(public domain comic from 1902’s A Harvard Alphabet)
One of the most important annual reports on college costs was released last week: College Board’s Trends in College Pricing, 2013. College Parents of America has read through the report a few times now and has compiled a quick list of everything you must read from the report.
Tuition and Fees continue to rise over past 5 years
“From 2008-09 to 2013-14, percentage increases in in-state tuition and fees at public four-year institutions ranged from 5% in Missouri and 8% in Maryland to 65% in Georgia and 70% in Arizona.”
But, growth rate is slowing
“After a 9.5% real increase in 2009-10, the growth rate in public four-year college tuition has declined in each successive year.”
“The 2.9% increase in in-state tuition and fees at public four-year institutions in 2013-14 followed increases of 4.5% in 2012-13 and 8.5% in 2011-12 and was the smallest percentage increase in over 30 years.”
Sticker prices continue to increase
Sticker Price for Total Cost of Attendance (Tuition, Fees, Room and Board), and Year-Over-Year Increase:
- Public 2-year in-state: $10,730, 2.2%
- Public 4-year in-state: $18,391, 3.2%
- Public 4-year out-of-state: $31,701, 3.2%
- Private 4-year nonprofit: $40,917, 3.7%
However, increases in grant aid and tax benefits have helped limit (but have not eliminated) the impact of the higher sticker prices.
- In 2013-14, full-time students enrolled in public four-year institutions receive an estimated average of $5,770 in grant aid and tax benefits to help them pay the average published tuition and fees of $8,890.
- In 2013-14, on average, undergraduates enrolled full time in private nonprofit four-year institutions receive an estimated $17,630 in grant aid and tax benefits to help them pay for college.
Average Net Prices for 2013
Net Price for Total Cost of Attendance (Tuition, Fees, Room and Board), when accounting for grant aid and tax benefits
- Public 2-year in-state: $5,920
- Public 4-year in-state: $12,620
- Private 4-year nonprofit: $23,290
The portion of state resources going to support higher education has declined steadily in recent decades.
State appropriations per $1,000 in personal income declined from $9.74 in 1989-90, to $7.03 in 2002-03, to $5.42 in 2012-13.
Want more? Read the rest of this incredibly valuable report over on CollegeBoard.org.