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Friday, November 1, 2024

Average cost of college went down for students in Madison County in 2022-23 school year

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Dr. Miguel Cardona (left), Secretary of Education and Cindy Marten, Deputy Secretary | https://www2.ed.gov/news/staff/bios/index.html

Dr. Miguel Cardona (left), Secretary of Education and Cindy Marten, Deputy Secretary | https://www2.ed.gov/news/staff/bios/index.html

College tuition fees fell 5.1% in Madison County in the 2022-23 school year, according to the latest disclosure from the National Center for Education Statistics.

Data shows that students paid $10,809 on average to attend higher education courses at the time, less than the $578 charged for the previous school year.

Among the two institutions in the county, Tougaloo College stood out with the highest tuition fees, reaching an average of $10,861. Wesley Biblical Seminary followed with an average of $9,000 per year.

At the time, at least $1.1 million in grants or scholarships were awarded to full-time undergraduates who started at the Madison County universities in the 2022-23 school year. Additionally, federal student loans reached more than $461,888.

Undergraduate education costs have seen a significant increase over the past few decades. Data shows a 169% rise in the average total cost, including tuition, fees, room, and board, between 1980 and 2020.

According to a 2023 College Board report, in-state students at public universities paid an average of $11,260, while out-of-state students paid $29,150 in the 2023-24 academic year.

Meanwhile, student loan debt has steadily increased over the last 30 years, reaching $1.75 trillion in 2024, averaging a total of $28,950 per borrower. Federal loans make up 92% of the debt, with over half of students at both public and private four-year colleges graduating with student loans.

Available data sometimes exceeds 100% due to rounding and administrative calculations.

Total Student Aid in Madison County Universities in 2022-23 School Year

InstitutionNumber of Students Receiving GrantsTotal Amount of Grants ReceivedAverage Amount of Grant Per StudentNumber of Students Receiving LoansTotal Amount of Loans ReceivedAverage Amount of Loans Per Student
Wesley Biblical Seminary------------
Tougaloo College109$1,109,098$10,17563$461,888$7,332

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