Trends College Pricing Student Aid 2021

TRENDS IN HIGHER EDUCATION SERIES
Trends in
College Pricing
and Student
Aid 2021
COLLEGE STUDENT
PRICING AID
Trends in College Pricing and Student Aid 2021 was authored by Jennifer Ma, senior DEFINING TERMS
policy research scientist at College Board and Matea Pender, policy research scientist
at College Board. “Costs” refer to the expenditures associated with
delivering instruction, including physical plant
and salaries.
Contact Information for the Authors
trends@collegeboard.org
“Prices” are the expenses that students and
Tables, graphs, and data in this report or excerpts thereof may be reproduced or parents face.
cited, for noncommercial purposes only, provided that the following attribution
is included: “Published price” is the price institutions charge for
tuition and fees as well as room and board, in the
case of students residing on campus. A full student
Source: Ma, Jennifer and Matea Pender (2021),
expense budget also includes allowances for books
Trends in College Pricing and Student Aid 2021, New York: College Board.
and course materials, supplies, transportation, and
© 2021 College Board.
other personal expenses.
www.collegeboard.org
research.collegeboard.org/trends “Net price” is what the student and/or family must
cover after grant aid is subtracted.
ACKNOWLEDGMENTS “General subsidies” make it possible for institutions to

charge less than the actual costs of instruction. State,
We thank Dean Bentley, Jessica Howell, and Michael Hurwitz for their thoughtful federal, and local appropriations, as well as private
reviews. We also thank the cooperation and support of many colleagues at philanthropy, reduce the prices faced by all
College Board, including Connie Betterton, Mark Bloniarz, Auditi Chakravarty, students—whether or not they receive financial aid.
Karen Lanning, Kevin Morris, Jose Rios, Ashley Robinson-Spann, Michael Slevin,
Kayla Tompkins, Marquis Woods, and the Annual Survey of Colleges team.
We thank all of those who contributed to the data collection for this publication,
especially Tara Marini of the Office of Federal Student Aid, Mike Solomon of the
Illinois Student Aid Commission, and institutional research department staff and
campus administrators who provided us with invaluable data through the Annual
Survey of Colleges.
BFF Media Work provided expert graphic design work.
MAR-1311
October 2021
Highlights
For over 20 years, Trends in College Pricing and Trends in Student ■ Between 2006-07 and 2021-22, the average net tuition and fee
Aid have been providing timely updates on the prices of attending price paid by first-time full-time students enrolled in private
college and the amount of student aid that is available to help nonprofit four-year institutions is lowest in 2021-22 at an estimated
students and families pay for college. $14,990. (Figure CP-10)
INSTITUTIONAL FINANCES
TRENDS IN COLLEGE PRICING
■ State and local funding per student increased in 2019-20 (in
PUBLISHED PRICES inflation-adjusted dollars) for the eighth consecutive year, following
four years of declines. After adjusting for inflation, total state and
■ In 2021-22, the average published (sticker) tuition and fees for
local funding was 2% higher in 2019-20 than it was in 2007-08, just
full-time undergraduate students are (Table CP-1):
before the Great Recession. However, as a result of enrollment
w Public four-year in-state: $10,740, $170 higher than in 2020-21 increases, funding per student was 4% lower in 2019-20 than it was
(1.6% before adjusting for inflation). in 2007-08 ($8,640 vs. $9,000). (Figure CP-11A, Figure CP-11B)
w Public four-year out-of-state: $27,560, $410 higher than in ■ Net tuition revenue per student accounted for 43% of total
2020-21 (1.5% before adjusting for inflation). revenues at public doctoral universities in 2018-19—an increase
w Public two-year in-district: $3,800, $50 higher than in 2020-21 from 33% in 2008-09 and 41% in 2013-14. At other types of
(1.3% before adjusting for inflation). public institutions, net tuition as a share of total revenues
declined between 2013-14 and 2018-19, after increasing during
w Private nonprofit four-year: $38,070, $800 higher than in the previous five years. (Figure CP-13)
2020-21 (2.1% before adjusting for inflation).
■ Between 2013-14 and 2018-19, the average subsidy per full-time
■ In 2021-22, average estimated budgets (tuition and fees, room equivalent (FTE) student increased (after adjusting for inflation)
and board, and allowances for books and supplies, transportation at public associate and bachelor’s colleges as well as at all types
and other personal expenses) for full-time undergraduate of private nonprofit institutions. (Figure CP-14)
students range from $18,830 for public two-year in-district
students and $27,330 for public four-year in-state students to ENROLLMENT TRENDS AND FAMILY INCOME
$44,150 for public four-year out-of-state students and $55,800 ■ Between 1990 and 2020, inequality in family incomes increased,
for private nonprofit four-year students. (Figure CP-1) with income growing fastest for those in the highest income
■ Over the 30 years between 1991-92 and 2021-22, average brackets. The average income increased by 57% for the top
published tuition and fees increased from $2,310 to $3,800 quintile of families and by 12% for the lowest quintile of families.
at public two-year, from $4,160 to $10,740 at public four-year, (Figure CP-15A)
and from $19,360 to $38,070 at private nonprofit four-year ■ Between fall 2019 and fall 2020, total postsecondary enrollment
institutions, after adjusting for inflation. (Figure CP-2) fell by 631,000 (3%). The public two-year sector saw the largest
■ In 2021-22, average published tuition and fees for full-time decline in enrollment—581,000 or 9%. Total enrollment at the
in-district students at public two-year colleges range from $1,430 public four-year and private nonprofit four-year sectors both
in California and $1,950 in New Mexico to $8,600 in Vermont. From declined by 0.7% while enrollment increased by 33,000 (3%)
2020-21 to 2021-22, the average published two-year in-district at for-profit institutions. (Figure CP-16)
tuition and fees did not increase in 15 states, before adjusting for ■ Between fall 2019 and fall 2020, total FTE undergraduate
inflation. (Figure CP-5, Table CP-5 online) enrollment declined by 66,640 (1%) in the public four-year sector
■ In 2021-22, average published tuition and fees for full-time and by 323,440 (8%) in the public two-year sector. (Figure CP-17A,
in-state students at public four-year institutions range from $6,100 Figure CP-17B)
in Wyoming and $6,370 in Florida to $17,040 in New Hampshire ■ Between 2019 and 2020, all types of institutions saw declines in
and $17,750 in Vermont. From 2020-21 to 2021-22, the average the number of international students; international enrollment
published four-year in-state tuition and fees did not increase in three declined from 402,680 to 352,040 (13%) at public doctoral
states, before adjusting for inflation. (Figure CP-6, Table CP-5 online) institutions and from 234,520 to 207,290 (12%) at private nonprofit
doctoral institutions. (Figure CP-19)
NET PRICES AFTER GRANT AID
■ Because of the COVID-19 pandemic, the majority of colleges
■ Since 2009-10, first-time full-time students at public two-year and universities shifted classes online in 2020. As a result, the
colleges have been receiving enough grant aid on average to share of postsecondary students enrolled in distance education
cover their tuition and fees. (Figure CP-8) courses increased dramatically between fall 2019 and 2020. In
■ Between 2006-07 and 2021-22, the average net tuition and fee fall 2020, 75% of undergraduate students and 71% of graduate
price paid by first-time full-time in-state students enrolled in public students enrolled in distance education courses, compared
four-year institutions is lowest in 2021-22 at an estimated $2,640, with 36% of undergraduate and 42% of graduate students in fall
after peaking in 2012-13 at $3,720 (in 2021 dollars). (Figure CP-9) 2019. (Figure CP-20)
3
TRENDS IN STUDENT AID
TYPES OF STUDENT AID ■ Between 2010-11 and 2020-21, institutional grant aid rose by $25.6
billion (in 2020 dollars) reaching a total of $71.1 billion in 2020-21.
■ In 2020-21, undergraduate students received an average of Institutional grants accounted for about half of all grant aid for
$14,800 per FTE student in financial aid: $10,050 in grants,
undergraduate and graduate students in 2020-21. (Figure SA-5)
$3,780 in federal loans, $880 in education tax credits, and $90 in
Federal Work-Study (FWS). (Figure SA-1, Table SA-3 online) ■ State grant aid per FTE undergraduate student increased for
the eighth consecutive year in 2019-20, to $980—an increase of
■ In 2020-21, graduate students received an average of $26,920 $230 (31%) since 2011-12. State grant aid per FTE undergraduate
per FTE student in financial aid: $8,860 in grants, $17,540 in
student ranged from under $200 in eight states to over $1,000 in
federal loans, $460 in tax credits, and $60 in FWS. (Figure SA-1,
18 states. (Figure SA-17A, Figure SA-18A)
Table SA-3 online)
■ In 2020-21, undergraduate and graduate students received STUDENT BORROWING
$234.9 billion in grants, FWS, federal loans, and federal tax
■ After rapid growth in annual borrowing between 2005-06 and
credits. In addition, students borrowed about $12 billion from
2010-11, total federal loans to undergraduate students declined
nonfederal sources. (Table SA-1 online)
by 46% ($38.6 billion in 2020 dollars) between 2010-11 and
2020-21; federal loans to graduate students decreased by
FEDERAL STUDENT AID
7% ($2.7 billion). (Figure SA-9A)
■ Total federal grant aid decreased by 32% in inflation-adjusted ■ In 2020-21, after the tenth consecutive decline in annual education
dollars between 2010-11 and 2020-21. Pell Grants declined by
borrowing, students and parents borrowed $95.9 billion, down
39% ($16.4 billion) and veterans’ benefits declined by 3%
from $135.1 billion (in 2020 dollars) in 2010-11. (Figure SA-6)
($405 million). (Table SA-1 online)
■ Average federal loans per student peaked in 2010-11 for both
■ In 2020-21, average benefits from the Post-9/11 GI Bill program undergraduate and graduate students. Federal loans per FTE
were nearly $16,000, compared with just over $4,200 per Pell
undergraduate student declined to $3,780 in 2020-21, from a
Grant recipient. There were 6.2 million Pell Grants recipients
peak of $6,160 (in 2020 dollars) in 2010-11. Federal loans per FTE
compared with 614,000 veterans’ benefits recipients. (Figure SA-7)
graduate student declined to $17,540 in 2020-21, from a peak of
■ Between 2010-11 and 2020-21, federal loans to undergraduates $20,280 in 2010-11. (Figure SA-1)
fell by 47%, while federal loans to graduate students declined
■ The share of annual federal education loans going to graduate
by 7%. (Figure SA-3, Figure SA-4)
students (who constitute about 16% of all students) rose from 32%
■ FWS and Federal Supplemental Educational Opportunity Grants ($24.1 billion out of $74.5 billion in 2020 dollars) in 2005-06 to 47%
(FSEOG) combined provided $2.0 billion to undergraduate ($39.0 billion out of $83.7 billion) in 2020-21. (Figure SA-9A)
students in 2020-21—1% of the total aid. (Figure SA-3)
■ In 2020-21, 432,000 graduate students borrowed through the
■ Average HEERF I funding per FTE student was higher at institutions grad PLUS program; 1.5 million borrowed unsubsidized loans.
with higher shares of Pell Grant recipients. For example, in the The average amount borrowed through the PLUS program was
public four-year sector, average HEERF I funding amounts were $8,080 higher than the average unsubsidized loan ($26,880 vs.
$680 at institutions where less than 30% of undergraduate $18,800). (Figure SA-9B)
students received Pell and $2,750 at institutions where more than
■ Nonfederal education loans fell from about $28 billion (in 2020
60% of undergraduate students received Pell. (Figure SA-20A)
dollars) in 2007-08 to $9 billion in 2010-11, before increasing to
about $12 billion in 2020-21. (Figure SA-6)
PELL GRANTS
■ Pell Grant expenditures rose from $36.2 billion (in 2020 dollars) STUDENT DEBT
in 2009-10 to $42.3 billion in 2010-11 but declined to $26.0 billion
■ As of March 2021, 54% of borrowers with outstanding education
by 2020-21. (Figure SA-15B)
debt owed less than $20,000; 45% of the outstanding federal
■ The number of Pell Grant recipients declined by 3.3 million (35%) education loan debt was held by the 10% of borrowers owing
since peaking in 2011-12. (Figure SA-15B) $80,000 or more. (Figure SA-10)
■ The average Pell Grant per recipient was $3,360 (in 2020 dollars) ■ As of March 2021, 23% of the $1.59 trillion outstanding federal
in 2001-02. It peaked at $4,550 in 2010-11, and fell to $4,220 in loan balance was held by borrowers who were 50 or older, up
2020-21. (Figure SA-16) from 18% in 2017. (Figure SA-12A)
■ The $6,495 maximum Pell Grant in 2021-22 is 14% higher in ■ In 2019-20, 55% of bachelor’s degree recipients from public and
inflation-adjusted dollars than it was in 2001-02. (Figure SA-16) private nonprofit four-year colleges and universities graduated
with debt and had an average debt level of $28,400. Average
OTHER SOURCES OF GRANT AID debt per bachelor’s degree recipient, including both those
who borrowed and those who did not, was $15,600 for the two
■ Between 2010-11 and 2020-21, institutional grant aid for
undergraduate students increased by 62% ($22.0 billion in 2020 sectors combined. (Figure SA-14)
dollars). (Figure SA-3)
4
Contents
3 Highlights
7 Introduction
TRENDS IN COLLEGE PRICING
10 Published Charges, TABLE CP-1 Average Published Undergraduate Charges by Sector and by Carnegie Classification,
2020-21 and 2021-22 2020-21 and 2021-22
11 Student Budgets, 2021-22 FIGURE CP-1 Average Estimated Undergraduate Budgets, 2021-22
12 Published Tuition and Fees FIGURE CP-2 Published Tuition and Fees over Time
over Time
FIGURE CP-3 Published Tuition and Fees Relative to 1991-92, by Sector
13 Published Charges over Time FIGURE CP-4 Ten-Year Percentage Changes in Published Charges, by Decade
TABLE CP-2 Tuition and Fees and Room and Board over Time
TABLE CP-3 Tuition and Fees over Time (Unweighted)
TABLE CP-4 Tuition and Fees by Region over Time
14 Tuition and Fees by State: FIGURE CP-5 2021-22 In-District Tuition and Fees at Public Two-Year Institutions by State
Public Two-Year and Five-Year Percentage Changes
TABLE CP-5 Tuition and Fees by Sector and State over Time
15 Tuition and Fees by State: FIGURE CP-6 2021-22 Tuition and Fees at Public Four-Year Institutions by State and Five-Year
Public Four-Year Percentage Changes
16 Tuition and Fees by State: FIGURE CP-7 2021-22 Tuition and Fees at Flagship Universities and Five-Year Percentage Changes
Flagship Universities
TABLE CP-6 Tuition and Fees at Flagship Universities over Time
17 Average Net Price: FIGURE CP-8 Average Net Price over Time for First-Time Full-Time Students at Public
Public Two-Year Two-Year Institutions
18 Average Net Price: FIGURE CP-9 Average Net Price over Time for First-Time Full-Time Students at Public
Public Four-Year Four-Year Institutions
19 Average Net Price: Private FIGURE CP-10 Average Net Price over Time for First-Time Full-Time Students at Private Nonprofit
Nonprofit Four-Year Four-Year Institutions
20 Institutional Revenues: FIGURE CP-11A Annual Percentage Changes in State and Local Funding and Public Tuition and Fees
State and Local Funding over Time
FIGURE CP-11B Total and Per-Student State and Local Funding and Public Enrollment over Time
21 Institutional Revenues: FIGURE CP-12 2019-20 State and Local Funding per Student and per $1,000 in Personal Income and
State and Local Funding 10-Year Percentage Changes in Inflation-Adjusted Funding per Student, by State
22 Institutional Revenues: FIGURE CP-13 Institutional Revenues per Student at Public Institutions over Time
Public Institutions
23 Institutional Revenues and FIGURE CP-14 Net Tuition Revenues, Subsidies, and Education Expenditures per Student over Time
Expenditures
24 Family Income FIGURE CP-15A Family Income over Time by Quintile
FIGURE CP-15B Family Income by Selected Characteristics, 2020
25 Enrollment Patterns over Time FIGURE CP-16 Enrollment by Level of Enrollment and Attendance Status over Time
26 Public Undergraduate FIGURE CP-17A One-Year Percentage Change in Public Four-Year Undergraduate Enrollment by State,
Enrollment by State Fall 2019 to Fall 2020
FIGURE CP-17B One-Year Percentage Change in Public Two-Year Undergraduate Enrollment by State,
Fall 2019 to Fall 2020
27 Enrollment by Race/Ethnicity FIGURE CP-18A Distribution of Undergraduate Enrollment by Sector Within Race/Ethnicity, Fall 2020
FIGURE CP-18B Distribution of Undergraduate Enrollment by Race/Ethnicity Within Sectors, Fall 2020
28 International Enrollment FIGURE CP-19 Enrollment of International Undergraduate and Graduate Students by Institution Type,
2009, 2019, and 2020
29 Enrollment in Distance FIGURE CP-20 Percentage of Postsecondary Students Enrolled in Distance Education Courses,
Education Courses Fall 2012, Fall 2019, and Fall 2020
Figures and tables that are only available online at research.collegeboard.org/trends.
5
Contents—Continued
TRENDS IN STUDENT AID
31 Total Student Aid TABLE SA-1 Total Student Aid and Nonfederal Loans in 2020 Dollars over Time
TABLE SA-1 Total Student Aid and Nonfederal Loans in 2020 Dollars over Time: All Students,
Undergraduate Students, and Graduate Students
TABLE SA-2 Total Student Aid and Nonfederal Loans in Current Dollars over Time: All Students,
32 Aid per Student FIGURE SA-1 Average Aid per Student over Time
TABLE SA-3 Average Aid per Student over Time: All Postsecondary Students, Undergraduate
Students, and Graduate Students
33 Grants, Loans, and Other Aid FIGURE SA-2 Composition of Total Aid and Nonfederal Loans over Time
TABLE SA-4 Total Aid and Nonfederal Loans in Current and Constant Dollars over Time: All Students,
34 Total Undergraduate Student Aid FIGURE SA-3 Total Undergraduate Student Aid by Source and Type over Time
35 Total Graduate Student Aid FIGURE SA-4 Total Graduate Student Aid by Source and Type over Time
36 Sources of Grant Aid FIGURE SA-5 Total Grant Aid by Source over Time
37 Types of Loans FIGURE SA-6 Total Federal and Nonfederal Loans by Type over Time
38 Federal Aid FIGURE SA-7 Number of Recipients by Federal Aid Program, 2020-21
FIGURE SA-8 Percentage Distribution of Federal Aid Funds by Sector, 2019-20
TABLE SA-5 Federal Aid per Recipient by Program over Time in Current and Constant Dollars
TABLE SA-7 Percentage Distribution of Federal Aid Funds by Sector over Time
39 Federal Loans: Annual FIGURE SA-9A Total Annual Amount Borrowed in Federal Loans over Time
Borrowing
FIGURE SA-9B Average Annual Amount Borrowed in Federal Loans over Time
TABLE SA-6 Federal Loans in Current and Constant Dollars over Time: All Postsecondary Students,
40 Federal Loans: Borrowing and FIGURE SA-10 Distribution of Borrowers and Debt by Outstanding Balance, FY2021
Balances
FIGURE SA-11 Percentage of Undergraduates Borrowing Federal Loans over Time
41 Federal Loans: Outstanding FIGURE SA-12A Distribution of Outstanding Federal Loan Dollars and Borrowers by Borrower Age
Debt by Age
FIGURE SA-12B Distribution of Borrowers by Outstanding Balance and Age, FY2021
42 Federal Loans: Outstanding FIGURE SA-13A Distribution of Outstanding Federal Direct Loan Dollars and Recipients
Debt by Repayment Plan and by Repayment Plan
Repayment Status FIGURE SA-13B Repayment Status of Federal Education Loan Portfolio
43 Cumulative Debt: Bachelor’s FIGURE SA-14 Cumulative Debt of Bachelor’s Degree Recipients at Four-Year Institutions over Time
Degree Recipients
44 Pell Grants FIGURE SA-15A Undergraduate Enrollment and Percentage Receiving Pell Grants over Time
FIGURE SA-15B Total Pell Grant Expenditures and Number of Recipients over Time
45 Pell Grants FIGURE SA-16 Published Prices at Four-Year Institutions, Maximum Pell, and Average Pell over Time
46 State Grants FIGURE SA-17A Need-Based and Non-Need-Based State Grants per Undergraduate Student over Time
FIGURE SA-17B Percentage of State Grant Aid Based on Need by State, 2019-20
47 State Grants FIGURE SA-18A State Grant Aid per Undergraduate Student by State, 2019-20
FIGURE SA-18B State Grant Expenditures as a Percentage of Total State Support for Higher Education
by State, 2019-20
48 Average Institutional Grant Aid FIGURE SA-19A Average Institutional Grant Aid in 2018 Dollars per First-Time Full-Time Student over Time
by Sector
FIGURE SA-19B Percentage of First-Time Full-Time Students Receiving Institutional Grant Aid over Time
49 Higher Education Emergency FIGURE SA-20A Average HEERF I Funding Per FTE Student, by Share of Pell Enrollees and by Sector
Relief Fund
FIGURE SA-20B Distribution of HEERF I Funding and Full-Time Equivalent (FTE) Students by Sector
50 Notes and Sources
6
Introduction
Shortly after the World Health Organization declared COVID-19 The Department of Education’s fall 2020 enrollment data also
a pandemic in March 2020, most colleges and universities in the confirm a dramatic increase in the share of students taking classes
United States moved instruction online as governors ordered online: 75% of undergraduate students took some classes online
shutdowns to contain the spread of COVID-19. During the 2020-21 in 2020, up from 36% in 2019. In fall 2020, 44% of undergraduate
academic year, colleges adopted a wide range of instructional students took all classes online, up from 15% in 2019 (Figure CP-20).
approaches, including in-person, online, and hybrid models.1 This Although research is scant on the long-term impact of online
fall, most colleges fully resumed in-person instruction for the learning, there is some evidence that suggests earnings of students
2021-22 academic year. at for-profit colleges where most students are exclusively online are
lower than earnings of students at other for-profit schools.4
In 2020-21, many colleges froze or had very small increases in
tuition and yet, many institutions, and especially two-year colleges, Enrollment changes have direct implications for institutions’ tuition
experienced declines in enrollment. In 2021-22, we continue to revenues with net tuition revenue being the largest revenue source
see historically low increases in average published tuition and fees for public four-year and private nonprofit four-year institutions.5
before adjusting for inflation: 1.3% for public two-year in-district
State and Local Funding
students, 1.6% for public four-year in-state students, 1.5% for public
four-year out-of-state students, and 2.1% for private nonprofit In addition to tuition revenue, public institutions also rely heavily on
four-year students. These increases are lower than the inflation rate state and local funding. In 2018-19, this source provided 27% of
in the first eight months of 2021. As a result, average tuition and fees total revenues at public doctoral institutions, 39% at public master’s
declined across all three sectors in 2021-22 after adjusting institutions, 44% at public bachelor’s institutions, and 55% at public
for inflation. two-year colleges (Figure CP-13). Generally, state and local funding
declines during economic recessions. During the Great Recession
IMPACTS OF THE PANDEMIC ON HIGHER EDUCATION of 2008, per-student state and local funding for higher education
Enrollment declined by 9% between 2007-08 and 2008-09, and the annual
declines persisted through the 2011-12 academic year before rising
The newly released fall 2020 enrollment data from the Department for eight consecutive years. After adjusting for inflation, total state
of Education confirm findings from the National Student and local funding was 2% higher in 2019-20 than it was in 2007-08,
Clearinghouse2 that total postsecondary enrollment declined in just before the Great Recession. (Figure CP-11B)
2020. However, enrollment changes were uneven across enrollment
levels, sectors, states, and demographic groups. Between 2019 The economic shutdowns in the second quarter of 2020 caused
and 2020, total undergraduate enrollment declined by 698,000 and dramatic reductions in state tax revenues and some states
graduate enrollment increased by 67,000. Across sectors, the public announced funding cuts to higher education in the 2021 fiscal year.
two-year sector saw the largest decline in enrollment—581,000 Though many feared that more states would announce funding cuts
(9%); public four-year and private nonprofit four-year sectors saw to higher education, the outlook for fiscal year 2022 state funding for
enrollment declines of less than 1% while the for-profit sector saw higher education turned positive as the economy rebounded.6
its enrollment increase by 3%. (Figure CP-16) The federal government passed the Coronavirus Aid, Relief, and
At the state level, nine states experienced increases in postsecondary Economic Security (CARES) Act in March 2020, which provided
enrollment at public four-year colleges while all but one state economic relief for state and local governments as well as $14 billion
experienced declines in enrollment at public two-year colleges. in Higher Education Emergency Relief Fund I (HEERF I) for higher
(Figure CP-17A, Figure CP-17B) education institutions and students. Additional funding for higher
education in the amount of $21.2 billion (HEERF II) and $39.6 billion
While the enrollment patterns we present in this report are (HEEFR III) was authorized in December 2020 and March 2021,
descriptive in nature, a recent study shows similar results after taking respectively. (Page 49)
into account pre-pandemic trends and student demographic shifts.3
There are differences in the pandemic’s impact on postsecondary

