Chancellor Yang, InstructorInstructor at Nova Academy of Cosmetology | LinkedIn
Chancellor Yang, InstructorInstructor at Nova Academy of Cosmetology | LinkedIn
Data shows that students paid $7,023 on average to attend higher education courses at the time, $340 more than the previous school year.
Among the four institutions in the county, Nova Academy of Cosmetology stood out with the highest tuition fees, reaching an average of $21,700. The University of Minnesota-Rochester followed with an average of $13,464 per year. Mayo Clinic College of Medicine and Science students were offered the lowest annual tuition fees at $3,197.
At the time, a total of $4 million in grants or scholarships were awarded to full-time undergraduates who started at the Olmsted County universities in the 2022-23 school year. Additionally, federal student loans reached $2.6 million.
Currently there are four higher education institutions in Olmsted County, including Rochester Community and Technical College, University of Minnesota-Rochester, and Nova Academy of Cosmetology.
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.
| Institution | Number of Students Receiving Grants | Total Amount of Grants Received | Average Amount of Grant Per Student | Number of Students Receiving Loans | Total Amount of Loans Received | Average Amount of Loans Per Student |
|---|---|---|---|---|---|---|
| Mayo Clinic College of Medicine and Science | 30 | $57,000 | $1,900 | 0 | $0 | $0 |
| University of Minnesota-Rochester | 142 | $1,931,807 | $13,604 | 101 | $1,055,772 | $10,453 |
| Rochester Community and Technical College | 288 | $1,582,565 | $5,495 | 139 | $743,445 | $5,349 |
| Nova Academy of Cosmetology | 90 | $461,102 | $5,123 | 116 | $842,889 | $7,266 |
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