1. TRENDS IN HIGHER EDUCATION SERIES Trends in College Pricing and Trends in Student Aid 2009 March 2, 2010 1

2. 2009 TRENDS IN COLLEGE PRICING TRENDS IN HIGHER EDUCATION SERIES Published College Prices: How fast are they rising? 2

3. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Average Published Charges for Undergraduates by Type and Control of Institution, 2009-10 (Enrollment-Weighted) Source: The College Board, Trends in College Pricing 2009; Annual Survey of Colleges.. 3

4. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Average Annual Percentage Increase in Inflation-Adjusted Published Prices by Decade, 1979-80 to 2009-10 Source: The College Board, Annual Survey of Colleges; NCES, Integrated Postsecondary Education Data System (IPEDS). 4

5. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Inflation-Adjusted Published Tuition and Fees, 1979-80 to 2009-10 (1979-80=100) Source: The College Board, Annual Survey of Colleges; NCES, Integrated Postsecondary Education Data System (IPEDS). 5

6. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING State Tax Appropriations for Higher Education: Total Appropriations in Constant 2008 Dollars (in Millions), Appropriations per Public FTE Student in Constant 2008 Dollars, and Public FTE Enrollment (in Thousands), 1971-72 to 2008-09 Sources: The College Board, Annual Survey of Colleges; Illinois State University, Grapevine reports; NCES, Digest of Education Statistics 2008, Table 219. 6

7. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Distribution of Full-Time Undergraduates at Public and Private Four-Year Institutions by Percentage Increase in Published Tuition and Fees, 2009-10 Source: The College Board, Annual Survey of Colleges. 7

8. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Distribution of Full-Time Undergraduates at Public and Private Four-Year Institutions by Dollar Increase in Published Tuition and Fees, 2009-10 Source: The College Board, Annual Survey of Colleges. 8

9. 2009 TRENDS IN COLLEGE PRICING TRENDS IN HIGHER EDUCATION SERIES Published College Prices: How much do they vary? 9

10. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Distribution of Full-Time Undergraduates at Four-Year Institutions by Published Tuition and Fees, 2009-10 Source: The College Board, Annual Survey of Colleges. 10

11. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Average Published Charges for Undergraduates by Carnegie Classification, 2009-10 (Enrollment-Weighted) Source: The College Board, Annual Survey of Colleges. 11

12. 2009 TRENDS IN COLLEGE PRICING TRENDS IN HIGHER EDUCATION SERIES How Much do Students Actually Pay? Net Prices 12

13. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Average Estimated Undergraduate Budgets, 2009-10 (Enrollment-Weighted) Source: The College Board, Annual Survey of Colleges. 13

14. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Net Price: Published Tuition and Fees, Net Tuition and Fees, and Room and Board in Constant 2009 Dollars, Full-Time Undergraduate Students, 1994-95, 1999-2000, 2004-05 and 2009-10 14 Source: The College Board, Trends in College Pricing 2009; Annual Survey of Colleges.

15. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Net Price by Income: Public Four-Year Colleges Net Tuition and Fees, Net Room and Board and Other Costs, and Total Grants in Constant 2007 Dollars by Income Group, Full-Time Dependent Students 1992-93, 1995-96, 1999-2000, 2003-04 and 2007-08 Sources: NCES, NPSAS, 1993, 1996, 2000, 2004, 2008; U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplement, 2007. 15

16. 2009 TRENDS IN COLLEGE PRICING TRENDS IN HIGHER EDUCATION SERIES Sources of Student Aid 16

17. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Undergraduate Student Aid by Source (in Billions), 2008-09 17

18. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Ten-Year Trend in Student Aid and Nonfederal Loans per FTE Used to Finance Postsecondary Education Expenses in Constant (2008) Dollars, 1998-99 to 2008-09 18

19. 2009 TRENDS IN COLLEGE PRICING TRENDS IN HIGHER EDUCATION SERIES The Distribution of Income and Aid 19

20. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Percentage Growth in Mean Family Income by Quintile in Constant 2008 Dollars, 1978–1988, 1988–1998, and 1998–2008 Sources: U.S. Census Bureau, Current Population Survey, Table F-1, Table F-3, and FINC-01; calculations by the authors. 20

21. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Total Pell Expenditures (in Millions), Maximum Pell Grant and Average Pell Grant in Constant (2008) Dollars, and Number of Recipients (in Thousands), 1976-77 to 2008-09 Sources: The Federal Pell Grant Program End-of-Year Report, 2007-08; and projections from U.S. Department of Education, Office of Postsecondary Education. 21

22. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Average State Grants per Full-Time Dependent Undergraduate Student by Parent Income and Percentage Receiving State Grants, in Constant (2007) Dollars, 1992-93 to 2007-08 Source: NPSAS, 1993, 1996, 2000, 2004, 2008; U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplement, 2007. 22

23. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Average Institutional Grants and Average Federal plus State Grants per Full-Time Dependent Student by Parent Income Public Institutions, 2007-08 Sources: NPSAS, 1993, 1996, 2000, 2004, 2008; U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplement, 2007. 23 Distribution of Full-Time Dependent Students in Public Institutions by Parent Income, 2007-08

24. 2009 TRENDS IN COLLEGE PRICING TRENDS IN HIGHER EDUCATION SERIES Student Borrowing 24

25. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Growth of Stafford, PLUS and Nonfederal Loan Dollars in Constant (2008) Dollars, 1998-99 to 2008-09 25

26. TRENDS IN HIGHER EDUCATION SERIES 2009 TRENDS IN COLLEGE PRICING Distribution of Total Undergraduate Debt by Sector and Type of Degree or Certificate, 2007-08 Source: NPSAS, 2008 26

27. 2009 TRENDS IN COLLEGE PRICING TRENDS IN HIGHER EDUCATION SERIES For More Information: Sandy Baum sbaum@collegeboard.org Jennifer Ma jma@collegeboard.org Patricia Steele psteele@collegeboard.org sbaum@collegeboard.org jma@collegeboard.org@collegeboard.org 27