New Mexico has some of the most affordable colleges in the country and New Mexico State University is even cheaper than the state's average cost.

According to the Chronicle of Higher Education's Almanac for 2012, the average tuition rate in the state is just more than $5,000.

NMSU Vice President for Student Affairs and Enrollment Management Bernadette Montoya said NMSU's tuition is just more $4,000 a year.

"New Mexico education in general is really affordable compared to other states," NMSU student Chase Dixson said.

NMSU is particularly affordable compared to schools like American in Washington, D.C., and Boston College in Massachusetts, which charge more than $50,000.

"It's so affordable for in-state tuition that I just couldn't pass it up," Dixson said.

NMSU Student Caleb Ruthven told KFOX14 New Mexico is also cheaper because of the financial aid and scholarships it offers.

"It's impossible if you try at any level just to get a scholarship in New Mexico," Ruthven said.

But even though school may be cheaper in New Mexico, the college graduation rates are among the lowest.

New Mexico has a graduation rate of 40 percent in six years.

"For some students, certainly at the community college level, their intent may be to go in to learn a very specific skill, and they meet their goal," , Montoya said. "They may not get a certificate or an associate's degree but they still meet their goal."

Montoya said NMSU is working on tracking down former students who were close to graduation but then dropped out to encourage them to return to school and complete their degrees.