Here's a no-brainer. College costs are going up again this year, just like they do every year. What may be different however, is that the cost of going to an in-state public college or university is going up nearly twice as fast as the cost of going to a private school.
According to a study released by the not-for-profit organization, the College Board, the average increase for in-state tuition for the 2010-2011 school year is nearly eight percent (7.9%) while private school tuition is only up 4.5%. The College Board is the same group that administers the SATs in case you were wondering.
There was a bit of silver lining in the College Board report. There have been record increases in federal grant aid in the form of Pell Grants and tax credits.
The study titled Trends in Student Aid 2010 and Trends in College Pricing 2010 reports that despite rising prices, the average net prices after considering grant aid and tax benefits have increased more slowly than the Consumer Price Index over the past five years.
The average price of tuition and fees for in-state students at public four-year institutions is $7,605 in 2010-11, a jump of $555 from the previous year. At private nonprofit four-year colleges and universities, the average price is $27,293, which represents an increase of 4.5 percent, or $1,164. Published tuition and fees at public two-year colleges increased by $155 (6.0 percent) to $2,713 and for-profit institutions charge an average of $13,935, $679 (5.1 percent) more in 2010-11 than the year before.
Increases in grant aid and tax credits don't benefit all students, but they are providing a financial boost for millions of families and students. The largest increase in Pell Grant history led to $28.2 billion in grant aid reaching 7.7 million students in the 2009-10 school year. That was an increase of almost $10 billion from 2008-09. Grant aid from colleges and universities is also growing, and many students continue to rely on grants from states and private sources.
The College Board is a not-for-profit organization founded in 1900 to expand access to higher education. Today, the membership association is made up of more than 5,700 of the nation's leading educational institutions and is dedicated to promoting excellence and equity in education. Each year, the College Board helps more than seven million students prepare for a successful transition to college through programs and services in college readiness and college success " including the SATs and the Advanced Placement Program. The organization also serves the education community through research and advocacy on behalf of students, educators and schools.
