The price of a college degree can vary widely by state. This is especially true in the wake of recent federal budget cuts. Often, states that invest more in public universities and financial aid can offer tuition at a lower price. At the same time, states spending less can often leave students facing higher costs and greater debt.
“College education is getting more and more difficult to afford, with cost increases well outpacing inflation,” says Chip Lupo, a Wallethub analyst. “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.”
WALLETHUB’S ANALYSIS
When you add the costs of a degree, housing, food, books, and other expenses, the total annual cost of attendance for a four‑year degree often exceeds $30,000 – $50,000, depending on the institution, shares Veera Korhonen from Statista.
Recently, Wallethub looked at the states where college is most and least affordable, assessing tuition, housing, and other student expenses in 49 states. Alaska was taken out of the running due to a lack of data. The percentages next to each state show how much of the median household incomes are allocated for one year of college expenses.
THE STATES WHERE HIGHER EDUCATION IS THE MOST EXPENSIVE
- Pennsylvania (72.48%)
- Rhode Island (71.16%)
- New York (68.33%)
- Massachusetts (62.22%)
- Illinois (61.88%)
- Vermont (60.38%)
- Connecticut (59.72%)
- Louisiana (57.80%)
- Oregon (57.76%)
- Ohio (57.00%)
THE STATES WHERE HIGHER EDUCATION IS THE LEAST EXPENSIVE
- Utah (27.69%)
- North Dakota (33.09%)
- Wyoming (34.58%)
- Hawaii (35.35%)
- Nevada (36.58%)
- South Dakota (37.12%)
- Maryland (37.62%)
- Colorado (39.67%)
- Delaware (39.85%)
- Idaho (39.89%)
Notable, the east coast featured five of the seven most expense states where education required the highest share of median household income. In contrast, eight of the ten least expensive state could be found west of the Mississippi River.
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