The College Board recently released the 2012 edition of its annual Trends in College Pricing report. While there’s a lot of great data in the report, most coverage (like this article from InsideHigherEd.com) focused on the fact that, as NAICU reported for private colleges earlier in October, college tuition continues to increase but at lower rates than in the past.
The average sticker price at four-year, nonprofit private colleges and universities increased by 4.2% from 2011-12 to 2012-13, according to the College Board’s Trends report. According to our own internal survey, AIKCU institutions were in line with the national average, with a 4.4% average increase. Public 4-year universities across the nation saw a slightly higher average increase at 4.8%.
What didn’t come out in the headlines is the variation of college costs, even within the same sector. As the graphic below illustrates, AIKCU members continue to offer tremendous value when compared to their peer institutions both within the South and across the nation. AIKCU members’ average published tuition and fees are 28% lower than the national nonprofit private college average. When you factor in room and board, AIKCU members’ total average costs are 30% less than the national average.
In any discussion of tuition and college costs it’s important to remember that very few students pay the full published tuition and fees, or sticker price. Half of AIKCU undergraduates receive Pell Grants and nearly all first-time, full-time students receive at least some financial aid. Prospective students should always check out an institution’s net price calculator.