New Brookings research suggests that the sticker-price narrative for higher education may be overstating today’s out-of-pocket burden. After adjusting for inflation, average net tuition—what students pay after scholarships and discounts—declined compared with six years ago. The findings run counter to public perceptions that tuition affordability has only worsened. The analysis also points to variation by institutional type and student income. For example, net tuition for certain student income groups at public flagships and R1 universities fell between 2019–20 and 2025–26, while private institutions with large endowments saw even larger declines in inflation-adjusted net tuition for some groups. For higher education finance and student success teams, the message is practical: affordability messaging, net price calculators, and financial-aid strategy effectiveness are central to how students and families perceive value, particularly as states and institutions adjust scholarship policies.