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Saturday, November 23, 2024

Average cost of college went up for students in Lyon County in 2022-23 school year

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Kumara Jayasuriya President | Southwest Minnesota State University

Kumara Jayasuriya President | Southwest Minnesota State University

College tuition fees rose 6.7% in Lyon County in the 2022-23 school year, according to the latest disclosure from the National Center for Education Statistics.

Data shows that students paid $10,122 on average to attend Southwest Minnesota State University courses at the time, $640 more than the previous school year.

For comparison, Minnesota universities charge students an annual average of $16,291 per year.

At the time, a total of $2.2 million in grants or scholarships were awarded to full-time undergraduates who enrolled in the university. Additionally, federal student loans reached $1.3 million.

Currently, there are 6,518 students enrolled in Southwest Minnesota State University.

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 Southwest Minnesota State University 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
Southwest Minnesota State University290$2,161,934$7,455175$1,334,704$7,627

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