College tuition has fallen significantly at many schools

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The cost of college keeps spiraling ever higher, right? Not necessarily. New research indicates students are paying significantly less to attend public universities than they were a decade ago. And tuition increases at private colleges have finally slowed after years of hefty rises. Figures compiled by the nonprofit College Board indicate the average student attending an in-state public university this year faces a tuition bill of $11,610, which is down 4% from a decade earlier when taking inflation into account. But the real savings come in what the average student actually pays after getting grants and financial aid. That's down 40% over the decade, from $4,140 to $2,480 annually, according to the data. That reduced cost means less borrowing. Just under half of students attending in-state public universities are graduating with some debt, down from 59% a decade earlier, according to the College Board figures. And among those who do borrow, the average loan balance has fallen by 17% to $27,100. Meanwhile, at private colleges, tuition continues to rise, but at a much slower rate. It has increased 4% over the past decade, when taking inflation into account, to an average of $43,350, according to the College Board. That's a big change from the two decades prior when tuition increased 68%. Costs are coming down as Americans question whether college is worth the price. Surveys find that Americans are increasingly skeptical about the value of a degree, and the percentage of high school graduates heading to college has fallen to levels not seen in decades, according to data from the U.S. Bureau of Labor Statistics. Yet research still finds that, over time, a degree pays off. Americans with a bachelor's degree earn a median of $2.8 million during their careers, 75% more than if they had only a high school diploma, according to research from Georgetown University's Center on Education and the Workforce. This article was provided by The Associated Press.