Some new data released last week by the College Board shows that tuition and fees at both public and private 4-year institutions. A few highlights - or low points - from their research:
- In-state tuition and fees at public four-year institutions averages $8,244 in 2011-12, 8.3% higher than in 2010-11. When you include room and board, this number goes up to $17,131, an increase of 6.0%
- Out of state tuition and fees averages $20,770/year, up 5.7% from 2010-11. Including room and board, total charges are $29,657, up 5.2% from 2010-11.
- Tuition & fees at private, four-year colleges and universities averages $28,500 in 2011-12, up 4.5% from 2010-11. Average charges including room and board are $38,589, up 4.4%.
- While the average increase at public institutions is 8.3% for in-state students, and 5.7% for out-of-state students, 20% of students are attending schools where the cost of attendance rose more than 12%.
It is no wonder that total outstanding student debt has now passed $1 trillion, surpassing even the credit card debt in the US - and it’s rising. The Education Department announced that in September, the student loan rate had risen to 8.8 percent, which apple only to the first two years students are required to make a payment.
The research from the College Board also points out the dilemmas that administration at these colleges and universities wrestle with before raising tuition - declining support at public institutions, and financial aid covering less of the overall cost.
- In 2011-12, full-time undergraduates at public, four-year institutions received an average of $5,750 in financial aid and federal tax benefits.
- Full-time undergraduates at private, four-year institutions received an average of $15,530 in financial aid.
- The average cost of attendance after subtracting aid has outpaced inflation an average rate of 1.4%/year over the last 5 years.
- State funding per FTE student is 23% lower in 2010-11 than it was 10 years ago.
The cost of education remains a significant challenge for practices as they recruit, retain, and promote staff. Here at the Design Futures Council, we are finalizing our 2011-12 Tuition Research, looking at the cost of an architectural education in the US. Look for that in the coming weeks. In the meantime, the entire report from the College Board can be found at here.