There is no question that college costs have become an outrage. College costs increase at an average of 5% per year. This has resulted in a 4-year degree from a private institution averaging $134,600 and a 4-year degree from a public institution running $39,400. These costs only cover tuition and fees. Add in thousands for living costs each semester, and the average college education is reaching the point where years of loan payback are to be expected. That the degree could take years to pay for itself is another story entirely.