A new study shows college costs have declined in the past decade across the country.
According to a recent study by the nonprofit College Board, students at public universities are now paying considerably less.
Executive Director Barry Fick with the Minnesota Higher Education Facilities Authority says when it comes to the trend in Minnesota, recent decisions from the legislature have made college cheaper.
"With the North Star promise that the legislature put in place, it has been very helpful in giving students opportunities to access schools," says Fick. "So to the extent the legislature maintains the support they have traditionally provided for public institutions, that will also help."
The shift in cost comes at a time when many young Americans are questioning the value of a higher education, with the college enrollment rate for recent U.S. high school graduates falling to just 61% in 2023.
Despite that, data shows public universities have steadily brought down tuition rates over the last 10 years. Fick says the cost of running those schools has also gone down during that time.
"We've seen a bit of a trend of lower costs," he explains. "We certainly have seen a significant trend in stabilization, so the increases are not nearly as much as they were a few years ago. A lot of schools will have capital campaigns where they ask donors to provide them gifts, and then they turn around and use those to enhance the scholarship money that's available for students."
Fick says despite all this data showing declines in pricing, tuition at private colleges remain relatively expensive.