time undergraduate students range from $21,320 for public two-year in-district students to $65,470 for private nonprofit four-year students. At public four-year institutions, average budgets are $30,990 for in-state students and $50,920 for out-of-state students. (Figure CP-1)

Net Prices-What Students Pay After Grant Aid and Scholarships

• Average net prices are calculated as the differences between published prices and average grant aid received by first-time full-time students, including those who did not receive grant aid. In 2022-23, 76% of public two-year, 79% of public four-year, and 87% of private nonprofit four-year first-time full-time undergraduate students received federal, state, or institutional grant aid. (Pages 17-19)
• In 2025-26, first-time full-time students at public two-year colleges need to cover an estimated average of $9,660 in housing and food after grant aid, in addition to another $6,320 in allowances for books and supplies, transportation, and other personal expenses. (Figure CP-8)
• After adjusting for inflation, the average net tuition and fees paid by first-time full-time in-state students enrolled in public four-year institutions peaked in 2012-13 at $4,450 (in 2025 dollars) and declined to an estimated $2,300 in 2025-26. (Figure CP-9)
• After adjusting for inflation, the average net tuition and fees paid by first-time full-time students enrolled in private nonprofit four-year institutions declined from $19,810 (in 2025 dollars) in 2006-07 to an estimated $16,910 in 2025-26. (Figure CP-10)

Institutional Finances

• In 2023-24, state and local funding per student for public higher education at the national level was $11,680, about the same as in 2022-23, after adjusting for inflation. State and local funding per student ranged from $5,510 in New Hampshire and $5,940 in Vermont to more than $20,000 in Connecticut, Hawaii, Illinois, and Alaska. (Figures CP-11B and CP-12)
• Between 2017-18 and 2022-23, all public and private sectors saw increases in federal appropriations and government grants and contracts per student. Some of the increases can be attributed to the federal covid-19 relief funds for colleges and universities. (Figures CP-13 and CP-14)
• Between 2017-18 and 2022-23, inflation-adjusted per-student education and related expenditures declined at public doctoral institutions and at private nonprofit doctoral and master's institutions and increased at other types of institutions. (Figure CP-15)
• In 2022-23, the average endowment per student at the top 20% of private doctoral universities (ranked by endowment per student) was $664,600. In comparison, the median endowment per student across all institutions in this sector was $39,300. (Figure CP-16)

Enrollment

• Total postsecondary enrollment rebounded in fall 2023 after three years of declines during covid-19. Enrollment grew by 455,000 (2%)-from 18.5 million to 18.9 million between fall 2022 and fall 2023. (Figure CP-18)
• Between fall 2015 and fall 2023, the combined share of Black, Hispanic, and Native students increased in public and private nonprofit four-year sectors across selectivity levels as defined by admission rates. This increase is mainly driven by the growth in the share of Hispanic students over time, consistent with the increase in the share of Hispanic high school graduates. (Figure CP-21)

Key Student Aid Findings

Total Aid and Total Aid per Student

• In 2024-25, undergraduate and graduate students received $275.1 billion in grants from all sources, Federal Work-Study (FWS), federal loans, and federal tax benefits. In addition, students borrowed an estimated $13.9 billion from nonfederal sources. (Table SA-1)
• In 2024-25, undergraduate students received an average of $16,810 per FTE student in financial aid: $12,080 in grants, $3,790 in federal loans, $850 in education tax benefits, and $90 in FWS. (Figure SA-1, Table SA-3)
• In 2024-25, graduate students received an average of $29,160 per FTE student in financial aid: $10,960 in grants, $17,710 in federal loans, $430 in tax benefits, and $60 in FWS. (Figure SA-1, Table SA-3)

Student Debt

• As of June 2025, 32% of borrowers owed less than $10,000 and 21% of borrowers owed between $10,000 and $20,000 in federal loan debt. These borrowers held 4% and 8% of the outstanding federal debt, respectively. (Figure SA-10)
• In 2023-24, 47% of bachelor's degree recipients from public and private nonprofit four-year colleges and universities graduated with debt and the average debt level among borrowers was $29,560; 10% graduated with private loan debt with an average private loan debt level of $42,170; 46% graduated with federal loan debt with an average debt level of $20,460. (Figures SA-14A and SA-14B)

Grant Aid

• In 2024-25, the total amount of grant aid supporting postsecondary students was $173.7 billion, a one-year increase of 5.4%, after adjusting for inflation. This is the largest one-year increase in grant aid since 2010-11. (Figure SA-5)
• Pell Grant expenditures peaked in 2010-11 at $51.3 billion (in 2024 dollars). Between 2022-23 and 2024-25, the number of Pell Grant recipients increased by 22% and total Pell Grant expenditures increased by 32%, after adjusting for inflation. (Figure SA-17A)
• Between 2014-15 and 2024-25, institutional grant aid rose by 24% after adjusting for inflation, reaching a total of $85.1 billion in 2024-25. Institutional grants accounted for 49% of all grant aid for undergraduate and graduate students in 2024-25. (Figure SA-5)
• Between 2013-14 and 2023-24, average state grant aid per FTE undergraduate student increased from $920 to $1,280 in 2023 dollars. In 2023-24, average state grant aid per FTE undergraduate student ranged from under $200 in six states to over $2,000 in nine states. (Figures SA-19A and SA-20A)

Annual Borrowing

• After declining by 38% over 13 years, from $163.9 billion (in 2024 dollars) in 2010-11 to $101.4 billion in 2023-24, total annual student and parent borrowing for postsecondary education increased to $102.6 billion in 2024-25 (1.2% increase). Average federal loans per student peaked in 2010-11 for both undergraduate and graduate students. Average federal loans per FTE undergraduate student declined to $3,790 in 2024-25, from a peak of $7,470 (in 2024 dollars) in 2010-11. Average federal loans per FTE graduate student declined to $17,710 in 2024-25, from a peak of $24,580 in 2010-11. (Figures SA-1 and SA-6)

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