The Class of 2019 has a lot to be proud of, and a hefty bill to show for it.

For newly minted graduates, their college education is the second-largest expense they'll likely have in their lifetimes — right after purchasing a home.

Tuition and fees for a four-year private college averaged $35,830 in 2018-19; at four-year in-state public colleges, it was $10,230, according to the College Board. And that doesn't count room and board or other expenses.

Tuition has historically risen about 3% to 5% a year, according to the College Board. However, during the recession, declining public funds caused tuition to skyrocket.

Over the last decade, tuition and fees rose 44% at four-year, private colleges and by 55% at public four-year schools, where students were harder hit, according to a report by GoBankingRates.