enrollment across demographic groups as well. While international
student enrollment grew rapidly in the decade from 2009 to 2019,
it declined by more than 10% from 2019 to 2020. (Figure CP-19)
4 Gainfully Employed? Assessing the Employment and Earnings of For-Profit

1 https://www.chronicle.com/article/heres-a-list-of-colleges-plans-for- College Students Using Administrative Data
reopening-in-the-fall/ 5 NCES, Digest of Education Statistics, Tables 333.10 and 333.50.
2 https://nscresearchcenter.org/current-term-enrollment-estimates/ctee_ 6 https://www.educationdive.com/news/state-lawmakers-wrestle-with-scope-
report_fall_2020/ and-timing-of-higher-ed-budget-cuts/578787/; https://www.insidehighered.
3 https://research.collegeboard.org/pdf/enrollment-retention-covid2020.pdf com/news/2021/08/10/after-year-cuts-state-funding-looks-positive-fiscal-2022.
7
FAMILY INCOME, TUITION, AND COLLEGE Under the CARES Act, the U.S. Department of Education distributed
AFFORDABILITY funds to institutions using a congressionally mandated formula,
which required 75% of the funds to be distributed based on full-
In the last 30 years, income inequality grew as the average income
time equivalent (FTE) enrollment of Pell recipients and the remaining
increased by 57% for the highest fifth of families and by 12% for the
25% based on the FTE enrollment of non-Pell recipients. Unlike
lowest fifth of families. The latest income data from the U.S. Census
the permanent maximum Pell Grant increase legislated through
Bureau show that median household income decreased by 2.9%
the American Recovery and Reinvestment Act of 2009 that led to
between 2019 and 2020.7 In 2020, median incomes for Black and
increased benefits for more students, the CARES Act did not change
Hispanic families were 60% and 62%, respectively, of the median for
the foundations of the Pell program.
white families. Median income for families with at least one four-
year college graduate was more than twice the median for families WHAT IS NEW IN THIS YEAR’S REPORT
headed by a high school graduate. (Figure CP-15A, Figure CP-15B)
HEERF I Funding Analysis
Recognizing the struggles students and families face in paying
for college, especially during a pandemic, many colleges and In this report, we show that, on average, public institutions received
universities did not raise tuition between the 2019-2020 and 2020- more HEERF I funding per student than private nonprofit and
2021 academic years. In 2021-22, this tuition freeze continued as for-profit institutions. In addition, schools with higher shares of Pell
the average published two-year in-district tuition and fees remain recipients received more funding per student than schools with
flat in 15 states and the average public four-year in-state tuition and lower shares of Pell recipients (Figure SA-20A).
fees are unchanged in three states. (Table CP-5 online) Student Debt by Age
In addition to providing financial relief for higher education Many borrowers continue to hold education debt well into adulthood.
institutions and students, the CARES Act suspended federal Figure SA-12A shows that nearly a quarter of the $1.59 trillion
student loan payments, ended collections on defaulted federal outstanding federal loan balance was held by borrowers aged 50 and
student loans, and suspended interest accrual on all federal student older, up from 18% in 2017 (Figure SA-12A). These borrowers may
loans through September 30, 2020. Subsequent Executive Orders have borrowed for their own education or for their children’s education.
extended the student loan provisions through the end of January
2022.8 Consequently, as of June 30, 2021, nearly 70% of all The long-term impact of the pandemic on students and institutions
outstanding Direct Loan balances were in forbearance, compared remains to be seen. As with previous years’ Trends reports, we will
with about 10% two years earlier. (Figure SA-13B) continue to include new relevant information as it becomes available.
It is still early to understand the full impact of HEERF funding on Inflation Adjustment
higher education, but student borrowing and debt were both declining We provide much of our data in constant dollars, adjusting values for
prior to the pandemic, and it appears that this downward trend changes in the annual Consumer Price Index (CPI). Since the 2021
continues. For example, in 2020-21, total annual federal borrowing annual CPI is not yet available, we use the change in the CPI from
declined for the tenth consecutive year to $83.7 billion (in 2020 January−August 2020 to January−August 2021 to measure inflation
dollars), from a peak of $126.0 billion in 2010-11 (Table SA-1 online). between 2020-21 and 2021-22.
The average amount of annual federal loans per FTE undergraduate
student also declined during this period, from a peak of $6,160 (in The average of January−August 2021 CPI is 3.9% higher than the
2020 dollars) in 2010-11 to $3,780 in 2020-21 (Figure SA-1). average of January−August 2020 CPI. This 3.9% inflation is higher
than the increases in tuition and fees across all three sectors.
Federal Pell Grants, which are awarded to students from lower-income
households, have been declining since the expansion of the program
during the Great Recession. Between 2010-11 and 2020-21, total
Pell Grant expenditures decreased by 39% (from $42.3 billion to $26.0
billion in 2020 dollars) and the number of Pell Grant recipients declined
by about a third, from 9.3 million to 6.2 million. (Figure SA-15B).
7 https://www.census.gov/newsroom/press-releases/2021/income-poverty-
health-insurance-coverage.html
8 https://studentaid.gov/announcements-events/coronavirus
8
Trends in
College Pricing
2021
Published Charges, 2020-21 and 2021-22
In 2021-22, the average published (sticker) tuition and fee price for full-time in-state students at public
four-year institutions is $10,740, $170 (1.6% before adjusting for inflation) higher than it was in 2020-21.
TABLE CP-1 Average Published Charges for Full-Time Undergraduates, 2020-21 and 2021-22
Sector Carnegie Classification

