College Board Releases the 2014 Trends in Higher Education Reports
College Board Releases the 2014 Trends in Higher Education ReportsCollege Board Communications
Today the College Board officially released two new reports: Trends in College Pricing 2014 and Trends in Student Aid 2014. The Trends in Higher Education series provides insight into national trends in college pricing and financial aid. The data on college prices and student aid included in these reports create a context for evaluating public policies designed to increase educational opportunities. Below are key findings from the reports.
Sandy Baum, research professor of education policy at the George Washington University Graduate School of Education & Human Development, senior fellow at the Urban Institute, and co-author of the 2014 Trends in Higher Education reports, will host a webinar for members on Thursday, Dec. 4, at 1–2 p.m. This webinar will include information about the results of both reports and discuss the implications for higher education and student aid moving forward.
Register for the webinar.
Print versions of the report will be available at the 2015 Regional Forums.
Key Tuition and Fee Findings
- Average published tuition and fees for full-time in-state students at public four-year colleges and universities increased 2.9%, rising from $8,885 in 2013-14 to $9,139 in 2014-15.
- Average published tuition and fees for full-time out-of-state students at public four-year colleges and universities increased 3.3%, rising from $22,223 in 2013-14 to $22,958 in 2014-15.
- Average published tuition and fees at private nonprofit four-year institutions increased 3.7%, rising from $30,131 in 2013-14 to $31,231 in 2014-15.
- Average published in-district tuition and fees at public two-year colleges increased 3.3%, rising from $3,241 in 2013-14 to $3,347 in 2014-15.
- Average net prices are much lower than published prices because many students benefit from grant aid from federal and state governments, colleges and universities, and other sources, as well as from federal education tax credits and deductions. Over the decade from 2004-05 to 2014-15, average net tuition and fees at public four-year institutions rose by 32%, compared to a 42% increase in the published price (after adjusting for inflation). At private nonprofit four-year institutions, the average net price fell by 13% over the decade, while the average published price increased by 24%.
- In 2014-15, full-time students receive an average of about $6,110 in grant aid and education tax benefits at public four-year institutions, $5,090 at public two-year colleges, and $18,870 at private nonprofit four-year institutions to help them pay the published prices.
Key Student Aid Findings
- Undergraduates received an average of $14,180 in financial aid in 2013-14, including $8,080 in grants from all sources, $4,840 in federal loans, $1,195 in education tax credits and deductions, and $65 in Federal Work-Study.
- Total annual education borrowing fell by an estimated 8% in real terms between 2012-13 and 2013-14, following declines of 4% and 2% in the two preceding years, leading to a three-year decline of 13%.
- In 2013-14, undergraduate borrowers took federal Direct Subsidized and Unsubsidized Loans averaging $6,670, over $300 less (in 2013 dollars) than the year before and $740 less than in 2010-11.
- Total borrowing from the federal direct subsidized and unsubsidized loan programs fell by an estimated 10% ($8.7 billion in 2013 dollars) in 2013-14, and by 18% between 2010-11 and 2013-14. Total borrowing under the Parent PLUS program fell by 1% ($58 million) in 2013-14 and by 12% over three years; and the Grad PLUS program provided 4% ($276 million) less in 2013-14 than in the preceding year and 1% more than in 2010-11.
- In 2013, 40% of borrowers with outstanding education debt owed less than $10,000, and another 29% owed between $10,000 and $24,999; 4% of borrowers owed $100,000 or more. This debt includes borrowing for both undergraduate and graduate studies.
- Grant aid per full-time equivalent undergraduate student increased by 39% between 2007-08 and 2010-11 and by 8% between 2010-11 and 2013-14.
- The number of students receiving Pell Grants — the central federal grant program providing funding for low- and moderate-income students — increased from 3.8 million in 1993-94 to 5.1 million in 2003-04, and to 9.2 million in 2013-14. The percentage of undergraduate students receiving Pell Grants increased from 25% in 2003-04 to 38% in 2013-14.
The Trends in Higher Education reports were written by College Board Policy Research Scientist Jennifer Ma, and Sandy Baum, research professor of education policy at the George Washington University Graduate School of Human Development, with assistance from College Board Research Statistician D’Wayne Bell and Diane Cardenas Elliott.