(LEX 18) — College students across the country are heading back to class, and one thing is top-of-mind: the price tag.
As freshmen at the University of Kentucky and their families arrived on campus on Monday morning, there was a mix of excitement and anxiety in the air.
Big Blue Move-In is the culmination of a lot of big, difficult decisions for students. Many of whom, had to choose between several schools before ultimately deciding UK was the best fit.
The deciding factor for some was the cost.
"That was one of the reasons I stayed in state," said Mary Vonderhaar as she loaded up a cart to take into her new dorm
It was a tough decision between UK and an out-of-state private university. Ultimately, she found scholarships and financial aid were more beneficial in Lexington.
For Alaysia Bumpers, an incoming freshman from New Jersey, the decision-making process was similar.
"It gave me the most scholarships and financial aid, so that's what brought me here," she said.
In the last 30 years, the cost of public, four-year college has more than doubled.
According to a 2023 report from the College Board, full-time tuition cost undergraduates $11,260 on average.
Kate Wood, a lending expert at NerdWallet, said on average, tuition prices are actually leveling out after years of steep increases.
"One point that might be kind of surprising is that higher education costs, which were ramping up really rapidly in the pretty recent past, have actually slowed down overall over the last couple of years. But that doesn't mean that college isn't still extremely expensive," Wood said.
This year, UK raised its full-time undergraduate tuition 2.2%.
The University of Louisville made a similar increase of 2.4%.
Despite the tuition increases, tuition is still on the rise at UK.
UK President Eli Capilouto discussed the price on Monday during Big Blue Move-In.
"Our students, I can tell, are careful shoppers. They carefully consider their choices, and I'm glad more and more make the University of Kentucky a first choice," he said.
This year, the university put increased focus on financial aid, adding $175 million in funding to help students with the cost of attendance.
But between the cost of tuition, books, and housing, NerdWallet estimates that the average American student will graduate with $37,000 in debt.
Luckily, there are some ways to keep that number down.
In high school, families should make sure to find and apply for relevant scholarships.
"You might find scholarships that are based on interests on field of study, on location, all kinds of different criteria that's free money that you don't need to pay back," Wood said.
She also advised current students to only take out loans that are absolutely necessary.
"If you're borrowing more than you actually need, yeah, you're giving current you cash on hand, but you're also sticking future you with a bunch of debt," she said.
The beginning of an educational journey means the beginning of a spending one, but going to college doesn't have to mean breaking the bank.
