U.S. college tuition prices vary widely
The cost of college tuition in the United States varies quite a bit, according to a new federal Department of Education report. "What is the Price of College? Total, Net and Out-of-Pocket Prices in 2007-2008" was released by the National Center for Educational Statistics at the Institute of Education Sciences. The report indicated a vast difference in tuition at the nation's institutions of higher learning based on the type of school that was being considered.
Public, two-year institutions were the most affordable, according to the report, with an average cost of $12,600. The next affordable type of postsecondary educational institution listed in the report were public, four-year colleges and universities, which will run an average of $18,900 per year in tuition.
The two most expensive postsecondary education options listed in the "What is the Price of College?" report are for-profit institutions and private, nonprofit colleges, which will set you back an average of $28,600 and $35,500, respectively. Once financial aid was considered, the report's author found that the average annual out-of-pocket expense for students at public, two-year institutions was $9,100 and $10,300 for those attending public, four-year schools. For those attending for-profit schools, the average annual out-of-pocket costs were $16,000; it was just $600 more than that for students enrolled in private, nonprofit colleges and universities.
"What is the Price of College?" also found that students who attended the most expensive schools, which were private, nonprofit institutions, received the most financial aid. According to the report's key findings, "a student’s total price of attendance is also a factor in determining eligibility for financial aid. Students at a lower priced institution will have less eligibility for aid than if they had attended a higher priced institution." For-profit institutions, meanwhile, were reported to have the highest number of students receiving tuition assistance via financial aid.
The data used to compile the report came from 1,700 postsecondary schools and included some 114,000 students.