Public Public Public Private Public Four-Year Private Nonprofit Four-Year
Two-Year Four-Year Four-Year Nonprofit
In-District In-State Out-of-State Four-Year For-Profit Doctoral Master’s Bachelor’s Doctoral Master’s Bachelor’s
Tuition and Fees
2021-22 $3,800 $10,740 $27,560 $38,070 — $11,620 $9,000 $8,940 $45,830 $29,670 $38,290
2020-21 $3,750 $10,570 $27,150 $37,270 $15,780 $11,430 $8,880 $8,880 $44,840 $28,900 $37,720
$ Change $50 $170 $410 $800 — $190 $120 $60 $990 $770 $570
% Change 1.3% 1.6% 1.5% 2.1% — 1.7% 1.4% 0.7% 2.2% 2.7% 1.5%
Room and Board
2021-22 $9,330 $11,950 $11,950 $13,620 — $12,500 $10,980 $11,060 $15,530 $12,800 $12,640
2020-21 $9,150 $11,720 $11,720 $13,310 — $12,230 $10,790 $10,840 $15,210 $12,550 $12,330
Tuition and Fees and Room and Board
2021-22 $13,130 $22,690 $39,510 $51,690 — $24,120 $19,980 $20,000 $61,360 $42,470 $50,930
2020-21 $12,900 $22,290 $38,870 $50,580 — $23,660 $19,670 $19,720 $60,050 $41,450 $50,050
Percentage of Undergraduates Enrolled Full Time
Fall 2020 35% 80% 82% 68% 83% 75% 53% 87% 75% 87%
NOTE: Prices in Table CP-1 are not adjusted for inflation. Tuition prices reported for 2020-21 have been revised and may differ from those reported in Trends in College
Pricing and Student Aid 2020. The latest tuition and fee estimate available for the for-profit sector is for 2020-21. Carnegie groupings are based on 2018 Carnegie
classification, which categorizes more institutions as doctoral than previous years’ Carnegie classification.
SOURCE: College Board, Annual Survey of Colleges; NCES, IPEDS Fall 2020 Enrollment data and IPEDS 2020 Institutional Characteristics data.
Enrollment-weighted tuition values represent the price charged by each institution weighted by the number of full-time undergraduate students enrolled in fall 2020.
Public four-year in-state charges are weighted by total fall 2020 full-time undergraduate enrollment in each institution, including both in-state students and out-of-state
students. Out-of-state tuition and fees are computed by adding the average in-state price to the out-of-state premium weighted by the number of full-time out-of-state
undergraduate students enrolled at each institution. Room and board charges for 2020 and 2021 are calculated by applying the median one-year percent change to
the previous year’s average. In Trends in College Pricing 2019 and earlier editions, room and board charges were weighted by the number of undergraduate students
residing on campus for four-year institutions and by the number of commuter students for public two-year institutions.
■ In 2021-22, the average published tuition and fee price for

ALSO IMPORTANT:
full-time in-district students at public two-year institutions is
$3,800, $50 (1.3% before adjusting for inflation) higher than it ■ The prices shown in Table CP-1 are for full-time students.
was in 2020-21. Prices for part-time students are typically less than those for
full-time students.
■ In 2021-22, the average published tuition and fee price for full-time
students at private nonprofit four-year institutions is $38,070, ■ The prices shown in Table CP-1 are for one academic year. The
$800 (2.1% before adjusting for inflation) higher than it was in total price of a college education depends on how long a student
2020-21. is enrolled before completing a degree—frequently more than
four years for a bachelor’s degree and more than two years for an
■ In fall 2020, 35% of all undergraduate students at the public associate degree.
two-year sector were enrolled full time, compared with more than
80% at public four-year and private nonprofit four-year sectors.
■ Within public four-year and private nonprofit four-year sectors,
doctoral institutions have higher prices than master’s and
bachelor’s institutions.
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends. 10
Student Budgets, 2021-22
In 2021-22, average budgets for full-time undergraduate students range from $18,830 for public two-year
in-district students and $27,330 for public four-year in-state students to $44,150 for public four-year
out-of-state students and $55,800 for private nonprofit four-year students.
FIGURE CP-1 Average Estimated Full-Time Undergraduate Budgets (Enrollment-Weighted) by Sector, 2021-22
Tuition and Fees Room and Board Books and Supplies Transportation Other Expenses
$1,840 Books and Supplies

Public Two-Year
In-District $3,800 $9,330 $2,400 $18,830 Course Materials Other Supplies
Commuter
$1,460 Public Two-Year $460 $1,000 $1,460
$1,230
Public Four-Year Four-Year $460 $780 $1,240
In-State $10,740 $11,950 $2,170 $27,330
On-Campus
$1,240
$1,230
Public Four-Year
Out-of-State $27,560 $11,950 $2,170 $44,150
On-Campus
$1,240 $1,810
$1,060
Private Nonprofit
Four-Year $38,070 $13,620 $55,800
On-Campus
$1,240
$0 $10,000 $20,000 $30,000 $40,000 $50,000
Undergraduate Budget
NOTE: Expense categories are based on institutional budgets for students as reported in the College Board’s Annual Survey of Colleges. Figures for tuition and fees
and room and board mirror those reported in Table CP-1. Data for books and supplies, transportation, and other expenses are projected and reflect the average
amounts allotted in determining the total cost of attendance and do not necessarily reflect actual student expenditures. Books and supplies may include course
materials such as hardcopy textbooks, online textbooks, textbook rentals, and other supplies such as a personal computer used for study.
SOURCE: College Board, Annual Survey of Colleges; NCES, IPEDS Fall 2020 Enrollment data; Student Watch and Student Monitor.
■ Student budgets are constructed by institutional financial aid

ALSO IMPORTANT:
offices. These budgets form the basis for determining the total
cost of attendance, which can affect the amount of financial aid ■ In the last decade, average student spending on college
for which students are eligible. textbooks and digital course materials declined by 36%.
(Student Watch and Student Monitor: 2021 Reports)
■ Room and board and other components of student budgets vary
less across sectors than tuition and fees. As a result, while the
average published in-district tuition and fee price at public
two-year colleges is 35% of the in-state price at public four-year
institutions, the total public two-year in-district student budget
is 69% of the public four-year in-state student budget ($18,830
vs. $27,330).
■ The average in-state published tuition and fee price at public
four-year institutions is 28% of the average price at private
nonprofit four-year institutions; the average total public
four-year in-state student budget is about half the average
private nonprofit four-year student budget ($27,330 vs. $55,800).
Published Tuition and Fees over Time
Between 1991-92 and 2021-22, the average tuition and fees increased from $2,310 to $3,800 at public
two-year, from $4,160 to $10,740 at public four-year, and from $19,360 to $38,070 at private nonprofit
four-year institutions, after adjusting for inflation.
FIGURE CP-2 Average Published Tuition and Fees in 2021 Dollars by Sector, ■ In 2021-22, the average published tuition and fee
1991-92 to 2021-22 price at public two-year colleges is 35% of the
average price at public four-year institutions;
Private
Nonprofit it was 56% in 1991-92.
$40,000 $38,070
Four-Year
■ In 2021-22, the average published tuition and fee
price at public four-year institutions is 2.58 times
$33,320 as high as it was in 1991-92, after adjusting
for inflation.
Published Tuition and Fees in 2021 Dollars
$30,000
$26,380
ALSO IMPORTANT:
■ The increases in the net prices that students actually

pay, after taking grant aid into consideration, have
$19,360
$20,000 been smaller over the long term than increases in
published prices. See Figures CP-8, CP-9, and
CP-10 for details on estimated average net prices
over time.
Public
$9,890 Four-Year $10,740 ■ Over the 30-year period from 1990 to 2020, median
$10,000 family income in the United States increased by
$5,720 23% (from $68,098 to $84,008), after adjusting for
$4,160
Public
$3,800 inflation. (U.S. Census Bureau, 2020 Income
$3,550 Two-Year
$2,440 Table F-7; calculations by the authors)
$2,310
$0
91-92 96-97 01-02 06-07 11-12 16-17 21-22
FIGURE CP-3 Inflation-Adjusted Published Tuition and Fees Relative to 1991-92,

1991-92 to 2021-22 (1991-92 = 1.0)
3.0
Inflation-Adjusted Published Tuition and Fees
Public
Four-Year 2.58
2.5
2.38
Relative to 1991-92
Private
Nonprofit 1.97
2.0
Four-Year
1.72
1.65
1.54
1.5 1.38 Public
Two-Year
1.36
1.06
1.0
91-92 96-97 01-02 06-07 11-12 16-17 21-22
NOTE: Figure CP-3 shows published tuition and fees by sector, adjusted for inflation, relative to
1991-92 published prices. For example, a value of 2.58 indicates that the tuition and fee price in
the public four-year sector in 2021-22 is 2.58 times as high as it was in 1991-92, after adjusting
for increases in the Consumer Price Index. Average tuition and fee prices reflect in-district
charges for public two-year institutions and in-state charges for public four-year institutions.
SOURCE: College Board, Annual Survey of Colleges; NCES, IPEDS Fall Enrollment data.
Published Charges over Time
After adjusting for inflation, the average published tuition and fees declined in all three sectors between
2020-21 and 2021-22.
FIGURE CP-4 Ten-Year Percentage Changes in Inflation-Adjusted Published ■ Between 2011-12 and 2021-22, published in-state
Prices by Decade, 1991-92 to 2021-22 tuition and fees at public four-year institutions
increased by 9%, compared with 38% between
1991-92 to 2001-02 2001-02 to 2011-12 2011-12 to 2021-22
1991-92 and 2001-02 and 73% between 2001-02
80%
73% and 2011-12.
10-Year Percentage Change
■ Between 2011-12 and 2021-22, published in-state

60%
50% tuition and fees in the public four-year sector
45% increased by $850 in 2021 dollars, compared with
38%
40% 36% $1,560 between 1991-92 and 2001-02 and $4,170
29%
26% 25% 27% between 2001-02 and 2011-12.
20% 14%
9%
14%
11% ■ Between 2011-12 and 2021-22, total tuition, fees,
6% 7%
room and board increased by 11% at public
0% four-year and by 14% at private nonprofit
Private Nonprofit Public Public Private Nonprofit Public
Four-Year Four-Year Two-Year Four-Year Four-Year four-year institutions.
Tuition and Fees Tuition and Fees
and Room and Board
ALSO IMPORTANT:
NOTE: Each bar in Figure CP-4 shows the percentage change in published prices in inflation-
adjusted dollars over a 10-year period. For example, from 2011-12 to 2021-22, average published
■ The price increases reported in Table CP-2 are
tuition and fees at private nonprofit four-year colleges increased by 14% beyond increases in the adjusted for inflation and are smaller than the
Consumer Price Index. Average tuition and fee prices reflect in-district charges for public unadjusted numbers in Table CP-1.
two-year institutions and in-state charges for public four-year institutions.
TABLE CP-2 Average Tuition and Fees and Room and Board (Enrollment-Weighted) in 2021 Dollars, 1991-92 to 2021-22, Selected Years
Tuition and Fees in 2021 Dollars Tuition and Fees and Room and Board in 2021 Dollars
Academic Private Nonprofit 10-Year Public 10-Year Public 10-Year Private Nonprofit 10-Year Public 10-Year
Year Four-Year $ Change Four-Year $ Change Two-Year $ Change Four-Year $ Change Four-Year $ Change
1991-92 $19,360 $4,160 $2,310 $28,000 $10,760
2001-02 $26,380 $7,020 $5,720 $1,560 $2,440 $130 $36,210 $8,210 $13,710 $2,950
2011-12 $33,320 $6,940 $9,890 $4,170 $3,550 $1,110 $45,370 $9,160 $20,510 $6,800
2021-22 $38,070 $4,750 $10,740 $850 $3,800 $250 $51,690 $6,320 $22,690 $2,180
Academic Private Nonprofit One-Year Public One-Year Public One-Year Private Nonprofit One-Year Public One-Year
Year Four-Year % Change Four-Year % Change Two-Year % Change Four-Year % Change Four-Year % Change
2011-12 $33,320 $9,890 $3,550 $45,370 $20,510
2012-13 $33,940 1.9% $10,130 2.4% $3,690 3.9% $46,190 1.8% $20,860 1.7%
2013-14 $34,770 2.4% $10,260 1.3% $3,740 1.4% $47,260 2.3% $21,210 1.7%
2014-15 $35,520 2.2% $10,390 1.3% $3,790 1.3% $48,200 2.0% $21,490 1.3%
2015-16 $36,680 3.3% $10,690 2.9% $3,860 1.8% $49,760 3.2% $22,190 3.3%
2016-17 $37,520 2.3% $10,830 1.3% $3,870 0.3% $50,790 2.1% $22,570 1.7%
2017-18 $38,060 1.4% $10,940 1.0% $3,880 0.3% $51,540 1.5% $22,800 1.0%
2018-19 $38,190 0.3% $10,930 -0.1% $3,890 0.3% $51,690 0.3% $22,910 0.5%
2019-20 $38,780 1.5% $10,980 0.5% $3,890 0.0% $52,430 1.4% $23,080 0.7%
2020-21 $38,710 -0.2% $10,980 0.0% $3,890 0.0% $52,530 0.2% $23,150 0.3%
2021-22 $38,070 -1.7% $10,740 -2.2% $3,800 -2.3% $51,690 -1.6% $22,690 -2.0%
NOTE: Average tuition and fee prices reflect in-district charges for public two-year institutions and in-state charges for public four-year institutions.
Tuition and Fees by State: Public Two-Year
In 2021-22, average published tuition and fees for full-time in-district students at public two-year colleges
range from $1,430 in California and $1,950 in New Mexico to $8,600 in Vermont.
FIGURE CP-5 Average 2021-22 In-District Tuition and Fees at Public Two-Year Institutions and 2016-17 to 2021-22 Five-Year Percentage
Changes in Inflation-Adjusted In-District Tuition and Fees, by State
$8,600
$7,240
$8,000
2021-22 In-District Tuition and Fees
$6,000
$3,800
$4,000
$1,950
$1,430
$2,000
$0
CA
NM
NC
AZ
TX
FL
KS
NE
MS
US
NV
ME
AR
MT
HI
GA
UT
MO
MI
ID
LA
WV
IL
CT
OK
WY
TN
WI
CO
WA
MD
AL
DE
RI
IN
VA
OH
ND
NJ
KY
PA
NY
IA
MN
SC
OR
MA
NH
SD
VT
40%
37%
5-Year Percentage Change in
In-District Tuition and Fees
30%
20%
17%
15%
10%
0%
-2%
-11% -10% -11%

