Tuition and other fees at two-year and four-year institutions rose significantly higher this year compared to the previous academic year, outpacing the slow growth of federal financial aid, according to a recent report released the by College Board.
In its annual report, “Trends in College Pricing 2007,” the College Board revealed that the increases for 2007-2008 were somewhat higher than last year but not as high as previous hikes:
- At public, four-year institutions, in-state tuition and fees average $6,185, or $381 more than last year for a 6.6 percent increase. The average total charges for the current academic school year, including room, board and tuition, is $13, 589, which represents a 5.9 increase over last year.
- Out-of-state students pay $682 more in tuition and fees this year at public four-year institutions than last year, bringing the average up to $16,600 for a 5.5 percent increase. Average total charges are $24,000, a 5.4 percent increase from 2006-07.
- Tuition and fees at a private four-year institution average $23,000, or $1,400 more than last year, a 6.3 percent increase.
- At public two-year institutions, tuition and fees average $2,300, or 4.2 percent higher than last year.
“The average price of college continues to rise more rapidly than the average prices of other goods and services. However, this is not a new phenomenon, but one that has persisted over the entire 30-year period documented,” says Dr. Sandra Baum, senior policy analyst for the College Board and professor at Skidmore College.
Over the past decade, total charges including room, board, tuition and fees rose at an average 2.6 percent per year after inflation at private four-year institutions, and 3.5 percent at public institutions. The increase in total aid only covered about two-thirds of the increase in tuition and fees at private four-year colleges and almost all of the increase in tuition and fees at public four year institutions, not including room, board or any additional cost of attendance.
