Daily Digit is the story behind the numbers that make our world work. Today we're looking at the real cost of a college degree. Students at private universities have to budget an average of $50,900 per year to pay for their education. That figure includes transportation, books, housing and other expenses, but tuition makes up the bulk of the cost — $34,740. Students at state universities fare slightly better, paying an average $9,970 for studying in state and $25,620 for out of state. Still, public universities in the U.S. are the most expensive in the developed world. Collectively, Americans carry about $1.5 trillion in student debt, and 60% of borrowers carry student debt well into their 40s.