California
New Mexico
North Carolina
Arizona
Texas
Florida
Kansas
Nebraska
Mississippi
United States
Nevada
Maine
Arkansas
Montana
Hawaii
Georgia
Utah
Missouri
Michigan
Idaho
Louisiana
West Virginia
Illinois
Connecticut
Oklahoma
Wyoming
Tennessee
Wisconsin
Colorado
Washington
Maryland
Alabama
Delaware
Rhode Island
Indiana
Virginia
Ohio
North Dakota
New Jersey
Kentucky
Pennsylvania
New York
Iowa
Minnesota
South Carolina
Oregon
Massachusetts
New Hampshire
South Dakota
Vermont
NOTE: In Wisconsin, the five-year decline in average public two-year tuition is largely a result of public two-year campuses of the University of Wisconsin system
(which had tuition prices that were higher than other public two-year colleges in the state) merging with public four-year campuses.
SOURCE: College Board, Annual Survey of Colleges. IPEDS, Fall Enrollment data.
■ Between 2016-17 and 2021-22, average in-district tuition and

ALSO IMPORTANT:
fees at public two-year colleges fell in 23 states after adjusting for
inflation, including declines of 10% in Arizona and 11% in California ■ In California and Florida, tuition at public two-year colleges has
and Florida. not increased since 2012-13 and 2015-16, respectively. (Table
CP-5 online)
■ Between 2016-17 and 2021-22, average in-district tuition and fees
at public two-year colleges increased by more than 10% in seven ■ From 2020-21 to 2021-22, the average published two-year
states after adjusting for inflation. in-district tuition and fees did not increase in 15 states, before
adjusting for inflation. (Table CP-5 online)
Tuition and Fees by State: Public Four-Year
In 2021-22, average published tuition and fees for full-time in-state students at public four-year institutions
range from $6,100 in Wyoming and $6,370 in Florida to $17,040 in New Hampshire and $17,750 in Vermont.
FIGURE CP-6 Average 2021-22 Tuition and Fees at Public Four-Year Institutions by State and 2016-17 to 2021-22 Five-Year Percentage
Changes in Inflation-Adjusted In-State Tuition and Fees
$41,930
Out-of-State Tuition and Fees Out-of-State Premium
In-State Tuition and Fees
$40,000
$27,560
$30,000
2021-22 Tuition and Fees
$20,650
$20,000
$14,260
$12,840
$10,000
US $10,740
NH $17,040
VT $17,750
WY $6,100
FL $6,370
$0
MT
UT
NC
NM
ID
NV
NY
WV
AK
MS
GA
NE
WI
OK
AR
SD
KS
IA
MO
CA
IN
LA
ND
MD
TN
WA
HI
ME
TX
AL
KY
CO
AZ
OH
OR
MN
SC
DE
MA
RI
VA
MI
CT
IL
NJ
PA
20%
13%
12%
10%
8%
0%
-1%
-10%
-11%
Wyoming
Florida
Montana
Utah
North Carolina
New Mexico
Idaho
Nevada
New York
West Virginia
Alaska
Mississippi
Georgia
Nebraska
Wisconsin
Oklahoma
Arkansas
South Dakota
Kansas
Iowa
Missouri
California
Indiana
Louisiana
North Dakota
Maryland
Tennessee
United States
Washington
Hawaii
Maine
Texas
Alabama
Kentucky
Colorado
Arizona
Ohio
Oregon
Minnesota
South Carolina
Delaware
Massachusetts
Rhode Island
Virginia
Michigan
Connecticut
Illinois
New Jersey
Pennsylvania
New Hampshire
Vermont
■ Between 2016-17 and 2021-22, average in-state tuition and fees

ALSO IMPORTANT:
at public four-year institutions fell in 18 states after adjusting
for inflation. ■ A small number of public four-year institutions charge the same
tuition to out-of-state students as to in-state students.
■ Between 2016-17 and 2021-22, average in-state tuition and fees
at public four-year institutions increased by more than 10% in ■ From 2020-21 to 2021-22, the average published four-year
six states after adjusting for inflation. in-state tuition and fees did not increase in three states, before
adjusting for inflation. (Table CP-5 online)
Tuition and Fees by State: Flagship Universities
In 2021-22, published tuition and fees for full-time in-state students at flagship universities range from
$6,100 at the University of Wyoming and $6,380 at the University of Florida to $18,960 at the University of
New Hampshire and $19,000 at the University of Vermont.
FIGURE CP-7 2021-22 Tuition and Fees at Flagship Universities and Five-Year Percentage Changes in Inflation-Adjusted In-State Tuition and Fees
$53,230
Out-of-State Premium
$51,940
Out-of-State Tuition and Fees
$50,000
$43,890
$37,200
$40,000
2021-22 Tuition and Fees
$28,660
$30,000
$20,650
$15,040
$20,000
$12,940
$10,000
$10,600
$16,180
$17,410
$18,960
$19,000
$9,430
WY $6,100
FL $6,380
$0
MT
ID
NM
NV
MS
NC
AK
WV
SD
AR
NE
UT
IA
ND
WI
AL
NY
TX
MD
MO
KS
IN
OH
LA
ME
OK
GA
WA
HI
CO
KY
SC
AZ
TN
CA
OR
DE
RI
MN
NJ
MI
MA
IL
VA
CT
PA
NH
VT
40%
20%
20% 16% 18%
13%
8%
0%
-2%
-4%
-11% -13%
Univ. of WY
Univ. of FL
Univ. of MT
Univ. of ID
Univ. of NM
Univ. of NV: Reno
Univ. of MS
Univ. of NC-Chapel Hill
Univ. of AK Fairbanks
West VA Univ.
Univ. of SD
Univ. of AR
Univ. of NE-Lincoln
Univ. of UT
Univ. of IA
Univ. of ND
Univ. of WI-Madison
Univ. of AL
State Univ. of NY-Buffalo
Univ. of TX-Austin
Univ. of MD-College Park
Univ. of MO-Columbia
Univ. of KS
IN Univ. Bloomington
OH State Univ.-Columbus
LA State Univ. & A&M College
Univ. of ME
Univ. of OK
Univ. of GA
Univ. of WA
Univ. of HI-Manoa
Univ. of CO-Boulder
Univ. of KY
Univ. of SC
Univ. of AZ
Univ. of TN-Knoxville
Univ. of CA-Berkeley
Univ. of OR
Univ. of DE
Univ. of RI
Univ. of MN-Twin Cities
Rutgers, State Univ. of NJ
Univ. of MI
Univ. of MA-Amherst
Univ. of IL-Urbana-Champaign
Univ. of VA
Univ. of CT
Penn State Univ. Park
Univ. of NH
Univ. of VT
SOURCE: College Board, Annual Survey of Colleges.
■ In 2021-22, published tuition and fees for full-time out-of-state

ALSO IMPORTANT:
students at flagship universities range from $12,940 at the
University of South Dakota and $15,040 at the University of ■ In 2021-22, 14 flagship universities did not raise in-state tuition or
North Dakota to $51,940 at the University of Virginia and mandatory fees over those charged for the 2020-21 academic year.
$53,230 at the University of Michigan. (Table CP-6 online)
■ Public flagship universities in 28 states had lower in-state tuition

and fees in 2021-22 than in 2016-17, after adjusting for inflation.
These states include Florida, with the second lowest in-state
tuition and fees, as well as Pennsylvania, New Hampshire, and
Vermont, with the three highest tuition and fees.
Average Net Price: Public Two-Year
Since 2009-10, first-time full-time students at public two-year colleges have been receiving enough grant
aid on average to cover their tuition and fees.
FIGURE CP-8 Average Published and Net Prices in 2021 Dollars, First-Time ■ In 2021-22, first-time full-time students at public
Full-Time In-District Undergraduate Students at Public Two-Year two-year college need to cover an estimated $8,670
Institutions, 2006-07 to 2021-22 in food and housing after grant aid, in addition to
another $5,700 in allowances for books and supplies,
Public Two-Year transportation, and other personal expenses.
$20,000
■ The average net tuition and fee price declined in
Published Cost this sector from 2006-07 through 2010-11, was
of Attendance (COA) stable between 2012-13 and 2016-17, and has been
declining since 2016-17.
$15,000
ALSO IMPORTANT:
Net COA
■ Because of changes in the data sources used in
Published Tuition calculating average grant aid per student, numbers
and Fees and Room
in Figures CP-8, CP-9, and CP-10 are not strictly
and Board (TFRB)
comparable with those in Trends in College Pricing
$10,000 2019 and earlier editions.
■ The average net prices in Figure CP-8 are calculated
Net TFRB
among all first-time full-time undergraduate students
in the public two-year sector, including those who
did not receive grant aid. In 2019-20, 75% of first-
$5,000
time full-time undergraduate students in this sector
Grant Aid
received federal, state, or institutional grant aid.
Published ■ The large increase in average grant aid shown in
Tuition and Fees (TF) Figure CP-8 between 2008-09 and 2010-11 was
primarily a result of increases in Pell Grant funding.
Net TF Average Pell Grant per first-time full-time student in
$0
this sector almost doubled in this two-year period.
06-07 09-10 12-13 15-16 18-19 21-22
Published Published Published Grant Aid

TF TFRB COA per Student Net TF Net TFRB Net COA
06-07 $3,030 $11,750 $16,720 $2,350 $680 $9,400 $14,370
07-08 $2,970 $11,930 $16,970 $2,410 $560 $9,520 $14,560
08-09 $2,970 $11,860 $17,240 $2,770 $200 $9,090 $14,470
09-10 $3,220 $12,170 $17,860 $3,640 -$420 $8,530 $14,220
10-11 $3,380 $12,480 $18,230 $3,980 -$600 $8,500 $14,250
11-12 $3,550 $12,310 $18,180 $3,890 -$340 $8,420 $14,290
12-13 $3,690 $12,280 $18,180 $3,820 -$130 $8,460 $14,360
NOTE: Average net price is calculated as the difference
13-14 $3,740 $12,450 $18,450 $3,900 -$160 $8,550 $14,550 between published price from College Board’s Annual
14-15 $3,790 $12,710 $18,700 $3,940 -$150 $8,770 $14,760 Survey of Colleges and grant aid from IPEDS Student
Financial Aid data. Because the latest year for which grant
15-16 $3,860 $12,850 $18,970 $3,850 $10 $9,000 $15,120
aid data are available is 2019-20, grant aid and net prices for
16-17 $3,870 $13,020 $19,090 $3,860 $10 $9,160 $15,230 2020-21 and 2021-22 are projected by assuming per-student
17-18 $3,880 $13,180 $19,330 $4,130 -$250 $9,050 $15,200
grant aid amounts are the same as in 2019-20 in constant
dollars. Total grant aid in 2019-20 includes Higher Education
18-19 $3,890 $13,220 $19,230 $4,160 -$270 $9,060 $15,070 Emergency Relief Fund distributed before June 30, 2020.
19-20 $3,890 $13,340 $19,330 $4,460 -$570 $8,880 $14,870 Room and board expenses are estimated based on housing
and food allowances for commuter students.
20-21 $3,890 $13,400 $19,320 $4,460 -$570 $8,940 $14,860
SOURCE: College Board, Annual Survey of Colleges; NCES,
21-22 $3,800 $13,130 $18,830 $4,460 -$660 $8,670 $14,370
IPEDS Student Financial Aid data.
Average Net Price: Public Four-Year
Between 2006-07 and 2021-22, the average net tuition and fee price paid by first-time full-time in-state
students enrolled in public four-year institutions is lowest in 2021-22 at an estimated $2,640, after peaking
in 2012-13 at $3,720 (in 2021 dollars).
FIGURE CP-9 Average Published and Net Prices in 2021 Dollars, First-Time ■ In 2021-22, first-time full-time in-state students
Full-Time In-State Undergraduate Students at Public Four-Year at public four-year colleges need to cover an
Institutions, 2006-07 to 2021-22 estimated average of $14,590 in tuition and fees
and room and board after grant aid, in addition
Public Four-Year to $4,640 in allowances for books and supplies,
$30,000
transportation, and other personal expenses.
Published Cost
of Attendance (COA) ■ Between 2006-07 and 2021-22, the average
grant aid per first-time full-time in-state student
at public four-year colleges increased by $3,740
$25,000
Published Tuition and Fees in 2021 dollars, from $4,360 to an estimated
and Room and Board (TFRB) $8,100; the average published tuition and fees in
this sector increased by $3,010, from $7,730 to
Net COA $10,740.
$20,000
ALSO IMPORTANT:
Net TFRB ■ Because of changes in the data sources used in

