College Pricing and Student Aid Reports Capture Pre-Pandemic Trends, With Warning Signs About COVID’s Impact – NASFAA
The question of college affordability has been at the forefront of discussions concerning college access, and recent trends are offering some promising signs at improvements and financial stabilization, but authors of a set of annual reports are concerned about how the ongoing pandemic could ravage these gains.
The report, released annually by the College Board, provides the latest information on student financial aid, tuition, and other expenses associated with attending college and illustrates trends over time. Notably, the report found historically low one-year percentage increases in published tuition and fees across all higher education sectors in 2020-21, with no change greater than a 2.1% increase. Although the increase in published tuition and fees has slowed, the growth over the last several decades has far outpaced increases in the median family income. Published tuition and fees at public four-year institutions, for example, have increased by 178% since 1990-91, while the median family income grew by just 28% during that same time.
Still, the average net tuition prices have been stable in the public sectors since 2011-12, with public four-year in-state institutions remaining below $4,000 and public two-year in-district institutions hovering around $0. The average net tuition at private non-profit four-year institutions has remained below $16,000.