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Cost of College: The Price Tag of Higher Education and Its Effect on Enrollment

For many Americans, postsecondary education is expensive. While the net cost students pay is typically much less than the sticker price, many students -- nearly one in four undergraduates -- still need to take out loans to pay for their higher education.

The latest Lumina Foundation-Gallup State of Higher Education 2024 study shows concerns about college affordability are top of mind for Americans.

This national survey focuses on currently enrolled postsecondary students, previously enrolled students who did not complete their degree and those who never enrolled in education after high school to better understand their experiences with and attitudes toward postsecondary education.

The report finds that cost is a major perceived barrier to obtaining a postsecondary credential. However, despite concerns about cost, few understand the actual price of higher education -- specifically, the price of obtaining a bachelor's degree.

Cost of College: The Price Tag of Higher Education report cover
 
Featured Report

Cost of College: The Price Tag of Higher Education and Its Effect on Enrollment

For many Americans, postsecondary education is expensive. While the net cost students pay is typically much less than the sticker price, many students -- nearly one in four undergraduates -- still need to take out loans to pay for their higher education.

The latest Lumina Foundation-Gallup State of Higher Education 2024 study shows concerns about college affordability are top of mind for Americans.

This national survey focuses on currently enrolled postsecondary students, previously enrolled students who did not complete their degree and those who never enrolled in education after high school to better understand their experiences with and attitudes toward postsecondary education.

The report finds that cost is a major perceived barrier to obtaining a postsecondary credential. However, despite concerns about cost, few understand the actual price of higher education -- specifically, the price of obtaining a bachelor's degree.

Cost of College: The Price Tag of Higher Education report cover
 

Results for the Lumina-Gallup study are based on web surveys conducted from Oct. 9-Nov.16, 2023, with samples of 6,015 students who are currently enrolled in a postsecondary education program (certificate, associate or bachelor’s degree), 5,012 adults who were previously enrolled in a postsecondary education program but had not completed an associate or bachelor’s degree, and 2,943 adults who had never enrolled in a postsecondary education program.

All respondents were between the ages of 18 and 59 and had a high school diploma or equivalent but not an associate or bachelor’s degree.

For analysis conducted in the report, the population of respondents was limited to the 6,934 who are currently enrolled in an associate or bachelor’s degree program or who have considered pursuing either an associate or bachelor’s degree within the past two years. Of these respondents, 2,532 are enrolled in a bachelor’s degree program, 1,636 are enrolled in an associate degree program, 1,456 have considered a bachelor’s degree program, and 1,968 have considered an associate degree program; respondents may be included in multiple categories.

Respondents were interviewed via Dynata’s non-probability web-based panel.

77% of U.S. adults cannot estimate the annual net cost of a bachelor's degree from a public college within $5,000 of the actual cost
71% of U.S. adults who have taken out student loans report having delayed at least one significant life event because of their student loan debt
56% of never-enrolled and previously enrolled adults say cost is a "very important" reason why they have not enrolled or reenrolled in postsecondary education
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