$15,000
calculating average grant aid per student, numbers
Published comparable with those in Trends in College Pricing
Tuition and Fees (TF)
2019 and earlier editions.
$10,000
■ In 2019-20, the latest year for which detailed
Grant Aid
financial aid data are available from IPEDS, 49% of
the total $8,100 (in 2021 dollars) in grant aid per first-
time full-time in-state student in the public four-year
$5,000
sector came from institutional grant aid provided by
Net TF
colleges and universities in the form of discounts
from their published prices.
$0
■ The average net prices in Figure CP-9 are calculated
06-07 09-10 12-13 15-16 18-19 21-22
among all first-time full-time undergraduate
students in the public four-year sector, including
those who did not receive grant aid. In 2019-20, 78%
TF TFRB COA per Student Net TF Net TFRB Net COA of first-time full-time undergraduate students in this
06-07 $7,730 $17,120 $21,870 $4,360 $3,370 $12,760 $17,510 sector received federal, state, or institutional
07-08 $8,020 $17,580 $22,440 $4,730 $3,290 $12,850 $17,710 grant aid.
08-09 $8,240 $17,940 $22,910 $5,030 $3,210 $12,910 $17,880
09-10 $8,860 $19,090 $24,330 $5,920 $2,940 $13,170 $18,410
10-11 $9,410 $19,940 $25,120 $6,400 $3,010 $13,540 $18,720
11-12 $9,890 $20,510 $25,660 $6,260 $3,630 $14,250 $19,400
12-13 $10,130 $20,860 $26,010 $6,410 $3,720 $14,450 $19,600
13-14 $10,260 $21,210 $26,320 $6,640 $3,620 $14,570 $19,680
14-15 $10,390 $21,490 $26,570 $6,850 $3,540 $14,640 $19,720 NOTE: Average net price is calculated as the difference
between published price from College Board’s Annual Survey of
15-16 $10,690 $22,190 $27,310 $7,020 $3,670 $15,170 $20,290 Colleges and grant aid from IPEDS Student Financial Aid data.
16-17 $10,830 $22,570 $27,630 $7,160 $3,670 $15,410 $20,470 Because the latest year for which grant aid data are available
is 2019-20, grant aid and net prices for 2020-21 and 2021-22
17-18 $10,940 $22,800 $27,750 $7,540 $3,400 $15,260 $20,210
are projected by assuming per-student grant aid amounts are
18-19 $10,930 $22,910 $27,750 $7,640 $3,290 $15,270 $20,110 the same as in 2019-20 in constant dollars. Total grant aid in
19-20 $10,980 $23,080 $27,960 $8,100 $2,880 $14,980 $19,860 2019-20 includes Higher Education Emergency Relief Fund
distributed before June 30, 2020.
20-21 $10,980 $23,150 $27,970 $8,100 $2,880 $15,050 $19,870
21-22 $10,740 $22,690 $27,330 $8,100 $2,640 $14,590 $19,230
IPEDS Student Financial Aid data.
Average Net Price: Private Nonprofit Four-Year
Between 2006-07 and 2021-22, the average net tuition and fee price paid by first-time full-time students
enrolled in private nonprofit four-year institutions is lowest in 2021-22 at an estimated $14,990.
FIGURE CP-10 Average Published and Net Prices in 2021 Dollars, First-Time ■ In 2021-22, first-time full-time students at private
Full-Time Undergraduate Students at Private Nonprofit Four-Year nonprofit four-year colleges need to cover an
Institutions, 2006-07 to 2021-22 estimated average of $28,610 in tuition and fees
and room and board after grant aid, in addition
Private Nonprofit Four-Year
to $4,110 in allowances for books and supplies,
$60,000 Published Cost transportation, and other personal expenses.
of Attendance (COA)
■ Between 2006-07 and 2021-22, the average
grant aid per first-time full-time student at private
$50,000
nonprofit four-year colleges increased from
Published Tuition and Fees
and Room and Board (TFRB) $13,210 (in 2021 dollars) to an estimated $23,080;
the average published tuition and fees in this
sector increased from $29,750 to $38,070 during
Published
$40,000 Tuition and Fees (TF) this time period.
Net COA
ALSO IMPORTANT:
$30,000
Net TFRB ■ Because of changes in the data sources used in
calculating average grant aid per student, numbers
Grant Aid comparable with those in Trends in College Pricing
$20,000 2019 and earlier editions.
Net TF ■ In 2019-20, the latest year for which detailed
financial aid data are available from IPEDS, 86%
of the total $23,080 (in 2021 dollars) in grant
$10,000
aid per first-time full-time student in the private
nonprofit four-year sector came from colleges
and universities in the form of discounts from their
published prices.
$0
06-07 09-10 12-13 15-16 18-19 21-22
■ The average net prices in Figure CP-10 are
calculated among all first-time full-time
undergraduate students in the private nonprofit
four-year sector, including those who did not
TF TFRB COA per Student Net TF Net TFRB Net COA receive grant aid. In 2019-20, 88% of first-time
06-07 $29,750 $40,670 $44,580 $13,210 $16,540 $27,460 $31,370 full-time undergraduate students in this sector
07-08 $30,360 $41,470 $45,450 $13,860 $16,500 $27,610 $31,590
received federal, state, or institutional grant aid.
08-09 $30,990 $42,200 $46,260 $15,060 $15,930 $27,140 $31,200
09-10 $32,250 $43,940 $48,190 $16,930 $15,320 $27,010 $31,260
10-11 $33,000 $44,960 $49,250 $17,610 $15,390 $27,350 $31,640
11-12 $33,320 $45,370 $49,720 $17,560 $15,760 $27,810 $32,160
12-13 $33,940 $46,190 $50,600 $18,140 $15,800 $28,050 $32,460
13-14 $34,770 $47,260 $51,680 $18,940 $15,830 $28,320 $32,740
NOTE: Average net price is calculated as the difference between
14-15 $35,520 $48,200 $52,570 $19,540 $15,980 $28,660 $33,030
published price from College Board’s Annual Survey of Colleges
15-16 $36,680 $49,760 $54,200 $20,400 $16,280 $29,360 $33,800 and grant aid from IPEDS Student Financial Aid data. Because
16-17 $37,520 $50,790 $55,210 $21,070 $16,450 $29,720 $34,140 the latest year for which grant aid data are available is 2019-20,
grant aid and net prices for 2020-21 and 2021-22 are projected
17-18 $38,060 $51,540 $55,870 $21,980 $16,080 $29,560 $33,890
by assuming per-student grant aid amounts are the same as in
18-19 $38,190 $51,690 $55,960 $22,550 $15,640 $29,140 $33,410 2019-20 in constant dollars. Total grant aid in 2019-20 includes
Higher Education Emergency Relief Fund distributed before
19-20 $38,780 $52,430 $56,750 $23,080 $15,700 $29,350 $33,670
June 30, 2020.
20-21 $38,710 $52,530 $56,800 $23,080 $15,630 $29,450 $33,720
21-22 $38,070 $51,690 $55,800 $23,080 $14,990 $28,610 $32,720 IPEDS Student Financial Aid data.
Institutional Revenues:
State and local funding for higher education tends to be cyclical. Historically, declines in state and local
funding per student were followed by large percentage increases in tuition and fees in the public sector.
FIGURE CP-11A Annual Percentage Changes in Inflation-Adjusted Per-Student ■ Funding per student increased in 2019-20
State and Local Funding for Higher Education and in Tuition and (in inflation-adjusted dollars) for the eighth
Fees at Public Institutions, 1989-90 to 2019-20 consecutive year, following four years of decline
during and after the Great Recession of 2008.
15%
■ After adjusting for inflation, total state and local
Tuition and Fees funding was 2% higher in 2019-20 than it was in
10%
2007-08, just before the Great Recession. However,
funding per student was 4% lower in 2019-20 than it
was in 2007-08 ($8,640 vs. $9,000).
Percentage Change
5%
0%
ALSO IMPORTANT:
■ While the economic recession triggered by the

–5%
pandemic caused some states to cut budgets
Funding per FTE Student
(including funding for higher education) during fiscal
–10% year 2021, the outlook for fiscal year 2022 state
funding for higher education was positive as the
economy rebounded. (https://www.insidehighered
–15%
89-90 92-93 95-96 98-99 01-02 04-05 07-08 10-11 13-14 16-17 19-20 .com/news/2021/08/10/after-year-cuts-state-
funding-looks-positive-fiscal-2022)
FIGURE CP-11B Total and Per-Student State and Local Funding for Higher
Education in 2019 Dollars and Public FTE Enrollment,
1989-90 to 2019-20
$120 ($)12
Public FTE Enrollment (Millions)
Total Funding (in Billions of 2019 Dollars)
$100 ($)10
Public FTE Enrollment (in Millions)
(in Thousands of 2019 Dollars)
and Funding per FTE Student
$80 ($)8
Funding per FTE (Thousands)

$60 ($)6
Total Funding (Billions)
$40 ($)4
$20 ($)2
$0 ($)0
89-90 92-93 95-96 98-99 01-02 04-05 07-08 10-11 13-14 16-17 19-20
NOTE: Enrollment figures are fall FTE enrollments for public two-year and four-year institutions
excluding medical students. Tuition and fees are the FTE enrollment-weighted average of the
public two-year and four-year prices reported in Table CP-2. Funding is for both two-year and
four-year institutions and includes tax revenues and other state and local funds for higher
education, but not funding for capital expenditures.
SOURCE: College Board, Annual Survey of Colleges; NCES, Digest of Education Statistics, 2019,
Table 307.10; State Higher Education Executive Offices Association (SHEEO), State Higher
Education Finance (SHEF) reports; calculations by the authors.
Institutional Revenues:
In 2019-20, state and local funding for public higher education averaged $8,640 per full-time equivalent
(FTE) student in the United States; it ranged from $3,800 in Vermont and $4,750 in New Hampshire to
$19,580 in Alaska and $20,020 in Wyoming.
FIGURE CP-12 2019-20 State and Local Funding for Higher Education per Student and per $1,000 in Personal Income and 10-Year Percentage
Changes in Inflation-Adjusted Funding per Student, by State
$20,000 $20
2019-20 Funding per $1,000 in Personal Income

Funding per Public FTE Student
2019-20 Funding per FTE Student
Funding per $1,000 in Personal Income

$16,000 $16
$12,000 $12
$5.09
$8,000 $8
$4,750
$3,800
$4,000 $4
$19,580
$20,020
AK $18,990
WY $19,010
$8,640
ID $8,200
$0 $0
VT
NH
AZ
PA
CO
LA
OH
MS
IN
SC
IA
MT
VA
KY
MI
AL
DE
KS
SD
MO
AR
TX
MN
FL
RI
WI
OR
ME
UT
NJ
US
ND
WA
NC
TN
GA
NE
MD
MA
CA
NY
NM
CT
IL
HI
WV
NV
OK
58%
44% 44%
40%
10-Year Percentage Change in Funding
32%
22%
20%
per FTE Student
8% 10%
4%
0%
–1%
–20% –15%
–20%
–28%
–31%
–36%
Vermont
New Hampshire
Arizona
Pennsylvania
Oklahoma
Colorado
Louisiana
West Virginia
Ohio
Mississippi
Indiana
South Carolina
Iowa
Montana
Virginia
Kentucky
Michigan
Alabama
Delaware
Kansas
South Dakota
Missouri
Arkansas
Texas
Minnesota
Florida
Rhode Island
Wisconsin
Oregon
Maine
Utah
New Jersey
United States
North Dakota
Washington
Idaho
Nevada
North Carolina
Tennessee
Georgia
Nebraska
Maryland
Massachusetts
California
New Mexico
Connecticut
Illinois
Hawaii
Alaska
Wyoming
New York
SOURCE: SHEEO, SHEF reports; Bureau of Economic Analysis, Annual State Personal Income 2019; calculations by the authors.
■ Between 2009-10 and 2019-20, total inflation-adjusted per-student

ALSO IMPORTANT:
state and local funding for higher education in the United States
increased by 8%. Per-student state and local funding for higher ■ Percentage changes in per-student funding are affected by
education increased in 35 states, including 44% in Oregon and changes in both enrollment and total funding. For example, total
Wyoming and 58% in New Mexico. state funding for higher education in Texas increased by 1%
between 2009-10 and 2019-20. However, per-student funding in
■ Between 2009-10 and 2019-20, total inflation-adjusted per-student
Texas declined by 15% because of a large increase in enrollment
state and local funding for higher education declined in 15 states,
during this 10-year period.
including more than 30% in Arizona and Oklahoma.
Institutional Revenues: Public Institutions
Net tuition revenue per student accounted for 43% of total revenues at public doctoral universities in
2018-19—an increase from 33% in 2008-09 and 41% in 2013-14.
FIGURE CP-13 Institutional Revenues per Full-Time Equivalent (FTE) Student in 2018 Dollars at Public Institutions, 2008-09, 2013-14,
and 2018-19
$30,000 $29,010
$28,080 $28,060
Federal Appropriations and Federal, State,
and Local Grants and Contracts
$8,800
$9,180 $8,630 State and Local Appropriations
Revenue in 2018 Dollars
Net Tuition Revenue

$20,000
$16,850
$7,880 $15,220 $15,650
$7,820 $2,270 $14,270
$9,550 $2,030 $1,900
$13,110 $13,170 $12,730
$2,190
$2,030 $1,940 $10,660 $10,720 $1,980
$5,740 $6,520
$10,000 $6,550 $1,620 $1,490
$5,460 $6,320
$6,060
$7,030
$12,330 $6,100 $5,610
$11,610
$9,350
$8,010 $8,060
$6,640 $5,770 $5,760
$5,020
$2,940 $3,620 $3,720
$0
2008-09 2013-14 2018-19 2008-09 2013-14 2018-19 2008-09 2013-14 2018-19 2008-09 2013-14 2018-19
Public Doctoral Public Master’s Public Bachelor’s Public Associate
Percentage of Institutional Revenues from Various Sources ■ At other types of public institutions, net tuition as a share of total
Federal Appropriations
revenues declined between 2013-14 and 2018-19, after increasing
and Federal, State, during the previous five years.
Net Tuition State and Local and Local Grants and
Revenue Appropriations Contracts ■ In 2018-19, per-student revenues from the combination of
Public Doctoral government sources and net tuition at public doctoral universities
2008-09 33% 34% 33%
were more than double the amounts at public bachelor’s and
two-year colleges. These per-student revenues were $29,010 at
2013-14 41% 28% 31%
doctoral universities, $16,850 at master’s universities, $14,270 at
2018-19 43% 27% 30%
bachelor’s colleges, and $12,730 at associate institutions in the
Public Master’s
public sector.
2008-09 44% 43% 13%
2013-14 51% 37% 12%
2018-19 48% 39% 13%
ALSO IMPORTANT:
Public Bachelor’s ■ Revenues from auxiliary enterprises such as residences, dining

