Community Colleges, Cost of Education, Domestic, Legislation, Minorities, equity, and access, Private education, Public education, Required, Student Loans, Students, University & College - Written by Wired Academic on Wednesday, October 26, 2011 7:13 - 0 Comments
Money Crunch: College Board Report Shows Tuition Prices Continue to Rise
By Wired Academic Staff
The College Board reports that college prices are continuing to rise this school year as a weakened economy and state funding isn’t keeping pace with growth in college enrollment.
The New York-based organization said average tuition and fees at public four-year colleges and universities went up for the fifth straight year and saw a steeper jump than percentage increases at private, nonprofit four-year colleges.
“While the importance of a college degree has never been greater, its rapidly rising price is an overwhelming obstacle to many students and families,” said College Board President Gaston Caperton. “Making matters worse is the variability of price from state to state.” He pointed to disadvantaged students facing more barriers to college.
The state of California affected the national tuition and fees in 2011-2012. Nationwide, the increase for the public four-year sector was 8.3 percent between 2010-11 and 2011-12 including California but only 7.0 percent excluding it. Similarly, the national increase for public two-year institutions was 8.7 percent including California and 7.4 percent excluding it.
California enrolls about 10 percent of the nation’s full-time public four-year college students. It had the highest percentage increase in published in-state tuition and fees (21 percent) for that sector in 2011-12. Arizona and Washington increased published in-state tuition and fees at public four-year institutions by 17 percent and 16 percent, respectively. Meanwhile, increases in Connecticut and South Carolina were about 2.5 percent.
The College Board also noted:
- Published in-state tuition and fees at public four-year institutions average $8,244 in 2011-12, $631 (8.3 percent) higher than in 2010-11. Average total charges, including tuition and fees and room and board, are $17,131, up 6.0 percent.
- Published out-of-state tuition and fees at public four-year colleges and universities average $20,770, $1,122 (5.7 percent) higher than in 2010-11. Average total charges are $29,657, up 5.2 percent.
- Published in-state tuition and fees at public two-year colleges average $2,963, $236 (8.7 percent) higher than in 2010-11.
- Published tuition and fees at private nonprofit four-year colleges and universities average $28,500 in 2011-12, $1,235 (4.5 percent) higher than in 2010-11. Average total charges, including tuition and fees and room and board, are $38,589, up 4.4 percent.
- Published tuition and fees at for-profit institutions average an estimated $14,487 in 2011-12, 3.2 percent higher than in 2010-11.
It said average net tuition and fees, which means subtracting grant aid from all sources of federal education tax credits and deductions, is about $170 higher in 2011 than it was five years ago for four-year college and university students. It was lower in other sectors, though.
The College Board Also notes:
- As a result of the introduction of the American Opportunity Tax Credit in 2009, education tax credits and tuition deductions per student increased by more than 80 percent in inflation-adjusted dollars between 2007-08 and 2010-2011.
- The distribution of subsidies from federal education tax benefits changed considerably with the introduction of the American Opportunity Tax Credit in 2009. The percentage of savings from credits and deductions going to taxpayers with incomes below $25,000 increased from 5 percent in 2008 to 17 percent in 2009. The percentage of savings going to those with incomes above $100,000 increased from 18 percent in 2008 to 26 percent in 2009.
- In 2010-11, undergraduate students received an average of $12,455 per full-time equivalent (FTE) student in financial aid, including $6,539 in grant aid, $4,907 in federal loans, and $1,009 in a combination of tax credits and deductions and Federal Work-Study (FWS).
- Graduate students received an average of $23,955 per FTE in aid, including $6,750 in grant aid, $16,423 in federal loans, and $782 in a combination of tax credits and deductions and Federal Work-Study (FWS).
- From 2009-10 to 2010-11, grant aid per FTE undergraduate student increased by an estimated 7 percent, while federal loans declined by 2 percent.
- These changes followed increases of 20 percent in average grant aid per FTE undergraduate student and 10 percent in average federal loans between 2008-09 and 2009-10. Over the three years from 2007-08 to 2010-11, both grant aid and federal loans per student increased by about 30 percent in inflation-adjusted dollars.
- The increasing price of college has not deterred students from enrolling. Total postsecondary enrollment increased by about 22 percent between 2005-06 and 2010-11. Full-time enrollment increased more rapidly than part-time enrollment. The largest increases have been in public two-year and for-profit institutions. The fact that students are finding ways to finance their education is largely explained by the understanding that more education generally leads to higher earnings throughout life.
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