The federal government treats higher education as a surefire investment, but this isn’t always true. Many colleges leave their students worse off financially, contributing to the student debt crisis. A reform-minded president could hold low-quality colleges accountable by requiring colleges that receive federal funding to publish student outcomes data and meet certain performance benchmarks. Congress can restore rationality to the federal student loan system by limiting the amount students can borrow and holding colleges financially responsible for unpaid student loans. At the same time, both Congress and the executive branch should take steps to open federal funding streams to high-quality alternatives to traditional four-year college, such as apprenticeships.
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Table of Contents
- TRENDS IN HIGHER EDUCATION SERIES Trends in College Pricing and Student Aid 2023 1
- Contact Information for the Authors 2
- ACKNOWLEDGMENTS 2
- DEFINING TERMS 2
- Highlights 3
- TRENDS IN COLLEGE PRICING 3
- PUBLISHED PRICES 3
- NET PRICES AFTER GRANT AID 3
- INSTITUTIONAL FINANCES 3
- FAMILY INCOME AND ENROLLMENT TRENDS 3
- TRENDS IN STUDENT AID 4
- TYPES OF STUDENT AID 4
- FEDERAL STUDENT AID 4
- PELL GRANTS 4
- OTHER SOURCES OF GRANT AID 4
- STUDENT BORROWING 4
- STUDENT DEBT 4
- Contents 5
- Introduction 7
- FAMILY INCOME, STICKER PRICES, STUDENT AID, AND NET PRICES 7
- BORROWING AND STUDENT DEBT 7
- FEDERAL HIGHER EDUCATION INITIATIVES 7
- ENROLLMENT 8
- WHAT IS NEW IN THIS YEAR’S REPORT 8
- Trends in College Pricing 2023 9
- Published Charges by Sector and by Carnegie Classification, 2023-24 10
- Student Budgets, 2023-24 11
- Published Tuition and Fees over Time 12
- Published Charges over Time 13
- Tuition and Fees by State: Public Two-Year 14
- Tuition and Fees by State: Public Four-Year 15
- Tuition and Fees by State: Flagship Universities 16
- Average Net Price: Public Two-Year 17
- Average Net Price: Public Four-Year 18
- Average Net Price: Private Nonprofit Four-Year 19
- Net Price by Income: Public Institutions 20
- Net Price by Income: Private Institutions 21
- Institutional Revenues: State and Local Funding 22
- Institutional Revenues: State and Local Funding 23
- Institutional Revenues: Public Institutions 24
- Institutional Revenues and Expenditures 25
- Family Income 26
- Enrollment Patterns over Time 27
- Enrollment Patterns over Time, by Sector 28
- Public Enrollment by State 29
- Enrollment by Race/Ethnicity 30
- Trends in Student Aid 2023 31
- Total Student Aid 32
- Aid per Student 33
- Grants, Loans, and Other Aid 34
- Total Undergraduate Student Aid by Type 35
- Total Graduate Student Aid by Type 36
- Sources of Grant Aid 37
- Types of Loans 38
- Federal Aid 39
- Federal Loans: Annual Borrowing 40
- Federal Loans: Borrowing and Balances 41
- Federal Loans: Outstanding Debt by Age 42
- Outstanding Federal Loans 43
- Cumulative Debt: Bachelor’s Degree Recipients 44
- Cumulative Debt: Undergraduate Degree Recipients 45
- Cumulative Debt: Graduate Degree Recipients 46
- Pell Grants 47
- Pell Grants 48
- State Grants 49
- State Grants 50
- Average Institutional Grant Aid by Sector 51
- Higher Education Emergency Relief Fund 52
- Notes and Sources: Trends in College Pricing 53
- THE ANNUAL SURVEY OF COLLEGES 53
- ENROLLMENT-WEIGHTED AND UNWEIGHTED DATA 53
- LONGITUDINAL DATA 53
- NET PRICE CALCULATIONS 53
- INFLATION ADJUSTMENT 53
- Notes and Sources: Trends in Student Aid 54
- About College Board 55
- Trends in Higher Education 55