2008-09 38% 46% 15% facilities, hospitals, and independent operations, not included in
2013-14 44% 41% 15%
Figure CP-13, are usually dedicated to running those operations.
2018-19 40% 44% 15%
Public Associate
2008-09 28% 57% 15%
2013-14 34% 52% 14%
2018-19 29% 55% 16%
NOTE: Net tuition revenue is the amount of revenue an institution takes in from
tuition and fees, net of all institutional grant aid provided to students. Some of
this revenue comes in the form of Pell Grants and other financial aid from federal
and state governments and other sources. Institutional averages are weighted by
12-month FTE enrollments including both undergraduate and graduate students.
Institution groupings are based on the 2018 Carnegie Classification. Percentages
may not sum to 100 because of rounding.
SOURCE: NCES, IPEDS Finance and 12-Month Enrollment data, 2009, 2014 and
2019; calculations by the authors.
Institutional Revenues and Expenditures
Between 2013-14 and 2018-19, the average subsidy per full-time equivalent (FTE) student increased
(after adjusting for inflation) at public associate and bachelor’s colleges as well as at all types of private
nonprofit institutions.
FIGURE CP-14 Net Tuition Revenues, Subsidies, and Education and Related Expenditures per Full-Time Equivalent (FTE) Student in 2018
Dollars, 2008-09, 2013-14, and 2018-19
Subsidy
Education and Related Expenditures $44,240
Net Tuition Revenue
$40,630
Education and Related Expenditures per FTE Student
$40,000 $38,950
$19,650
$17,310
$29,920
$30,000 $17,090
$27,710 $28,090
(in 2018 Dollars)
$13,130
$10,410 $10,890
$19,580 $20,270
$20,000 $18,230
$18,120 $17,160 $17,880
$7,970 $7,940 $14,730 $14,620 $2,060 $2,490 $3,270
$13,710 $13,280
$8,770 $11,970 $12,590
$11,160 $24,590
$7,070
$6,720 $6,560
$9,290 $9,950 $21,860 $23,320
$10,000 $6,820 $7,520
$6,950 $17,300 $17,200 $16,790
$6,330 $7,440 $15,100 $15,390 $14,960
$11,610 $12,330 $6,350
$9,350 $8,010 $8,060
$6,640 $5,770 $5,760
$5,020 $3,620 $3,720
$2,940
$0
2008-09 2013-14 2018-19 2008-09 2013-14 2018-19 2008-09 2013-14 2018-19 2008-09 2013-14 2018-19 2008-09 2013-14 2018-19 2008-09 2013-14 2018-19 2008-09 2013-14 2018-19
Doctoral Master’s Bachelor’s Associate Doctoral Master’s Bachelor’s
Public Private Nonprofit
Institutional Subsidy as a Percentage of Education and Related Expenditures ■ Education and related (E&R) expenditures include
spending on instruction, student services, and
Public Private Nonprofit
the education share of spending on central
Doctoral Master’s Bachelor’s Associate Doctoral Master’s Bachelor’s academic and administrative support, as well as
2008-09 48% 52% 58% 68% 44% 12% 38% operations and maintenance. These expenditures
2013-14 41% 46% 54% 64% 43% 14% 39% can be considered institutional costs associated
2018-19 39% 45% 57% 67% 44% 18% 44% with providing education to students. A portion
of these expenditures is covered by net tuition
NOTE: Institutional subsidy to students represents the portion of the cost of educating students
revenues from students and the remaining portion
not covered by net tuition revenue. Net tuition revenue is the amount of revenue an institution takes is a subsidy to students. In 2018-19, this subsidy
in from tuition and fees, net of all institutional grant aid provided to students. Some of this revenue as a share of the E&R expenditures ranged from
comes in the form of Pell Grants and other financial aid from federal and state governments and 18% at private nonprofit master’s institutions to
other sources. Institutional averages are weighted by 12-month FTE enrollments including both
undergraduate and graduate students. Institution groupings are based on the 2018 Carnegie
67% at public associate colleges.
Classification. The percentages in the table are not institutional discount rates, which represent
institutional grant aid as a share of published tuition and fees.
■ In 2018-19, the E&R expenditures per FTE student
ranged from $11,160 at public associate colleges to
SOURCE: NCES, IPEDS Finance and 12-Month Enrollment data, 2009, 2014, and 2019; calculations
$44,240 at private nonprofit doctoral universities.
by the authors.
ALSO IMPORTANT:
■ Because of differences in enrollment of graduate

students and level of research activity, per-student
revenues and expenditures at different types of
institutions are difficult to compare.
■ In addition to the amounts included in E&R
expenditures, institutional budgets include
expenditures for other purposes such as research,
public service, and auxiliary enterprises.
Family Income
Between 1990 and 2020, the average income increased by 57% for the top quintile of families and by 12%
for the lowest quintile of families.
FIGURE CP-15A Mean Family Income in 2020 Dollars by Quintile, 1990, 2000, 2010, and 2020
1990 2000 2010 2020

$497,660
$500,000
Mean Family Income
$400,000
$300,000 $286,390 $285,320
$200,000 $181,840
$130,150
$97,850
$100,000 $84,680
$52,330 $68,040
$44,180
$18,940 $21,260
$0
Lowest 20% Second 20% Third 20% Fourth 20% Highest 20% Top 5%
Lowest Second Third Fourth Highest Top ■ In 2020, average incomes ranged from $21,260
20% 20% 20% 20% 20% 5% for the lowest quintile to $286,390 for the highest
$ Change from 1990 to 2020 $2,320 $8,150 $16,640 $32,300 $104,550 $212,340 quintile and $497,660 for the top 5% of families.
% Change from 1990 to 2020 12% 18% 24% 33% 57% 74%
■ In 2020, the median income of families headed
$38,050 $38,051 to $67,501 to $103,305 to $164,008 $305,824 by individuals ages 45 to 54—the age bracket of
2020 Income Bracket or less $67,500 $103,304 $164,007 or More or More
parents of most traditional-age college students—
2020 Mean Income $21,260 $52,330 $84,680 $130,150 $286,390 $497,660
was 25% higher than the overall median ($105,390
compared with $84,010).
FIGURE CP-15B Median Family Income by Selected Characteristics, 2020
■ In 2020, the $130,140 median family income
of families with at least one four-year college
Region
graduate was more than twice the median for
Midwest $85,830
Northeast $96,390 families headed by a high school graduate
South $76,480 ($60,580).
West $89,540
Race/Ethnicity
ALSO IMPORTANT:
Asian Alone, Non-Hispanic $109,450
Black Alone, Non-Hispanic $57,480 ■ The share of all income going to the 20% of
Hispanic $59,980 families with the lowest incomes declined from
White Alone, Non-Hispanic $96,170 4.6% in 1990 to 3.7% in 2020. The share of income
Age going to the top 5% of families increased from
15 to 24 $48,440 17.4% in 1990 to 21.6% in 2020. (U.S. Census
25 to 34 $71,790
Bureau, Table F-2)
35 to 44 $92,240
45 to 54 $105,390
55 to 64 $99,280
65 and over $68,070
Education
Less Than High School $40,020
High School $60,580
Some College $73,290
Associate Degree $82,740
Bachelor’s Degree or Higher $130,140
$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000
2020 Median Family Income (Median of All Families = $84,010)
SOURCE: U.S. Census Bureau, Current Population Survey, 2020 Annual Social and Economic
Supplement, Table F-1, Table F-3, Table F-5, and FINC-01; calculations by the authors.
Enrollment Patterns over Time
Between fall 2019 and 2020, total enrollment fell by 631,000 (3%). The public two-year sector saw the largest
decline in enrollment—581,000 (9%). Total enrollment at the public four-year and private nonprofit four-year
sectors declined by 0.7% while it increased by 33,000 (3%) at for-profit institutions.
FIGURE CP-16 Postsecondary Fall Enrollment by Attendance Status and Level of ■ Total undergraduate enrollment (including full-time
Enrollment, 2000 to 2020, Selected Years and part-time students) fell by 698,000 (4%) between
fall 2019 and fall 2020; total graduate student
Full-Time Part-Time All
enrollment rose by 67,000.
Undergraduate Undergraduate Graduate
2000 (37%) 35% 65% 5,697,000

■ The share of public two-year college students
enrolled full time rose from 35% in fall 2000 to 41%
Public Two-Year
2010 (38%) 41% 59% 7,945,000 in 2010 but then declined to 35% again in 2020.
2019 (35%) 35% 65% 6,783,000

■ Despite the sharp decline in enrollment in the
for-profit sector between 2010 and 2019, there
2020 (33%) 35% 65% 6,202,000 were more than twice as many students enrolled
in 2020 (1,024,000) as in 2000 (450,000).
2000 (40%) 63% 17% 20% 6,055,000 ■ In the for-profit sector, graduate students rose
Public Four-Year
from 10% of all students in fall 2000 to 15% in

2010 (35%) 66% 15% 20% 7,194,000
2010 and 23% in 2020.
2019 (40%) 65% 16% 19% 7,718,000
2020 (41%) 64% 16% 20% 7,665,000 ALSO IMPORTANT:
■ Students enrolled in non-degree-granting

2000 (20%) 57% 13% 29% 3,051,000 institutions, not included in Figure CP-16, may be
Private Nonprofit
eligible for federal student aid if they are working

Four-Year
2010 (18%) 57% 10% 33% 3,686,000 toward certificates at accredited institutions. Some
students enrolled in degree-granting institutions
2019 (21%) 55% 12% 33% 4,015,000
are not eligible for federal student aid because they
2020 (21%) 54% 12% 34% 3,986,000 are enrolled in non-credit-bearing programs.
74% Total Postsecondary Enrollment (in Millions)

2000 (3%) 450,000 Year Enrollment (in millions)
16%
15% 2000 15.3
2010 (10%) 63% 23% 2,023,000 2010 20.8
For-Profit
25% 23% 2019 19.5
2019 (5%) 51% 991,000 2020 18.9
25% 23%
2020 (5%) 52% 1,024,000
0 1 2 3 4 5 6 7 8
Enrollment (Millions)
NOTE: Includes degree-granting Title-IV institutions. Percentages on the vertical axis represent
the enrollment in each sector as a percentage of total enrollment. Four-year institutions include
only those where more than 50% of degrees/certificates awarded are bachelor’s degree or higher.
Percentages may not sum to 100 because of rounding.
SOURCE: NCES, IPEDS Fall Enrollment data, 2000, 2010, 2019, and 2020; calculations by
the authors.
Public Undergraduate Enrollment by State
Between fall 2019 and fall 2020, total full-time equivalent (FTE) undergraduate enrollment declined by
66,640 (1%) in the public four-year sector and by 323,440 (8%) in the public two-year sector.
FIGURE CP-17A One-Year Percentage Change in Full-Time Equivalent (FTE) Undergraduate Enrollment at Public Four-Year Institutions by State,
20%
Percentage Change
17%
10%
2%
-9% 2%
-6% -1%
0%
Alaska
Wyoming
Vermont
Idaho
Montana
Kansas
Iowa
Missouri
Colorado
New Mexico
Oregon
New Hampshire
Mississippi
Michigan
Arkansas
Massachusetts
Minnesota
West Virginia
South Dakota
Washington
North Dakota
Wisconsin
Pennsylvania
Maine
Ohio
Delaware
Connecticut
Alabama
Oklahoma
Illinois
New Jersey
Kentucky
Maryland
New York
United States
South Carolina
Rhode Island
Indiana
Tennessee
Virginia
North Carolina
California
Texas
Nebraska
Nevada
Louisiana
Georgia
Utah
Hawaii
Florida
Arizona
FIGURE CP-17B One-Year Percentage Change in Full-Time Equivalent (FTE) Undergraduate Enrollment at Public Two-Year Institutions by State,
10%
Percentage Change
3%
-16% -8%
0%
-10%
New Mexico
Arizona
Alabama
West Virginia
Oregon
New Hampshire
Illinois
Connecticut
Indiana
New Jersey
Massachusetts
Tennessee
Michigan
Maine
Pennsylvania
New York
Kansas
Georgia
Louisiana
Washington
Wisconsin
California
Arkansas
Kentucky
Colorado
Montana
Nevada
Florida
United States
Wyoming
Mississippi
South Carolina
Missouri
Minnesota
Iowa
Hawaii
Rhode Island
North Carolina
Nebraska
Maryland
North Dakota
Virginia
Vermont
Alaska
Oklahoma
South Dakota
Idaho
Delaware
Utah
Texas
Ohio
NOTE: Two-year institutions are defined as institutions where more than 50% of degrees/certificates awarded are associate degrees or certificates, even if they award
some bachelor’s degrees.
SOURCE: NCES, IPEDS Fall Enrollment data, 2019 and 2020; calculations by the authors.
■ In the public four-year sector, nine states saw increases in FTE

ALSO IMPORTANT:
undergraduate enrollment between fall 2019 and fall 2020.
Alaska, Wyoming, and Vermont experienced the largest declines. ■ Between 2019 and 2020, twenty states saw declines in both full-
time and part-time undergraduate enrollment at public four-year
■ In the public two-year sector, all states (except Ohio) saw
institutions, while 44 states experienced these declines at public
declines in FTE undergraduate enrollment between fall 2019 and
two-year institutions.
fall 2020. Twenty-two states had declines in enrollment of 10%
or more.
Enrollment by Race/Ethnicity
Among undergraduates who are Black, Hispanic, or Native, larger shares attend public two-year than public
four-year institutions. White and Asian students are more likely to be enrolled at public four-year than at public
two-year institutions.
FIGURE CP-18A Distribution of Undergraduate Enrollment by Sector Within ■ In fall 2020, 52% of Hispanic and American Indian/
Race/Ethnicity, Fall 2020 Alaska Native undergraduate students were
Public Two-Year Public Four-Year Private Nonprofit Four-Year For-Profit enrolled in public two-year colleges, between 35%
and 44% of members of other racial/ethnic groups
All 40% 39% 16% 5% attended these institutions.
■ In fall 2020, 12% of Native Hawaiian/Other Pacific
American Indian/
Alaska Native (1%) 52% 31% 10% 6% Islander and 10% of Black undergraduates
3% attended for-profit institutions—more than
Asian (7%) 35% 47% 15% twice the share of Asian, White, or Hispanic
undergraduates enrolled in this sector.
Black (13%) 40% 35% 15% 10%
■ In fall 2020, the share of undergraduates who are
White ranged from 41% at for-profit institutions to
Hispanic (22%) 52% 34% 10% 4% 62% at private nonprofit four-year institutions.
Native Hawaiian/
Other Pacific Islander 44% 27% 18% 12%
(<1%)
ALSO IMPORTANT:
White (53%) 36% 41% 19% 4% ■ Racial differences in the sectors students are most
likely to enroll in are partially a function of geography.
Two or More Races
(4%) 38% 41% 16% 5%
NOTE: Includes degree-granting Title IV postsecondary institutions. Nonresident aliens and

