Veera Korhonen
Research expert covering United States data for society
Colleges and universities in the United States - Statistics & Facts
Coming in third place for having the most universities worldwide, the United States boasts more top-ranked higher education institutions than any other country; out of the 30 top ranked universities in 2023, the United States had 20 different schools on the list. Consequently, it is unsurprising that the American public has become increasingly educated. Since the 1960s, college graduation rates have gone up significantly, with more Bachelor’s degrees, Master’s degrees, and doctoral degrees being awarded each year, and projections estimate that almost five million higher education degrees will be earned annually in the U.S. by 2032. The majority of degrees in the United States are granted by public institutions, run by U.S. states or territories. However, private universities also grant a fair share of Bachelor's and Master's degrees, though students should expect to pay a higher tuition price. Students may also choose to earn an Associate’s degree, a two-year degree usually offered at community colleges, to obtain vocational training or prepare for transfer to a four-year school. In the U.S., more women than men are now awarded Associate’s degrees, a reversal from trends reported in 1970.
Attending public institutions, such as state schools or community colleges, is often considered a more affordable option for Americans due to lower tuition costs. Public universities also typically offer a greater variety of degree programs, have a larger student body, and provide extensive research facilities as a result of government funding. In comparison, private universities may be beneficial for students looking for smaller schools offering a more personalized college experience and unique programs that focus on specialized fields. Private universities are also more likely to have the funds to offer generous financial aid due to their large endowment funds, which may help offset tuition costs for some students. According to a 2022 survey, however, private, for-profit universities were perceived to be the most unaffordable type of higher education in the United States, while community or two-year colleges were seen as the most affordable.
Studies have shown that students attending Princeton University, ranked as the best university in the United States in 2023, could expect to pay annual tuition and fees of 59,710 U.S. dollars, while the most expensive colleges in the U.S. have been reported to have annual costs exceeding 75,000 U.S. dollars a year. However, the average cost to attend any university in the U.S. has risen in recent years and even public universities now receive the most revenue from tuition and fees charged to students. As a result, debates remain on whether U.S. higher education is really worth the price and whether having to take out student loans to afford college is really worth the risk. Studies have found that the high cost of college in the U.S. has already caused American students to owe around 1.76 trillion U.S. dollars in student loan debt as of 2022, with many of those students admitting that they cannot afford to make future payments towards their student loans.
Public or private?
Attending public institutions, such as state schools or community colleges, is often considered a more affordable option for Americans due to lower tuition costs. Public universities also typically offer a greater variety of degree programs, have a larger student body, and provide extensive research facilities as a result of government funding. In comparison, private universities may be beneficial for students looking for smaller schools offering a more personalized college experience and unique programs that focus on specialized fields. Private universities are also more likely to have the funds to offer generous financial aid due to their large endowment funds, which may help offset tuition costs for some students. According to a 2022 survey, however, private, for-profit universities were perceived to be the most unaffordable type of higher education in the United States, while community or two-year colleges were seen as the most affordable.
Is college still worth the cost?
Studies have shown that students attending Princeton University, ranked as the best university in the United States in 2023, could expect to pay annual tuition and fees of 59,710 U.S. dollars, while the most expensive colleges in the U.S. have been reported to have annual costs exceeding 75,000 U.S. dollars a year. However, the average cost to attend any university in the U.S. has risen in recent years and even public universities now receive the most revenue from tuition and fees charged to students. As a result, debates remain on whether U.S. higher education is really worth the price and whether having to take out student loans to afford college is really worth the risk. Studies have found that the high cost of college in the U.S. has already caused American students to owe around 1.76 trillion U.S. dollars in student loan debt as of 2022, with many of those students admitting that they cannot afford to make future payments towards their student loans.
Veera Korhonen
,
Jul 3, 2024
Veera Korhonen
Research expert covering United States data for society
