August and September mean back to school for kids, and for some, kids heading off to college. This can mean the beginning of debt for kids and parents who use student loans to offset the cost of tuition. College Data shows that the average cost of tuition for private college is around $33,480 per year. Public colleges for in-state residents runs $9,650, but jumps to $24,930 for out of state residents. PER YEAR.