Laura Todd, School Founder | Institute of Advanced Medical Esthetics
Laura Todd, School Founder | Institute of Advanced Medical Esthetics
Data shows that students paid $45,881 on average to attend higher education courses at the time, $1,289 more than the previous school year.
Among the two institutions in the county, Randolph-Macon College stood out with the highest tuition fees, reaching an average of $46,460. The Institute of Advanced Medical Esthetics followed with an average of $9,950 per year.
At the time, a total of $13.5 million in grants or scholarships were awarded to full-time undergraduates who started at the Hanover County universities in the 2022-23 school year. Additionally, federal student loans reached $2.1 million.
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 |
|---|---|---|---|---|---|---|
| Institute of Advanced Medical Esthetics | 20 | $67,049 | $3,352 | 8 | $38,101 | $4,763 |
| Randolph-Macon College | 414 | $13,391,920 | $32,348 | 258 | $2,066,278 | $8,009 |
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