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College students across the country saw steep tuition hikes over the past year.
The cost for 4-year in state tuition rocketed up 8.3 percent since last school year, according to a new report by the College Board. The price for a private, non-profit college education rose by 4.5 percent.
The cost of in-state tuition in Virginia plus room and board went up 6.2 percent this year. The price of in-state tuition across the Maryland state university system rose by 3 percent since last year, after a 5-year freeze.
According to the College Board's report, most students, 80 percent nationally, choose to stay in their home state for their first year of college. Virginia followed the national trend, with 81 percent of first years students drawn locally. In Maryland, first year students were 65 percent in-state. D.C. had the lowest percentage of in-state freshman, at 23 percent.
The U.S. Department of Education released a new online tool to compare the cost of tuition. Penn State is listed as the public school with the most expensive tuition. Number four on the list, however, is St. Mary's College of Maryland. The most expensive private institution? Georgetown, where tuition plus fees equals $56,485 annnually.
President Obama introduced a plan on Wednesday that would ease the pressures of student loan debt on households. Education loans are currently the second largest source of debt in American households.