The Starting Point Published prices have been rising
The Starting Point • Published prices have been rising rapidly. • Increases in federal grant aid and tax benefits have cushioned price increases — but led to concerns about federal spending. • Concerns about student debt are mounting. • Is anything changing? For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Percentage Change in Inflation-Adjusted Mean Family Income by Quintile, 1982– 1992, 1992– 2002, and 2002– 2012 Year 2012 2011 2010 Lowest 20% Second 20% Third 20% Fourth 20% Highest 20% $15, 534 $15, 601 $15, 715 $38, 184 $38, 341 $38, 871 $62, 464 $62, 307 $63, 355 $95, 474 $95, 180 $96, 659 SOURCE: The College Board, Trends in College Pricing 2013, Figure 20 A. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series $202, 559 $202, 067 $197, 055 Top 5 % $352, 338 $351, 728 $329, 487
Average Published Charges for Full-Time Undergraduates by Type and Control of Institution, 2013 -14 (Enrollment-Weighted) Tuition and Fees 201314 Sector Room and Board Total Charges $ % $ % Chang 2012 - Chang 13 e e 2013 -14 2012 -13 e e Public Two$3, 264 $3, 154 Year In-State $110 3. 5% $7, 466 $7, 342 $124 1. 7% $10, 730 $10, 496 $234 2. 2% Public Four$8, 893 $8, 646 Year In-State $247 2. 9% $9, 498 $9, 171 $327 3. 6% $18, 391 $17, 817 $574 3. 2% Public Four$22, 20 $21, 53 Year Out-of 3 3 State $670 3. 1% $9, 498 $9, 171 $327 3. 6% $31, 701 $30, 704 $997 3. 2% Private Nonprofit Four-Year $30, 09 $28, 98 $1, 105 4 9 3. 8% $10, 823 $10, 458 $365 3. 5% $40, 917 $39, 447 $1, 470 3. 7% For-Profit $15, 13 $15, 06 0 0 0. 5% $70 — — —Sample too small to provide meaning information. SOURCE: The College Board, Trends in College Pricing 2013, Table 1 A. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series — — —
Average Annual Percentage Increases in Inflation-Adjusted Published Prices by Decade, 1983 -84 to 2013 -14 SOURCE: The College Board, Trends in College Pricing 2013, Figure 4. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Published In-State Tuition and Fees, Net Tuition and Fees, and Room and Board in 2013 Dollars, Full-Time Undergraduate Students at Public Institutions, 2003 -04 to 2013 -14, Selected Years SOURCE: The College Board, Trends in College Pricing 2013, Figure 10. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Published Tuition and Fees, Net Tuition and Fees, and Room and Board in 2013 Dollars, Full-Time Undergraduate Students at Private Nonprofit Four-Year Institutions, 1993 -94 to 2013 -14, Selected Years SOURCE: The College Board, Trends in College Pricing 2013, Figure 11. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Number of Pell Recipients, Total Inflation-Adjusted Expenditures, and Maximum and Average Pell Grant Relative to the 1976 -77 Level, 1976 -77 to 2012 -13 Total Pell Expenditures (Constant Dollars) SOURCE: The College Board, Trends in Student Aid 2013, Figure 13 A. For detailed data, visit: trends. collegeboard. org Number of Recipients Trends in Higher Education Series 2010 -11 6. 33 4. 79 2011 -12 5. 75 4. 86 2012 -13 5. 45 4. 55
Total Education Tax Credits and Deductions in 2012 Dollars, 1998 to 2011 (and Average Tax Savings per Recipient) SOURCE: The College Board, Trends in Student Aid 2013, Figure 16 A. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Averages hide the realities for many students. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Distribution of Full-Time Undergraduates at Four-Year Institutions by Published Tuition and Fees, 2013 -14 SOURCE: The College Board, Trends in College Pricing 2013, Figure 2. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Net Tuition and Fees, Net Room and Board and Other Costs, and Total Grant Aid in 2011 Dollars by Family Income, Full-Time Dependent Students at Public Four-Year Institutions, 1999 -2000, 2003 -04, 2007 -08, and 2011 -12 Family Income Quartile 2011 - Lowest 2 nd 3 rd Highes 12 t Net TF $0 $2, 105 $6, 512 $8, 071 Net RB & $13, 02 $13, 25 $13, 66 $11, 755 8 0 9 Other Costs Grant $9, 835 $6, 667 $2, 967 $2, 576 Aid Total $21, 80 $22, 72 $24, 31 $21, 590 COA 0 9 6 SOURCE: The College Board, Trends in College Pricing 2013, Figure 12. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Average 2013 -14 In-State Tuition and Fees at Public Institutions, by State, and Five-Year Percentage Changes in Inflation-Adjusted Tuition and Fees, 2008 -09 to 2013 -14 SOURCE: The College Board, Trends in College Pricing 2013, Figure 7. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
State Grant Aid per Full-Time Equivalent (FTE) Undergraduate Student in 2012 Dollars, 2011 -12 SOURCE: The College Board, Trends in Student Aid 2013, Figure 18 A. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Percentage of Undergraduate State Grant Aid for Which Students’ Financial Circumstances Were Considered, by State, 2011 -12 SOURCE: The College Board, Trends in Student Aid 2013, Figure 17 B. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
