Statistical Snapshot of College Costs and Spending
October 30, 2008
Curious how colleges are weathering the recession? Wondering just how different things are now than when your parents (or even your older siblings) went to college? Reuters recently published a roundup of educational figures related to enrollment, endowments, student loans, and college costs. Many of these statistics have already shown up elsewhere in the Scholarships.com blog.
Tuition, fees, room, and board totaled $31,019 at private colleges, $16,758 for in-state students at state universities, and $24,955 for out-of-state public university students. Two-thirds of students at four-year schools received some form of grants, averaging $3,600 at public schools and $9,300 at private schools.
Federal student loans have become increasingly popular since the mid-1990s, with students borrowing a total of $77 billion to pay for school in 2007. The class of 2007 carried 6 percent more debt than the class of 2006 upon graduation.
Tuition and borrowing are likely to continue to increase, as endowments have taken a hit in the stock market and state support for higher education also continues to fall. State funding covered 2/3 of public university budgets in 1998, but only covered half their budgets in 2007. Tuition also accounts for a larger percentage of college budgets. More students may also put their educational plans on hold due to increased difficulty finding money for college.