Every year the College Board surveys 3,500 colleges across the country to determine college cost increases and trends. Then in October it releases its “Trends in College Pricing” report.
Here are highlights from its latest report:
- In-State tuition up 7.9%
- Out-of State Tuition up 6%
- Private University Tuition up 4.5%
Yes, in-state student tuition and fees increased an average of 7.9% at four-year public colleges to $7,605. Room and board costs “only” increased an average of 4.6% to $8,535. This brought the total average cost for the 2010/2011 academic year up to $20,339.
Out-of-state students fared a bit better with tuition and fees increasing a bit less for an average of a 6.0% increase from last year. bringing out of state tuition up to $19,595. Room and board costs were the same as for in-state students. But this raised the total average cost for out of state students in 2010/2011 to $32,329.
Four-year private colleges kept the tuition and fees increases the lowest at an average of 4.5% but they still averaged $27,293. Room and board at the private colleges increased an average of 3.9% to $9,700. So the total average cost for the 2010/2011 year in a private college is $40,476. Tuition for online university programs were expected to be lower since they do not include room and board as well as commuting costs.”
“Total average cost” includes tuition and fees, room and board, books and supplies, transportation, and miscellaneous expenses fortunately most students do not pay anywhere near these prices. According to the College Board students at public colleges receive an average of $6,100 in grant and other aid. And students at private colleges receive an average of $16,000 in grant and other aid.
That brings the real cost of one year of college education down to $14,239 for in-state public college students ($20,339 -$6100=14,239) and $24,476 for private college students ($40,476 – $16,000= $24,476).
Either way, the rates of college inflation are out of hand compared to the consumer price index which is up only 1.17% as of October 2010.
To read this report, visit www.trends-collegeboard.com.
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