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College Board releases new college cost numbers

This week, the College Board released its two highly anticipated annual reports: 2008 Trends in College Pricing and 2008 Trends in Student Aid. The reports include several eye-catching charts and tables, but the impressive graphics all point to a sobering conclusion: costs increased in every category.

For the 2008/09 academic year, the total average cost (tuition and fees, room and board, books and supplies, transportation, and other miscellaneous costs) for a public college for in-state students is now $18,326; for a public college for out-of-state students, $29,193; and for a private college, a whopping $37,390. That’s an increase of 5.7%, 5%, and 5.7%, respectively, from last year’s costs.

The College Board noted, though, that average cost is not necessarily representative of what most college students pay, noting that there is considerable variation in price among institutions and geographic regions (for example, private colleges in the Northeast are the most expensive). The Board also reported that almost two-thirds of undergraduate students enrolled full-time receive grants that reduce the actual cost of college. The Board estimated that on average, full-time students at private colleges receive about $10,200 per year in grants and tax benefits, while full-time students at public colleges receive about $3,700 in grants and tax benefits.

To read the reports, click here.

3 Responses

  1. Hi Lisa,

    What type of % increases do those #’s represent this year? It’s a good data point to have when trying to forecast future growth rates….

  2. A 5.7% increase for both public and private.

  3. And a 5% increase for public colleges for out-of-state students. I’ll edit the post to reflect this.

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