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Wednesday
Oct232013

Average Cost of In-State Tuition Up 2.9%; Smallest Jump in 30 Years

iStock/Thinkstock(NEW YORK) -- While it may come as no surprise, the average cost of college tuition and fees is going up again.  But, according to a new findings from the College Board, the increase is the smallest bump in 30 years.

In its annual "Trends in College Pricing" report, the College Board says tuition and fees for in-state students at public four-year colleges and universities is up 2.9 percent this year. That's down from 4.5 percent last year and 8.5 percent in 2011.

Yet, while tuition costs aren't rising as dramatically as before, neither is financial aid -- especially from the federal government.

The College Board points out, "While rapid increases in federal grant aid have made tuition increases less painful in recent years, that trend has not continued.  The grant aid students receive from federal and state governments and from their institutions is no longer growing fast enough to keep net prices from increasing."

"As a result, the net price students actually pay for college -- after accounting for grant aid and tax breaks -- is rising even though the rapid increase in the published price for college has begun to slow," it adds.

Copyright 2013 ABC News Radio