Students paid more for higher education in Olmsted County in 2022-23 school year

College tuition fees rose 5.1% in Olmsted County in the 2022-23 school year, according to the latest disclosure from the National Center for Education Statistics.

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.