Rise in tuition slows for third year in a row
College Board report also points to private lending as a growing trend in financial aid
Issue date: 10/27/06 Section: News
The increase in average tuition and fees at four-year public universities in the United States has slowed for the third year in a row, according to a report released Tuesday by the College Board.
However, the report noted that the costs are up 35 percent from five years ago after adjusting for inflation.
The report, which is published annually, said the average tuition and fees at four-year, public universities is $5,836 per term for the 2006-07 academic year. OSU's current rate falls just below the average at $5,643 per term. The national figure represents a 2.4 percent hike over the previous year when adjusted for inflation.
The report added that when grant aid and tax benefits are factored in, full-time students at four-year public universities end up paying an average of about $2,700 in tuition and fees.
After 2003, the report said, the average net price paid by students "has increased even more rapidly than published prices" because "grant aid has not kept pace."
The report said that total student aid increased to $134.8 billion in 2005-06, a 3.7 percent jump. However, federal grant aid did not keep pace with inflation.
"Even without factoring in inflation, the average Pell Grant per recipient fell by $120," the report said.
The report also highlighting a growing trend in higher education - students taking out private loans to help pay for college.
"In addition to the student aid they received, both undergraduate and graduate students borrowed more from banks and other private lenders than ever before, about $17.3 billion in 2005-06," the report said.
However, the report noted that the costs are up 35 percent from five years ago after adjusting for inflation.
The report, which is published annually, said the average tuition and fees at four-year, public universities is $5,836 per term for the 2006-07 academic year. OSU's current rate falls just below the average at $5,643 per term. The national figure represents a 2.4 percent hike over the previous year when adjusted for inflation.
The report added that when grant aid and tax benefits are factored in, full-time students at four-year public universities end up paying an average of about $2,700 in tuition and fees.
After 2003, the report said, the average net price paid by students "has increased even more rapidly than published prices" because "grant aid has not kept pace."
The report said that total student aid increased to $134.8 billion in 2005-06, a 3.7 percent jump. However, federal grant aid did not keep pace with inflation.
"Even without factoring in inflation, the average Pell Grant per recipient fell by $120," the report said.
The report also highlighting a growing trend in higher education - students taking out private loans to help pay for college.
"In addition to the student aid they received, both undergraduate and graduate students borrowed more from banks and other private lenders than ever before, about $17.3 billion in 2005-06," the report said.
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