State Funding For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
State Appropriations for Higher Education: Total Appropriations in 2012 Dollars (in Billions), Appropriations per Public FTE Student in 2012 Dollars (in Thousands), and Public FTE Enrollment (in Millions), 1982 -83 to 2012 -13 Appropriations per FTE SOURCE: The College Board, Trends in College Pricing 2013, Figure 14 B. For detailed data, visit: trends. collegeboard. org Appropriations (Billions) 2002 -03 2009 -10 2010 -11 2011 -12 2012 -13 Decade $8, 764 $7, 742 $7, 488 $6, 690 $6, 646 -24% $79. 4 Trends in Higher Education Series $83. 2 $82. 5 $73. 2 $72. 0 -9%
Net Tuition Revenues, Subsidies, and Education and Related Expenditures per Full-Time Equivalent (FTE) Student in 2010 Dollars at Public Institutions (and Percentage of Expenditures Covered by Net Tuition), 2000 -01, 2005 -06, and 2010 -11 SOURCE: The College Board, Trends in College Pricing 2013, Figure 17 A. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
State Appropriations for Higher Education per Full-Time Equivalent Student and per $1, 000 in Personal Income, by State, 2012 -13 SOURCE: The College Board, Trends in College Pricing 2013, Figure 15 B. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Changes in Student Aid For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Total Undergraduate Student Aid in 2012 Dollars (in Millions), 1992 -93 to 2012 -13, Selected Years Preliminary 1992 -93 1997 -98 2002 -03 2007 -08 2008 -09 2009 -10 2010 -11 2011 -12 Total Federal Grants $13, 462 $12, 433 $19, 482 $22, 536 $25, 842 $43, 271 $50, 840 $46, 048 $45, 228 Total Federal Loans $15, 643 $30, 273 $37, 243 $48, 242 $60, 358 $72, 067 $74, 674 $73, 036 $67, 791 Education Tax Benefits ─ $1, 830 $5, 750 $6, 120 $9, 290 $14, 540 $16, 700 $16, 880 State Grants $3, 301 $4, 738 $7, 183 $8, 629 $8, 642 $9, 364 $9, 484 $9, 383 $9, 592 Institutional Grants $10, 270 $13, 380 $17, 240 $23, 920 $25, 090 $28, 890 $31, 810 $33, 530 $34, 890 $30, 593 $34, 281 $50, 206 $62, 894 $67, 754 $90, 065 $101, 354 $98, 591 $99, 549 TOTAL GRANTS SOURCE: The College Board, trends. collegeboard. org, page 12. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series 2012 -13
Need-Based and Non-Need-Based State Grants per Full-Time Equivalent (FTE) Undergraduate Student in 2012 Dollars, 1971 -72 to 2011 -12 SOURCE: The College Board, Trends in Student Aid 2013, Figure 17 A. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Distribution of Full-Time Undergraduate Students at Public and Private Nonprofit Four-Year Colleges and Universities by Tuition and Fee Level, Dependency Status, and Family Income, 2007 -08 SOURCE: The College Board, trends. collegeboard. org, page 30. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Student Debt For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Growth of Federal and Nonfederal Loan Dollars in 2012 Dollars, 1992 -93 to 2012 -13, Selected Years SOURCE: The College Board, Trends in Student Aid 2013, Figure 6. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Total Number of Undergraduate and Graduate Federal Subsidized and Unsubsidized Student Loan Borrowers and Average Amount Borrowed in 2012 Dollars, 2002 -03 to 2012 -13 SOURCE: The College Board, Trends in Student Aid 2013, Figure 7 B. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Distribution of Outstanding Education Debt Balances, 2012 Fourth Quarter SOURCE: The College Board, Trends in Student Aid 2013, Figure 11 A. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Average Total Debt Levels of Bachelor’s Degree Recipients, Public Four-Year Colleges and Universities in 2012 Dollars, 1999 -2000 to 2011 -12 SOURCE: The College Board, Trends in Student Aid 2013, Figure 10 A. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Average Total Debt Levels of Bachelor’s Degree Recipients, Private Nonprofit Four-Year Colleges and Universities in 2012 Dollars, 1999 -2000 to 2011 -12 SOURCE: The College Board, Trends in Student Aid 2013, Figure 10 B. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Distribution of Outstanding Federal Direct Loan Dollars and Recipients by Repayment Plan, FY 2013 SOURCE: The College Board, Trends in Student Aid 2013, Figure 12 A. For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
Where We Are • • College is expensive. There are no magic bullets. The investment pays off very well for most people. We need: • appropriately targeted student aid • adequate public funding • better guidance for students • Works in progress: • institutional quality and efficiency • student aid reform For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
For more information, visit: trends. collegeboard. org Sandy Baum, sbaum@gwu. edu Jennifer Ma, jma@collegeboard. org Kathleen Payea, kpayea@collegeboard. org For detailed data, visit: trends. collegeboard. org Trends in Higher Education Series
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