Cost Confusion: Americans' Misconceptions of College Costs
Summary
College costs and concerns about affordability are persistent barriers for individuals eager to enroll and complete a postsecondary credential. Even though, on average, bachelor’s degree recipients earn over $1 million more than high school graduates, there is not always a positive return on investment. The price of college is a major factor for high school students considering higher education, especially those with fewer family resources. Nearly 4 in 5 U.S. adults say it would be difficult to pay for college, and 85 percent of adults who have never enrolled in college indicate costs were a moderately or very important factor. One-third of students who paused or left school without completing their degree also cite the cost of college as the primary reason, with that number increasing to nearly 60 percent for some students in the most financially precarious positions.
In November 2024, Strada commissioned a nationally representative survey of 2,004 adults to better understand Americans’ views on college affordability and the role of public funding in higher education. Because the price of college varies considerably across two- and four-year colleges and public, private nonprofit, and private for-profit institutions, and the fact that most students attend public institutions, we specifically asked respondents about the costs associated with both two- or four-year public colleges. This brief provides an overview of findings from this survey.
Seventy-seven percent of adults believed college is unaffordable.
Sixty-five percent of adults indicated that regardless of how motivated a student is, college is prohibitively expensive.
A majority of individuals believed the cost of community college and public four-year institutions is too high, and supported increasing public spending on postsecondary education and financial aid programs.
Most people significantly overestimated the cost of both public two- and four-year institutions.
Individuals with a high school diploma or less have the least accurate perceptions of college costs, and are more likely either to dramatically overestimate or underestimate the cost of college.
Highlights from the report
Americans Think College is Unaffordable
Seventy-seven percent of Americans indicated that college is not affordable. This figure closely aligns with 2022 polling in which 77 percent of adults said it would be “difficult” to pay for college. Considering 4 in 10 high school graduates do not immediately enroll in college and only 54 percent of U.S. adults aged 25-64 have a postsecondary credential, a lack of transparency and understanding about the actual cost of obtaining a postsecondary credential may be preventing some individuals from seeking an education beyond high school.
Figure 1: How affordable is it to attend college?
Americans Overestimate the Cost of Public Universities and Colleges
Americans’ perceptions about affordability have implications for both two- and four-year institutions. Although two-year community colleges traditionally have been viewed as a more affordable option for a postsecondary education, two-thirds (66 percent) of respondents indicated that even the cost of community college is too high or much too high. An even greater majority (85 percent), believed public four-year institutions cost too much.
Figure 2: Thinking specifically about public universities and colleges, which best describes the cost a student pays?
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