Historically Low Increases in
Average Published Tuition Prices Amid Pandemic
College Board's 2020 Trends in College Pricing and Student Aid report released shows historically low increases in average published tuition and fees amid the covid-19 pandemic. Additionally, undergraduate borrowing declined for the ninth consecutive year and total grant aid continued to see slow growth. Average net prices have been stable in the public sectors since 2011-12.
"This year's data underscore the profound impact covid-19 has had on higher education," said Jessica Howell, College Board's vice president for research. "Although average tuition increased again this year, the increases are among the lowest we've seen since 1990-91."
In 2020-21, average tuition and fees increased by 1.1% for in-state students at public four-year institutions, 1.9% for in-district students at public two-year colleges, and 2.1% for students at private nonprofit four-year institutions. The 1.1% and 2.1% are the lowest one-year percentage increases for public four-year and private nonprofit four-year sectors in the last three decades.
"Institutions are recognizing the struggles students and families face in paying for college, especially during a pandemic," said Jennifer Ma, senior policy research scientist at College Board and co-author of the report." In 14 states, the average public two-year in-district tuition and fees did not increase in 2020-21. In 10 states, the average public four-year in-state tuition and fees did not increase."
Over the last decade, total grant aid from all sources increased by 24% after adjusting for inflation, from $114.1 billion (in 2019 dollars) in 2009-10 to $140.9 billion in 2019-20. Institutional grant aid increased by $27.1 billion (65%) while Pell grants declined by $7.9 billion (22%) during these ten years. Total annual borrowing (including federal and nonfederal loans) declined by 21%, from $128.9 billion (in 2019 dollars) in 2009-10 to $102.0 billion in 2019-20.
"It is too early to understand the full impact of the economic relief on higher education and on student borrowing," said Matea Pender, policy research scientist at College Board and co-author of the report. "The most recent data show that since 2010-11 total annual undergraduate borrowing has been declining, both at the aggregate level and on a per-student basis."
As colleges continue to adjust to the challenges posed by covid-19 and students experience changes in family finances, meeting financial need will likely be more challenging.
Key College Pricing Findings
Published Prices
Average published tuition and fees for full-time in-state students at public four-year colleges and universities increased by 1.1% ($120) before adjusting for inflation, from $10,440 in 2019-20 to $10,560 in 2020-21. At the state level, average 2020-21 in-state tuition and fees in this sector range from $5,790 to $17,510. (Table CP-1, Figure CP-6)
Average published in-district tuition and fees at public two-year colleges increased by 1.9% ($70) before adjusting for inflation, from $3,700 in 2019-20 to $3,770 in 2020-21. At the state level, average 2020-21 in-district tuition and fees in this sector range from $1,430 to $8,600. (Table CP-1, Figure CP-5)
Average published tuition and fees at private nonprofit four-year institutions increased by 2.1% ($770) before adjusting for inflation, from $36,880 in 2019-20 to $37,650 in 2020-21. (Table CP-1)
In 2020-21, average estimated budgets (tuition and fees; room and board; and allowances for books and supplies, transportation, and other personal expenses) for full-time undergraduate students range from $18,550 for public two-year in-district students and $26,820 for public four-year in-state students to $43,280 for public four-year out-of-state students and $54,880 for private nonprofit four-year students. (Figure CP-1)
Net Prices
Average net prices are calculated as the differences between published prices and average grant aid received by first-time full-time students, including those who did not receive grant aid. In 2018-19, 71% of public two-year, 74% of public four-year, and 87% of private nonprofit four-year first-time full-time undergraduate students received federal, state, or institutional grant aid. (Pages 17, 18, and 19)
On average, first-time full-time undergraduate students at public two-year colleges have been receiving enough grant aid to cover their tuition and fees since 2009-10. In 2020-21, first-time full-time students at public two-year colleges need to cover an estimated average of $8,860 in room and board after grant aid, in addition to another $5,700 in books and supplies, transportation, and other personal expenses. (Figure CP-8)
Between 2006-07 and 2020-21, the average net tuition and fee price paid by first-time full-time in-state students enrolled in public four-year institutions was lowest in 2009-10 ($2,830 in 2020 dollars); it was an estimated $3,230 in 2020-21. (Figure CP-9)
Between 2006-07 and 2020-21, the average net tuition and fee price paid by first-time full-time undergraduates enrolled in private nonprofit four-year institutions was lowest in 2009-10 ($14,710 in 2020 dollars); it was an estimated $15,990 in 2020-21. (Figure CP-10)
Key Student Aid Findings
Total Aid and Total Aid per Student
In 2019-20, undergraduate and graduate students received $242.0 billion in grants from all sources, Federal Work-Study (FWS), federal loans, and federal tax credits and deductions. In addition, students borrowed about $14 billion from nonfederal sources. (Table SA-1)
In 2019-20, undergraduate students received an average of $14,940 per FTE student in financial aid: $9,850 in grants, $4,090 in federal loans, $920 in education tax credits and deductions, and $80 in FWS. (Figure SA-1, Table SA-3)
In 2019-20, graduate students received an average of $27,310 per FTE student in financial aid: $9,260 in grants, $17,470 in federal loans, $520 in tax credits and deductions, and $60 in FWS. (Figure SA-1, Table SA-3)
Student Debt
As of March 2020, 55% of borrowers with outstanding federal education debt owed less than $20,000; by contrast, 45% of the outstanding federal education loan debt was held by the 10% of borrowers owing $80,000 or more. (Figure SA-10)
In 2018-19, 56% of bachelor’s degree recipients from public and private nonprofit four-year colleges and universities graduated with debt and had an average debt level of $28,800. Average debt per bachelor’s degree recipient, including both those who borrowed and those who did not, was $16,100 for the two sectors combined. (Figure SA-14)
Grant Aid
The total amount of grant aid supporting postsecondary students increased by 119% (after adjusting for inflation) between 1999-2000 and 2009-10 and by another 24% between 2009-10 and 2019-20, reaching a total of $140.9 billion. (Figure SA-5)
Pell Grant expenditures rose from $35.7 billion (in 2019 dollars) in 2009-10 to $42.0 billion in 2010-11 but declined to $27.8 billion by 2019-20. (Figure SA-15B)
Between 2009-10 and 2019-20, institutional grant aid rose by $27.1 billion (in 2019 dollars), reaching a total of $68.9 billion in 2019-20. Institutional grants accounted for almost half of all grant aid for undergraduate and graduate students in 2019-20. (Figure SA-5)
State grant aid per FTE undergraduate student rose for the seventh consecutive year in 2018-19, to $930—an increase of $200 (27%) since 2011-12. State grant aid per FTE undergraduate student ranged from under $200 in nine states to $1,000 or more in 15 states. (Figure SA-17A, Figure SA-18A)
For more information about College Board's work, please visit collegeboard.org.
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