The University of California (UC) released a new report on July 1 stating that 63 percent of undergraduate students in the class of 2024 graduated debt free, compared to just 43 percent in 2013.
The average debt of in-state students in 2024 was $17,300, compared to $28,700 in 2013.
“Most UC students graduate debt-free, and for those who borrow, the debt is generally manageable and declining over time,” the report states. “UC has … reduced [the] cost of obtaining a college degree.”
For the upcoming 2026–2027 school year, UC charges an estimated $15,588 in tuition for a year, up from the $12,570 it charged five years ago.
With other charges like housing, textbooks, and meals, it costs more than $47,000 annually for in-state students living on campus and over $46,000 for those living off campus, according to UC’s website.
For out-of-state students, this adds up to over $86,000 and $85,000 a year for on-campus and off-campus living, respectively.
In November, UC renewed its policy of annual tuition hikes after a 13–3 vote from the Board of Regents. The model allows the system to increase undergraduate tuition by as much as 5 percent per year.
California Lt. Gov. Eleni Kounalakis was one of the three who voted against the tuition increase.
“Our students sleep in their cars. Our students go to food banks in order to be able to eat,” Kounalakis said at the time. “I think that any time we raise tuition, we should be going back and understanding whether or not we’ve done every other possible thing to avoid raising tuition.”
At the regents meeting, financial aid administrator Shawn Brick said 35 percent of in-state undergraduate students take out loans. According to UC data from January, nearly 77 percent of students are California residents.
UC said it has taken steps to improve affordability. The school system said average textbook costs have decreased from approximately $1,100 in 2013 to less than $400 in 2025.
UC also said it has one of the strongest financial aid programs in the nation and that 54 percent of its in-state undergraduates pay no tuition.
The university said for its 2024 class, California residents coming from families that earned under $60,000 only paid on average $10,500.
Meanwhile, California residents from families that earned between $60,000 and $120,000 paid $18,900 for tuition, those between $120,000 and $180,000 paid $30,200, and those over $180,000 paid $37,000. All of these figures have remained relatively stable over the past 15 years.
The school system also said it takes on average six years after enrollment for UC alumni to break even on their costs in getting a UC degree.
It said over a 20-year period, those with a bachelor’s degree from UC earn a cumulative median of $2.1 million, compared to $1,661,000 for those with a bachelor’s degree from any California university, and $870,000 for those with only a California high school degree.
The Associated Press contributed to this report.
