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Saturday, November 23, 2024

Average cost of college education in Knox County rises for students in 2022-23 school year

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David R. Harris President | David R. Harris President

David R. Harris President | David R. Harris President

College tuition fees rose 3.8% in Knox County in the 2022-23 school year, according to the latest disclosure from the National Center for Education Statistics.

Data shows that students paid $30,946 on average to attend Union College courses at the time, $1,125 more than the previous school year.

For comparison, Kentucky universities charge students an annual average of $14,085 per year.

At the time, a total of $4.8 million in grants or scholarships were awarded to full-time undergraduates who enrolled in the university. Additionally, federal student loans reached $835,230.

Currently, there are 724 students enrolled in Union College.

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 Union College 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
Union College195$4,813,409$24,684141$835,230$5,924

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