For the 2022-23 school year, Albion College raised tuition by 3.5%, as revealed in the latest financial report, according to the latest disclosure from the National Center for Education Statistics.
Students enrolled at the four-year private nonprofit institution paid $54,930 this year, an increase of $1,840 from the $53,090 charged during the 2021-22 academic year.
Approximately 67% of Albion College’s undergraduate students are residents of Michigan. About 28% come from other states, while international students make up roughly 1% of the undergraduate body.
Records indicate that all full-time undergraduates who began studies at Albion College in 2022-23 received some form of financial aid. A total of 418 students were awarded grants or scholarships amounting to $21 million, and 293 students obtained loans exceeding $2 million.
Across the entire undergraduate population, 1,443 students benefited from grants or scholarships totaling $69.2 million. Additionally, 969 students borrowed $6.6 million in federal student loans.
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.
| Type of Aid | Number of students awarded aid | Percent awarded aid | Total amount of aid awarded | Average amount of aid per student |
|---|---|---|---|---|
| Federal grants | 198 | 47% | $1.2 million | $6,231 |
| State / local grant or scholarship | 187 | 45% | $560,869 | $2,999 |
| Institutional grants or scholarships | 418 | 100% | $19.2 million | $46,051 |
| Grant or scholarship aid total | 418 | 100% | $21 million | $50,344 |
| Federal student loans | 291 | 70% | $1.6 million | $5,396 |
| Other student loans | 34 | 8% | $456,874 | $13,437 |
| Student loan aid | 293 | 70% | $2 million | $6,919 |
| Total student aid | 418 | 100% | $23.1 million | $55,193 |