“unknown” categories are excluded. Four-year institutions include only those where more than
50% of degrees/certificates awarded are bachelor’s degree or higher. Percentages may not
sum to 100 because of rounding.
SOURCE: NCES, IPEDS Fall Enrollment data, 2020; calculations by the authors.
FIGURE CP-18B Distribution of Undergraduate Enrollment by Race/Ethnicity

Within Sectors, Fall 2020
American Indian/Alaska Native Asian Black Hispanic
Native Hawaiian/Other Pacific Islander White Two or More Races
All 7% 13% 22% 53% 4%
Public Two-Year (42%) 6% 13% 28% 47% 4%
Public Four-Year (37%) 9% 12% 19% 56% 5%
Private Nonprofit
Four-Year (16%)
7% 12% 14% 62% 4%
For-Profit (5%) 4% 28% 21% 41% 4%
NOTE: Includes degree-granting Title IV postsecondary institutions. Nonresident aliens and

“unknown” categories are excluded. Four-year institutions include only those where more than
50% of degrees/certificates awarded are bachelor’s degree or higher. Percentages may not
sum to 100 because of rounding.
SOURCE: NCES, IPEDS Fall Enrollment data, 2020; calculations by the authors.
International Enrollment
Between 2019 and 2020, all types of institutions saw declines in the number of international students;
international enrollment decreased from 402,680 to 352,040 (13%) at public doctoral institutions and from
234,520 to 207,290 (12%) at private nonprofit doctoral institutions.
FIGURE CP-19 Total Number of Undergraduate and Graduate Students Who Were Not U.S. Citizens or Permanent Residents
by Institution Type, 2009, 2019, and 2020
Undergraduate Graduate ■ At public doctoral institutions, the total number

of undergraduate international students almost
2009 101,660 157,020 258,680 doubled between 2009 and 2019 (from 101,660
to 202,630), but fell to 173,600 (14%) in 2020. The
Doctoral
2019 202,630 200,050 402,680 total number of graduate international students

2020 173,600 178,440 352,040
increased by 27% between 2009 and 2019 (from
157,020 to 200,050), but declined to 178,440 (11%)
in 2020.
2009 46,620 63,600
■ At private nonprofit doctoral institutions, the total
Master’s
2019 62,220 79,660 number of undergraduate international students

increased by 75% between 2009 and 2019 (from
2020 51,250 66,450
46,210 to 80,970), but fell to 71,880 (11%) in
Public
2020. The total number of graduate international

2009 8,980 students increased by 67% between 2009 and
Bachelor’s
2019 (from 91,860 to 153,550), but declined to

2019 10,460 135,410 (12%) in 2020.
2020 9,600
2009 100,920 100,920

Associate
2019 99,120 99,120
2020 79,480 79,480

Percentage of Undergraduate and Graduate Students
Who Were Not U.S. Citizens or Permanent Residents,
by Institution Type, 2009, 2019, and 2020
2009 46,210 91,860 138,070
Undergraduate Graduate
Doctoral
2019 80,970 153,550 234,520 2009 2019 2020 2009 2019 2020
Public
2020 71,880 135,410 207,290
Doctoral 3% 5% 4% 15% 18% 16%
19,040 Master’s 3% 3% 3% 5% 6% 5%
Private Nonprofit
2009 31,600 Bachelor’s 2% 2% 2% 3% 2% 1%

Master’s
27,400
Associate 1% 2% 1% ― ― ―
2019 52,140
Private
22,680
2020 45,610 Doctoral 5% 8% 7% 14% 20% 17%
Master’s 2% 3% 2% 4% 7% 7%
19,340
Bachelor’s 4% 6% 6% 4% 5% 5%
2009 20,280
Bachelor’s
2019 33,450 34,970

32,750
2020 34,240
0 100,000 200,000 300,000 400,000

Enrollment
NOTE: Institution groupings are based on the 2018 Carnegie Classification.

SOURCE: NCES, IPEDS Fall Enrollment data, 2009, 2019 and 2020; calculations by the authors.
Enrollment in Distance Education Courses
Because of the COVID-19 pandemic, the majority of colleges and universities shifted classes online in
2020. As a result, the share of postsecondary students enrolled in distance education courses increased
dramatically between fall 2019 and 2020.
FIGURE CP-20 Percentage of Postsecondary Students Enrolled in Distance Education Courses, Fall 2012, Fall 2019, and Fall 2020
All Courses At Least One, But Not All Courses

100%
91% 94%
70% 4%
5%
81% 82%
80% 75% 5%
74%
70% 71%
68% 67%
64% 14% 22%
37% 12% 19%
60% 30% 23% 18%
54%
30% 8%
42%
40% 87% 89%
40% 36% 36% 37% 37% 77%
10%
30% 10%
27% 28% 10%
26%
22% 22% 48% 55% 60% 8% 52% 24% 23%
22% 26% 46% 48% 49%
44% 44%
20% 15% 17% 16% 11% 10% 6%
34% 33% 30%
16% 7% 27%
22%
15% 17% 17%
11% 15% 15%
5% 10% 10% 10%
0%
2012 2019 2020 2012 2019 2020 2012 2019 2020 2012 2019 2020 2012 2019 2020 2012 2019 2020 2012 2019 2020 2012 2019 2020 2012 2019 2020
All Public Public Private For-Profit All Public Private For-Profit
Four-Year Two-Year Nonprofit Four-Year Nonprofit
Four-Year Four-Year
NOTE: Components may not sum to totals because of rounding.

SOURCE: NCES, Digest of Education Statistics, 2013 and 2020, Table 311.15; IPEDS Fall Enrollment data, 2020; calculations by the authors.
■ In fall 2020, 75% of undergraduate students and 71% of graduate

ALSO IMPORTANT:
students enrolled in distance education courses, compared with
36% of undergraduate and 42% of graduate students in fall 2019. ■ In fall 2020, 44% of colleges and universities were either fully or
primarily online, 21% were hybrid, and 27% were either fully or
■ In 2020, 44% of undergraduate students and 52% of graduate
primarily in person (https://www.chronicle.com/article/heres-a-list-
students were enrolled in distance education courses exclusively.
of-colleges-plans-for-reopening-in-the-fall/).
■ In 2020, the share of undergraduate students enrolled in distance
■ Although research is scant on the long-term impact of online
education courses ranged from 64% in the private nonprofit
learning, there is some evidence that suggests earnings
four-year sector to 81% in the public four-year sector.
of students at for-profit colleges where most students are
■ Across sectors, the for-profit sector has the highest percentages exclusively online are lower than earnings of students at other
of students taking courses exclusively online. In 2020, 60% of for-profit schools. (Cellini and Turner, 2018, Gainfully Employed?
undergraduate and 89% of graduate students in this sector took Assessing the Employment and Earnings of For-Profit College
all of their courses online. Students Using Administrative Data)
Trends in
Student Aid
2021
Total Student Aid
In 2020-21, undergraduate and graduate students received a total of $234.9 billion in student aid in the form
of grants, Federal Work-Study, federal loans, and federal tax credits.
TABLE SA-1 Total Student Aid and Nonfederal Loans in 2020 Dollars (in Millions), Undergraduate and Graduate Students Combined,
1990-91 to 2020-21, Selected Years
Academic Year
Preliminary 10-Year 30-Year
90-91 00-01 10-11 15-16 16-17 17-18 18-19 19-20 20-21 % Change % Change
Federal Aid
Grants
Pell Grants $9,773 $11,958 $42,345 $31,185 $29,001 $30,273 $29,277 $28,769 $25,967 -39% 166%
FSEOG $907 $933 $899 $801 $791 $774 $866 $850 $865 -4% -5%
LEAP $117 $60 $73 — — — — — — — —
Academic Competitiveness Grants — — $657 — — — — — — — —
SMART Grants — — $514 — — — — — — — —
Veterans’ Benefits $1,347 $1,970 $11,667 $13,788 $12,988 $12,322 $12,302 $11,610 $11,262 -3% 736%
Total Federal Grants $12,143 $14,921 $56,154 $45,774 $42,780 $43,369 $42,445 $41,230 $38,094 -32% 214%
Loans
Perkins Loans $1,724 $1,720 $1,017 $1,141 $956 $666 — — — — —
Subsidized $17,342 $24,623 $48,202 $25,066 $23,350 $22,075 $20,424 $19,075 $16,278 -66% -6%
Unsubsidized — $19,700 $56,000 $55,387 $53,828 $51,495 $49,389 $48,210 $45,776 -18% —
Parent PLUS $1,632 $5,548 $12,571 $13,062 $13,552 $13,459 $13,181 $12,506 $9,999 -20% 513%
Grad PLUS — — $8,260 $9,656 $10,401 $10,870 $11,069 $11,353 $11,624 41% —
Total Federal Loans $20,698 $51,591 $126,049 $104,312 $102,087 $98,564 $94,062 $91,143 $83,677 -34% 304%
Federal Work-Study $1,190 $1,398 $1,156 $1,072 $1,058 $1,036 $1,165 $1,144 $1,180 2% -1%
Education Tax Benefits $0 $6,930 $25,490 $18,750 $17,250 $15,380 $13,850 $12,550 $11,440 -55% —
Total Federal Aid $34,031 $74,840 $208,850 $169,907 $163,175 $158,349 $151,522 $146,067 $134,390 -36% 295%
State Grants $3,820 $7,035 $10,970 $11,726 $11,850 $12,603 $12,739 $13,117 $12,887 17% 237%
Institutional Grants $12,139 $24,408 $45,488 $59,688 $62,441 $65,273 $67,518 $69,754 $71,097 56% 486%
Private and Employer Grants $4,000 $8,790 $15,770 $16,890 $17,100 $17,460 $17,560 $17,450 $16,520 5% 313%
Total Federal, State,
Institutional, and Other Aid $53,989 $115,074 $281,078 $258,211 $254,566 $253,685 $249,339 $246,388 $234,894 -16% 335%
Nonfederal Loans — $7,700 $9,100 $11,700 $12,200 $12,600 $13,500 $14,600 $12,200 34% —
Total Student Aid and Nonfederal Loans $53,989 $122,774 $290,178 $269,911 $266,766 $266,285 $262,839 $260,988 $247,094 -15% 358%
NOTE: Table SA-1 does not include the Higher Education Emergency Relief Fund, a variety of small federal grant and loan programs, as well as some small programs for
veterans and members of the military. Federal Supplemental Educational Opportunity Grant (FSEOG) and Federal Work-Study funds reflect federal allocations and do
not include the required matching funds from institutions. Tax benefits, private and employer grants, and nonfederal loans are estimated. 2020-21 institutional grant
aid and state grant aid data are estimated. Components may not sum to totals because of rounding.
SOURCE: See page 51 for a list of sources for data included in Table SA-1.
■ The federal government’s share of total student aid decreased

ALSO IMPORTANT:
from 74% in 2010-11 to 57% in 2020-21.
■ In 2020-21, undergraduate students received 75% ($175.1 billion)
■ Between 2010-11 and 2020-21, total grant aid for postsecondary
of total student aid, including 96% of all federal grants and 53% of
students rose by 8% (in inflation-adjusted dollars) to $138.6 billion.
federal loans. They received 86% of total grant aid from all sources
Institutional grants grew most rapidly, increasing by 56% to an
and 58% of all loans, including nonfederal loans. The remainder of
estimated $71.1 billion.
the aid funded graduate students. (Table SA-1 online)
■ Between 2010-11 and 2020-21, total federal loans declined by 34%
(in inflation-adjusted dollars) to $83.7 billion.
Aid per Student
Between 2000-01 and 2020-21, average grant aid per full-time equivalent (FTE) undergraduate student
more than doubled (from $4,740 to $10,050 in 2020 dollars) and average grant aid per FTE graduate student
increased by 37% (from $6,490 to $8,860 in 2020 dollars).
FIGURE SA-1 Average Aid per Full-Time Equivalent (FTE) Student in 2020 Dollars, ■ Average federal loans per FTE student peaked
2000-01 to 2020-21 in 2010-11 for both undergraduate and graduate
students. Federal loans per FTE undergraduate
Undergraduate Students student declined to $3,780 in 2020-21, from a peak
$18,000
Undergraduate Students of $6,160 (in 2020 dollars) in 2010-11. Federal loans
$18,000 per FTE graduate student declined to $17,540 in
$16,000 2020-21, from a peak of $20,280 in 2010-11.
$16,000 ■ In 2020-21, average other aid (federal tax benefits
$14,000
and work-study) was $970 per FTE undergraduate
Dollars
$14,000 student and $520 per FTE graduate student.

