Paying for a college education isn’t cheap for anyone, especially if student loans are required to cover costs. But the state a student lives in is a bigger factor than some may think when determining the costs they face, particularly when it comes to college credits.
In fact, where you live could as much as quadruple your college costs, according to our latest study. In it, we compare the average tuition costs in each state to see where students are paying the least — and the most —for their college credits.
So which states offer their students the cheapest college tuitions? Well, in order to find the best college for students looking to limit costs, here’s an in-depth look at which states give college students the best (and worst) bang for their buck.
Public colleges that are the most (and least) affordable
When it comes to getting an affordable college degree, the low costs of public colleges can’t be beaten. Throughout the country, we found that in-state tuition at public colleges offered significant savings compared to private or for-profit options within the state.
Essentially, the costs of higher education at public colleges and universities are subsidized by states. That’s because each state runs its own public college system.
Yet, some public college systems are inevitably more expensive than others. To see where in-state students get the best deal, we averaged the cost-per-credit across all public two-year and four-year colleges in each state.
Scroll over our map below to see how your state measures up.
10 states where public college credits are the cheapest
Among the 10 cheapest public colleges, the cost difference is significant. Overall, a 120-credit four-year degree costs $20,400 or less for students.
Here are the states with the lowest average costs-per-credit at public colleges. Per credit amounts are rounded to the nearest whole number:
- New Mexico: $113 per credit
- California: $120 per credit
- Wyoming: $122 per credit
- North Carolina: $140 per credit
- Florida: $160 per credit
- Mississippi: $162 per credit
- Arizona: $165 per credit
- Montana: $167 per credit
- Arkansas: $169 per credit
- Texas: $170 per credit
New Mexico and California top the list by having the cheapest credits at two-year community colleges. These are $67 and $52 per credit, respectively.
Additionally, Florida and Wyoming have the lowest tuitions among four-year public colleges with an approximate average credit cost of $170 and $194.
10 states where public college credits cost more
Then there are the states that charge the highest tuitions at their public colleges. Within these 10 states, you won’t get a four-year degree of 120 credits for less than $32,860.
Here are the states that carry the highest costs-per-credit in the nation. Per credit amounts are rounded to the nearest whole number:
- Vermont: $466 per credit
- Pennsylvania: $435 per credit
- New Hampshire: $388 per credit
- Rhode Island: $334 per credit
- Indiana: $311 per credit
- New Jersey: $311 per credit
- Massachusetts: $287 per credit
- South Carolina: $286 per credit
- Virginia: $283 per credit
- Minnesota: $274 per credit
Ultimately, students in these states will pay significantly more for their undergraduate degrees.
What’s more, students who attend a public college in the priciest state, Vermont, will pay four times more per credit than in the cheapest state, New Mexico. At an average of $466 per public college credit, Vermont students face a whopping $55,920 bill for their four-year public college education.
Additionally, New Hampshire, Pennsylvania, New Jersey and Vermont are the only states where the cost of a credit earned at a four-year public college exceeds $500. New Hampshire and Vermont also carry the highest cost per credit at local community colleges, at $291 and $245, respectively.
Private colleges that offer the most (and least) expensive credits
Yet, the highest costs per-credit for public colleges don’t hold a candle to private school ones. And when you consider the fact that students need at least a 120 college credits to graduate usually, the costs add up.
10 states where private college credits cost the most
Here are the states with the highest costs-per-credit for private colleges in the country. Per credit amounts are rounded to the nearest whole number:
- Rhode Island: $1,436
- Massachusetts: $1,338
- Vermont: $1,302
- Connecticut: $1,184
- New Hampshire: $1,134
- Maine: $1,108
- Pennsylvania: $1,026
- New Jersey: $1,008
- Maryland: $1,000
- Oregon: $983
10 states where private college credits cost the least
And just for comparison’s sake, let’s take a look at the top 10 states with the cheapest costs per-credit among private colleges. Per credit amounts are rounded to the nearest whole number:
- North Dakota: $470
- Hawaii: $582
- Alaska: $583
- Mississippi: $593
- Utah: $626
- Arkansas: $631
- Alabama: $635
- Idaho: $638
- Arizona: $656
- South Dakota: $684
As you can see, even the cheapest private college per-credit cost from North Dakota at $470 is still higher than the most expensive public college per-credit cost from Vermont at $466.
And if you’re wondering how the rest of the nation holds up, scroll over our map below to find out.
Students who choose public over private can save up to $132,000
Due to high per-credit costs across private schools (including two-year and four-year colleges as well as non-profit and for-profit colleges), students who choose an in-state public school can see significant savings in every state.
