WASHINGTON—Increases in published prices for two-year and four-year public institutions in 2007-08 were slightly larger than in 2006 but lower than the average rates of growth over the past five years. Nearly half a million students received awards in 2006 under two new federal student grant programs. Though higher than the previous year, total federal grant funding to undergraduates was still lower in 2006-07 than it was three years earlier, after adjusting for inflation. The College Board released these and other higher education pricing and aid statistics today in its annual “Trends in College Pricing 2007” and “Trends in Student Aid 2007” reports.
At private four-year colleges and universities, where prices have risen somewhat less rapidly in recent years than they have in the public sector, the 2007-08 increase is similar to last year’s, but higher than the average over the past five years. At all institutions, the average net prices that students pay after considering grant aid are lower than the published prices. Although the dollar increases in net price are significantly smaller than those of published prices, the net price rate of growth has been comparable to that of published prices in the private sector over the past five years, and more rapid than growth in published prices in the public sector.
In 2006-07, the most recent year for which data on student aid are available, estimated growth in student borrowing slowed. Borrowing from private sources continued to increase as a share of education loans but grew more slowly in 2006-07 as federal PLUS Loans became available to graduate students.
“We release these reports every year to provide accurate data on the price of higher education and on the financial aid available to help students and families pay that price. At the same time, we are engaged in expanding our advocacy efforts to work with member colleges and universities and inform public policy to open the door to college for more students,” said Gaston Caperton, president of the College Board. “The College Board’s Rethinking Student Aid project, co-led by the reports’ co-author Sandy Baum, senior policy analyst for the College Board and professor at Skidmore College, and Michael McPherson, president of the Spencer Foundation, has brought together a group of leading economists and other experts to examine ways to make our financial aid system more effective and efficient.”
College Pricing
This year’s annual data show the following increases in average college tuition and fees for academic year 2007-08.
At public four-year institutions, in-state tuition and fees average $6,185, or $381 more than last year, a 6.6 percent increase. In 2007-08, average total charges (which include both room and board and tuition and fees), are $13,589, a 5.9 percent increase over last year. The average full-time student at a public four-year school receives about $3,600 in grants and tax benefits, which lowers the average tuition and fees to a net price of about $2,600.
Tuition and fees for out-of-state students at public four-year colleges and universities average $16,640, which is $862 more than in 2006-07 — a 5.5 percent increase. Average total charges (including room and board and tuition and fees) are $24,044, a 5.4 percent increase from 2006-07.
At private four-year nonprofit institutions, tuition and fees average $23,712, or $1,404 more than last year, a 6.3 percent increase. Average total charges (including room and board and tuition and fees), are $32,307 in 2007-08, which is 5.9 percent higher than in 2006-07. The average full-time student attending a private college receives about $9,300 in grants and tax benefits, which reduces the average tuition and fees to a net price of about $14,400.
At public two-year institutions, tuition and fees average $2,361, a $95 or 4.2 percent increase. The average full-time student in this sector receives about $2,040 in grants and tax benefits, lowering the average tuition and fees to a net price of about $320.
At for-profit institutions, tuition and fees average $12,089, or $703 more than last year—a 6.2 percent increase. The report documents increased enrollment over time at for-profit colleges. In 1995, 2 percent of full-time students were enrolled in for-profit institutions. Ten years later, that share had risen to 8 percent. The largest shift into the for-profit sector came from public four-year institutions.
Average tuition and fee figures conceal considerable differences across sectors of higher education, across states and regions of the country, and even within these categories. There is also significant variation among price increases. For example, 20 percent of full-time undergraduate students at public four-year colleges experienced less than a 3 percent increase in 2007-08, while 22 percent attend institutions that raised tuition and fees by 9 percent or more.
Student Aid
In 2006-07, about three-quarters of full-time undergraduates received some form of financial aid. For the first time, “Trends in Student Aid 2007” reports separately on all forms of aid for undergraduate students. In 2006-07, undergraduate students received $97.1 billion in financial aid, 74 percent of total aid to postsecondary students. The two largest sources of aid to undergraduates are federal loans, which make up 40 percent of the total, and grants from colleges and universities, which comprise 21 percent of the total.
In 2006-07, almost 60 percent of Pell Grant recipients were independent of their parents. Among dependent recipients of Pell Grants, two-thirds came from families with incomes below $30,000. The average Pell Grant per recipient, which failed for the fourth year in a row to keep pace with inflation, was $2,494 in 2006-07. In 1986-87, the maximum Pell Grant covered about 52 percent of the average published price of tuition and fees and room and board at a public four-year institution and 21 percent at the average private college. In 2006-07, it covered 32 percent at a public four-year college and 13 percent at a private college.
Awarded for the first time in 2006-07, Academic Competitiveness Grants go to selected first- and second-year Pell Grant recipients. Eligibility is based on curricular and GPA requirements. In the first year of the program, 400,000 students received awards averaging $850. Also awarded for the first time in 2006-07 were SMART Grants, which go to selected third- and fourth-year Pell Grant recipients majoring in physical, life or computer science; engineering; mathematics; technology; or a specified foreign language. In the first year of the program, 80,000 students received awards averaging $3,875.
Sources of Borrowing
Private loans made up 24 percent of total education loans in 2006-07, up from 6 percent a decade ago. As graduate students who became eligible for federal PLUS Loans (which can cover total cost of attendance minus other aid received) borrowed less from private sources, the rate of growth in borrowing from these sources slowed in 2006-07. Federal loans to undergraduates did not keep up with inflation in 2006-07, and their borrowing from private sources increased by 12 percent in inflation-adjusted dollars.
In 2003-04, 48 percent of low-income students borrowed an average of $5,640 (in 2006 dollars) to help finance college. Among the wealthiest undergraduates, 36 percent borrowed an average of $6,140. Between 1992-93 and 2003-04, the percentage of full-time dependent students taking out student loans increased most rapidly in the upper half of the income distribution, but the average loan amount of those who borrowed increased least for the wealthiest students.
The “Trends in College Pricing 2007” and “Trends in Student Aid 2007” reports contain additional details on these topics as well as information on a variety of issues pertaining to college prices and student aid.
The College Board: Connecting Students to College Success
The College Board is a not-for-profit membership association whose mission is to connect students to college success and opportunity. Founded in 1900, the association is composed of more than 5,200 schools, colleges, universities, and other educational organizations. Each year, the College Board serves seven million students and their parents, 23,000 high schools, and 3,500 colleges through major programs and services in college admissions, guidance, assessment, financial aid, enrollment, and teaching and learning. Among its best-known programs are the SAT®, the PSAT/NMSQT®, and the Advanced Placement Program® (AP®). The College Board is committed to the principles of excellence and equity, and that commitment is embodied in all of its programs, services, activities, and concerns.
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