It costs more to attend college in Pennsylvania than any other state, according to a recent study, while Maryland is relatively inexpensive.
Pursuing higher education correlates with higher future earnings, but it’s also becoming progressively more expensive. For example, the cost of attending a four-year public college has risen on average by 30% just over the past 20 years, the study from financial company WalletHub says.
Going to college is much more affordable in some states than others, though. To determine where education is the most and least expensive, WalletHub analyzed the price of in-state undergraduate tuition, room and board and other college costs in 49 states, then compared the total to the median household income.
Pennsylvania residents spend the most money on education: an average of $55,144 per year. This includes in-state tuition and fees for a full-time undergraduate degree, on-campus room and board, books and supplies, and other campus expenses.
The median household income in Pennsylvania is $76,081. That means a year of public college accounts for about 72.5% of the median household income, the highest percentage in the country. Of course, many people’s families won’t be shelling out anywhere near this percentage of their income each year – they will dip into savings, take out loans, or both.
Maryland, on the other hand, ranks 43rd, meaning a college education there is more affordable at 37.62% of median income.
“College education is getting more and more difficult to afford, with cost increases well outpacing inflation,” said WalletHub analyst Chip Lupo. “As a result, people have been forced to take out more and more loans, with the average student loan debt now standing at nearly $42,000. The good news is that living in certain states and attending a school with in-state tuition can greatly defray the cost of undergraduate education, minimizing the amount students need to borrow.”
No matter where you live or how expensive education is in your state, one of the keys to affording higher education is careful budgeting. Parents should ideally budget a significant amount of money toward their children’s future education each year in order to take advantage of compounding returns. People in college also need to skillfully budget their limited income to stretch as far as possible so they can minimize the need for loans.
The link to the full study is at https://wallethub.com/edu/states-where-college-education-costs-the-most-least/145825.