As you scroll through our map below you can see how students who choose to go to a public college will save anywhere from more than $30,000 to $132,000.
Here are the top 10 states where there’s the biggest price difference between public and private universities for students. Saving amounts are rounded up to the nearest whole number:
- Rhode Island: $132,201
- Massachusetts: $126,104
- Connecticut: $110,147
- Maine: $101,349
- Vermont: $100,400
- California: $97,683
- Maryland: $91,946
- Iowa: $91,758
- Oregon: $90,840
- New Hampshire: $89,503
In every state, students who choose to go to a public college over a private one will see their cost of attendance drop dramatically.
Even in North Dakota, the state with the smallest gap between tuition costs for private and public colleges, students will still save an average of $30,300 by earning a four-year degree from the latter.
Ultimately, for any individual looking to go to a four-year college, choosing a public versus a private institution should be a major factor when deciding college affordability — especially if the cost of attendance affects how much debt a student will take on via federal or private student loans.
A great college costs saving strategy is to attend a community college for the first 60 credits and then transfer to a four-year public or private college. For more information on how the costs shake out for that, check out our study on the top 10 states where college students save the most money.
Methodology: College credit cost was calculated using tuition data from the U.S. Department of Education. The cost was based on annual tuition and fees for the college, assuming two semesters of full-time enrollment (12 credits). Public school averages are based on the cost-per-credit for all two-year and four-year public colleges for in-state residents. Private school averages are based on all tuition prices at private not-for-profit and private for-profit colleges in each state. Data is for 2014-15 school year, released May 2016.
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|1.19% – 11.98%1||Undergraduate|
|1.62% – 11.73%*,2||Undergraduate|
|0.94% – 11.44%3||Undergraduate|
|1.64% – 11.45%4||Undergraduate|
|1.89% – 11.92%5||Undergraduate|
|0.00% – 23.00%8||Undergraduate|
|* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
1 Important Disclosures for College Ave.
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a first year graduate student borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.10% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $141.66 while in the repayment period, for a total amount of payments of $16,699.21. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 4/19/2022. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
3 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.49% APR to 13.03% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.19% APR to 10.14% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada.
4 Important Disclosures for Ascent.
Ascent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: AscentFunding.com/Ts&Cs
Rates are effective as of 05/01/2022 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes income-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates.
1% Cash Back Graduation Reward subject to terms and conditions, please visit AscentFunding.com/Cashback. Cosigned Credit-Based Loan student borrowers must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs are available for the most creditworthy applicants and may require a cosigner.
5 Important Disclosures for SoFi.
UNDERGRADUATE LOANS: Fixed rates from 3.47% to 11.16% annual percentage rate (“APR”) (with autopay), variable rates from 1.89% to 11.92% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.60to 11.06% APR (with autopay), variable rates from 2.59% to 11.82% APR (with autopay). PARENT LOANS: Fixed rates from 4.48% to 11.16% APR (with autopay), variable rates from 1.69% to 11.92% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 05/04/2022. Enrolling in autopay is not required to receive a loan from SoFi. Loans originated by SoFi Lending Corp. or an affiliate (dba SoFi), licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org).
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
Undergraduate Rate Disclosure: Fixed interest rates range from 3.48% – 11.64% (3.48% – 10.78% APR).
Graduate Rate Disclosure: Fixed interest rates range from 4.89% – 11.64% (4.89% – 11.34% APR).
Business/Law Rate Disclosure: Fixed interest rates range from 4.49% – 10.39% (4.49% – 9.68% APR).
Medical/Dental Rate Disclosure: Fixed interest rates range from 4.43% – 9.19% (4.44% – 8.89% APR).
Parent Loan Rate Disclosure: Fixed interest rates range from 4.80%-8.23% (4.80%-8.24% APR).
Bar Study Rate Disclosure: Fixed interest rates range from 7.39% – 12.94% (7.40% – 12.83% APR).
Medical Residency Rate Disclosure: Fixed interest rates range from 6.99% – 10.49% (6.98% – 10.09% APR).
ERL Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of May 1, 2022, the 30-day average SOFR index is 0.29%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.
Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.
Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at any time. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank participating school.
Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
7 Important Disclosures for Funding U.
Funding U Disclosures
Offered terms are subject to change. Loans are made by Funding University which is a for-profit enterprise. Funding University is not affiliated with the school you are attending or any other learning institution. None of the information contained in Funding University’s website constitutes a recommendation, solicitation or offer by Funding University or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.
8 Important Disclosures for Edly.
1. Loan Example:
About this example
The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment.
2. Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.