$12,000
Dollars
$12,000 $10,050
in 2020
$10,000
$9,110 ALSO IMPORTANT:
$10,050
2020
$8,190
$10,000
$9,110
Average Grant Aid
■ In 2020-21, most of the “Other Aid” for both
Aid
$8,000
$8,190 undergraduate and graduate students was from
Aid in
Average
$8,000
$5,580
Average Grant Aid education tax credits. About 10% was from Federal
$6,000
$5,120 Work-Study.
Average
$4,740 $6,160
$6,000
$5,580 $3,780
$5,120
$4,000$4,740 $4,610 $6,160 Average Federal Loans
$3,680 $3,780
$4,000 $4,610 Average Federal Loans
$2,000
$1,740 $1,410
$3,680
$750 $820 $970
$2,000
$1,740 Average Other Aid
$1,410
$0 $750 $820 $970
00-01 02-03 04-05 06-07 08-09 10-11 12-13 Average
14-15 Other Aid 18-19
16-17 20-21
$0
00-01 02-03 04-05 06-07 08-09 10-11
Graduate 12-13
Students 14-15 16-17 18-19 20-21
Graduate Students
$20,280
$18,000 $20,280 $18,530
$18,000 $17,540
$18,530
$16,000
$17,540
$16,000
$14,000
$14,130
Dollars
$14,000 Average Federal Loans

$12,000 $14,130
Dollars
Average Federal Loans

$12,000 $11,070
in 2020
$10,000
2020
$11,070
$10,000
Aid
$8,000 $8,540 $8,860

Average Grant Aid
Aid in
$8,020
Average
$8,000 $8,540 $8,860

Average Grant Aid
$6,000 $6,780 $8,020
$6,490
Average
$6,000 $6,780
$4,000 $6,490
NOTE: Loans reported here include only federal loans to
$4,000 students and parents. Grants from all sources are included.
$2,000 $1,410 “Other Aid” includes federal education tax credits and
$780 Average Other Aid $860 $520 deductions and Federal Work-Study. Undergraduate and
$2,000 $1,410 graduate shares of some forms of aid are estimates based on
$0 $780
$930Aid
Average Other $860 $520 NPSAS data. Dollar values are rounded to the nearest $10.
00-01 02-03 04-05 06-07 08-09 10-11 12-13 14-15 16-17 18-19 20-21
$0
$930 SOURCE: Trends in Student Aid website (research.collegeboard.
00-01 02-03 04-05 06-07 08-09 10-11 12-13 14-15 16-17 18-19 20-21 org/trends), Table SA-3.
Grants, Loans, and Other Aid
Loans (including both federal and nonfederal) fell from 40% of the funds undergraduate students used to
supplement their own and their family resources in 2010-11 to 30% in 2020-21.
FIGURE SA-2 Composition of Total Aid and Nonfederal Loans, ■ Grants rose from 49% of total funding in 2010-11 to
2000-01 to 2020-21 64% in 2020-21 for undergraduate students.
■ Between 2000-01 and 2020-21, loans consistently
Undergraduate Students
made up 63% to 70% of the funds graduate students
100%
used to supplement their own resources to finance
their studies.
■ Grants have been the source of 26% to 33% of
80%
funding for graduate students over this 20-year
period.
Percentage of Total Funds
64%
■ In 2020-21, the combination of federal tax benefits
60% and Federal Work-Study made up 6% of all student
49% aid and nonfederal loans for undergraduate students
49% Grants
and 2% for graduate students.
40% 44%
Loans
40%
ALSO IMPORTANT:
30% ■ For undergraduate students, total grant aid
20% increased by 6% and total loan volume fell by 40%
10% between 2010-11 and 2020-21, after adjusting for
8% Other Aid 6% inflation. (Table SA-1 online)
0% ■ For graduate students, total grant aid increased

00-01 02-03 04-05 06-07 08-09 10-11 12-13 14-15 16-17 18-19 20-21 by 19% and total loan volume fell by 7% between
2010-11 and 2020-21. (Table SA-1 online)
Graduate Students
100%
80%
Loans 69%
66%
Percentage of Total Funds
63%
60%
40%
33% 32%
Grants
26%
20%
4% 5%
Other Aid 2%
0%
00-01 02-03 04-05 06-07 08-09 10-11 12-13 14-15 16-17 18-19 20-21
NOTE: Nonfederal loans are included to show the total education borrowing by students
and parents. “Other Aid” includes Federal Work-Study and federal education tax credits and
deductions. Percentages may not sum to 100 because of rounding.
SOURCE: Trends in Student Aid website (research.collegeboard.org/trends), Table SA-4.
Total Undergraduate Student Aid
Total financial aid for undergraduate students peaked in 2010-11 ($219.7 billion in 2020 dollars) and
declined to $175.1 billion in 2020-21.
FIGURE SA-3 Total Undergraduate Student Aid in 2020 Dollars by Source and Type (in Billions), 2000-01 to 2020-21
$219.7
$213.2
$207.3 $205.3
$202.3 10% $201.8 $199.5
$200 10% $194.7 $193.6
9% 9% $189.4
10% 9% 9% $186.4
8% 7%
7% 6% $175.1
FWS and FSEOG
6%
$159.9 Federal Education
Tax Benefits
$150 8% 38% 38% 37% 36% 34% 33% 32% 30% 29% 28%
Federal Loans
Billions of 2020 Dollars
$133.3 40% 26%

$125.8
$122.4 $124.2 6%
$116.4 6%
7% 7%
7%
$105.8 7% 44% 6% 7%
7% 7% 7% Private and
6%
$100 $95.7
5% 5% 5% 6% Employer Grants
7%
$88.6 41% 5%
7% 42% 41%
42%
7% 41% 16%
20% 21% 23% 27% 29% 30%
40%
18% 24% 26% 33% Institutional
16%
39% 6% Grants
40% 7%
7% 7% 7% 5%
7% 5% 5%
$50 7% 18% 5% 5% 6%
5% 6% 6% 7%
7% 21% 6% 7%
7% 19% 19% 20% 21% 4%
5% 6% 6% 6% 7% State Grants
18% 6% 6% 5% 6%
19% 5%
21% 6% 5% Federal Veterans’
7% 7% 7% 8% 7%
8% 19% Benefits
8% 18% 18% 17%
8% 17% 17% 16% 16%
15% 15% 15% 15%
13% 15% 16% 15% 15% 14% 13% 14% 14% Federal Pell
$0 Grants
00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21
NOTE: Percentages may not sum to 100 because of rounding.

SOURCE: Trends in Student Aid website (research.collegeboard.org/trends), Table SA-1 online.
■ Between 2010-11 and 2020-21, institutional grant aid increased

ALSO IMPORTANT:
by 62% ($22.0 billion in 2020 dollars).
■ Between 2010-11 and 2020-21, undergraduate enrollment
■ Between 2010-11 and 2020-21, federal loans declined by 47%
decreased by 13% while total grant aid to undergraduate students
($39.4 billion in 2020 dollars) and federal Pell Grants declined by
increased by 6% and total aid (including grants, loans, and other
39% ($16.4 billion in 2020 dollars).
aid) decreased by 20%. Over this decade, average grant aid per
undergraduate student increased by 23% ($1,860) and average
total aid per undergraduate student decreased by 8% ($1,290).
(Table SA-3 online)
Total Graduate Student Aid
Total financial aid for graduate students peaked in 2010-11 ($61.4 billion in 2020 dollars) and has remained
stable at $58 billion to $60 billion since 2011-12.
FIGURE SA-4 Total Graduate Student Aid in 2020 Dollars by Source and Type (in Billions), 2000-01 to 2020-21
$61.4
$60.3 $59.8 $60.1 $59.9 $60.0 $59.8
$60 5% $58.6 $59.1 $58.8 Federal
$57.8 3% $58.1
3% 3%
3% Work-Study
3% 3%
5%
Federal
$51.1
Education
$50 4% Tax Benefits
$46.8
3%
$42.0
4%
$40
$38.0 66% 65% 65% 65% Federal Loans
Billions of 2020 Dollars
$36.3 66%
4% 68% 68% 67% 67% 66% 66%
$33.5 4% 68%
4%
$30.3 67%
$30 4% 66%
$27.6
$26.5
4% 65%
4%
65%
66%
66%
$20
65%
60% 61% 7% 7% 7% Private and
7% 7%
8% 8% 7% Employer Grants
9% 9%
9%
9%
12% 11%
$10 11%
11%
11% 10% 9% 10%
19% 20% 21% 21% 22% 22% Institutional
10% 18% 19%
16% 17% 18% Grants
16%
19% 18% 17% 17%
24% 22% 20% 18% 18%
State Grants
3% 3% 3% 3% 3% 3% 3% 3% 3%
$0 Federal Veterans’
00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 Benefits

SOURCE: Trends in Student Aid website (research.collegeboard.org/trends), Table SA-1 online.
■ Federal loans are the largest funding source for graduate

ALSO IMPORTANT:
students, peaking at 68% of the total funding from 2009-10 to
2011-12. In 2020-21, 65% of total funding for graduate students is ■ Between 2010-11 and 2020-21, graduate enrollment increased by
from federal loans. 7% while total grant aid to graduate students increased by 19%
and total aid (including grants, loans, and other aid) decreased
■ Between 2000-01 and 2010-11, federal loans for graduate
by 3%. Over this decade, average grant aid per graduate student
students more than doubled, increasing from $16.0 billion to $41.9
increased by 10% ($840) and average total aid per graduate
billion in 2020 dollars. Federal loans for these students decreased
student decreased by 9% ($2,790). (Table SA-3 online)
by 7% over the next decade to $39.0 billion in 2020-21.
■ Institutional grants are the second largest funding source for
graduate students. Between 2000-01 and 2010-11, institutional
grants for graduate students rose by 59%, from $6.2 billion to
$9.9 billion in 2020 dollars. Institutional grants grew by another
36% over the next decade to $13.4 billion in 2020-21.
Sources of Grant Aid
The total amount of grant aid supporting postsecondary students increased by 133% (after adjusting for
inflation) between 2000-01 and 2010-11 and by another 8% between 2010-11 and 2020-21, reaching a
total of $138.6 billion.
FIGURE SA-5 Total Grant Aid in 2020 Dollars by Source of Grant, 2000-01 to 2020-21
$141.6
$138.7 $140.3 $138.6
$132.4 $134.1 $134.2 9%
$128.4 $128.2
$130.2 9% 9% 9% State Grants
$126.0 9% 9%
9%
8%
9% 8%
$120 9% 12%
$115.5
13% 13% 12% Private and
13% 12% 13% 13% Employer
9% 12% 13%
13% Grants
13%
$91.1
$90
Grants in Billions of 2020 Dollars
$83.6 11%
$78.4
$74.8 12% 35%
$73.0 40% 41% 43% 45% 47% 48% 49%
$69.7 13% 16% 38% 47% 51% Institutional
$64.5 13% 12% 37% Grants
12% 17%
$59.6 17%
$60 13% 17%
$55.2 16%
13% 16%
13% 16%
16% 42%
16%
43%
41% 42% 43%
40%
39%
$30 42%
44% 44%
41% 41% 39% 38% 36% 34% 32% 31% 30% 29% 27% Federal Grants
30%
32% 32% 31% 29% 28% 28%
27% 30%
$0
00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21

SOURCE: See page 51 for a list of sources for grants included in Figure SA-5.
■ Between 2010-11 and 2020-21, institutional grant aid rose by

ALSO IMPORTANT:
$25.6 billion (in 2020 dollars) reaching a total of $71.1 billion in
2020-21. Institutional grants accounted for about half of all grant ■ Grant aid for veterans increased from 21% of federal grant aid
aid for undergraduate and graduate students in 2020-21. in 2010-11 to 30% in 2020-21. At the same time, Pell Grants
decreased from 75% to 68% of the total. (Table SA-1 online)
■ In 2000-01, federal grants constituted 27% of total grant aid
for undergraduate and graduate students. This share peaked at ■ Figure SA-5 shows the composition of grant aid for undergraduate
44% in 2010-11 and declined to 27% in 2020-21. and graduate students combined. In 2020-21, 8% of graduate
student grant aid came from the federal government in the form
■ Since 2009-10, state grant aid was between 8% and 9% of all
of aid to veterans, 68% from institutions, 21% from employers and
grant aid. Total state grant aid grew by 56% (after adjusting for
other private sources, and 2% from states. For undergraduate
inflation) between 2000-01 and 2010-11 and by another 17%
students, the percentages were 31% federal, 48% institutional,
over the decade ending in 2020-21.
10% private and employer, and 11% state. (Table SA-1 online)
■ Grants from employers and other private sources were between
12% and 17% of total grant aid to postsecondary students for
the entire two decades from 2000-01 through 2020-21 and were
12% of the total in 2020-21.
Types of Loans
Total education borrowing declined for the tenth consecutive year in 2020-21. In 2020-21, total education
borrowing declined by $9.8 billion (9%) after adjusting for inflation, the largest one-year decline after annual
borrowing peaked in 2010-11.
FIGURE SA-6 Total Federal and Nonfederal Loans in 2020 Dollars by Type of Loan, 2000-01 to 2020-21
$135.1
$132.8
$130.5
7% $126.2
7% $123.2
8%
$120 $117.8 6% 8% $117.7 $116.0
$113.6 5% 6% 9% $114.3
$111.2
12% 9% $107.6
9% 7% 10% $105.7
$104.6 8% 10% 7% 11%
11%
$99.2 9% 8% 13%
25% 4% 8% 14% $95.9
$94.1 9% 9%
25% 8% 10%
$90 10% Nonfederal Loans
Loans in Billions of 2020 Dollars
$84.8 10% 13%

23% 11%
20% 12% 11% Perkins Loans
12%
$73.5 18% 12% 12% Grad PLUS Loans
8% 41%
43% 41% 12%
16% 11% 11% 10% Parent PLUS
$63.8 10%
$59.3 10% 41% 50% Loans
$60 14% 50%
13% 10% 49%
30% 48%
9% 47%
9% 32% 32% 30% 46%
32% 46% 46%
33% 48% Federal
34%
33% Unsubsidized
$30 Loans
35% 36% 35%
32% 34%
37% 35% 33% 31% 25% 24%
42% 40% 38% 23% 22% 20% 20%
Federal
19% 18% 17% Subsidized
Loans
$0
00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21
NOTE: Nonfederal loans include loans to students from states and institutions in addition to private loans issued by banks, credit unions, and other lenders. Values for
nonfederal loans are best estimates and are less precise than federal loan amounts.
SOURCE: See page 51 for a list of sources for loans included in Figure SA-6.
■ Total annual student and parent borrowing for postsecondary

ALSO IMPORTANT:
education reached its peak of $135.1 billion in 2010-11 and then
declined by 29% ($39.3 billion in 2020 dollars) in the next ten years, ■ There are no credit requirements for subsidized and
to $95.9 billion in 2020-21. unsubsidized Direct Loans. To qualify for PLUS loans, borrowers
cannot have an “adverse credit history,” defined as being 90 days
■ Between 2010-11 and 2020-21, federal Direct subsidized and
or more delinquent on any debts greater than $2,085 or being
unsubsidized student loans fell by $42.1 billion (40%) and borrowing
the subject of default determination, bankruptcy discharge,
through parent PLUS declined by $2.6 billion (20%). Total Grad
foreclosure, repossession, tax lien, wage garnishment, or write-
PLUS borrowing increased by $3.4 billion (41%) over the decade.
off of a federal education debt during the five years preceding the
■ Students borrow nonfederal education loans from banks, credit date of the credit report.
unions, and other private lenders, including some states and
postsecondary institutions. These loans, which are not part of the
student aid system and typically do not involve subsidies, fell from
about $28 billion (in 2020 dollars) in 2007-08 to $9 billion in
2010-11, before increasing to about $12 billion in 2020-21.
Nonfederal loans accounted for about 13% of all education loans
in 2020-21.
Federal Aid
In 2020-21, average benefits from the Post-9/11 GI Bill program were nearly $16,000, compared with just
over $4,200 per Pell Grant recipient. There were 6.2 million Pell Grant recipients compared with 614,000
veterans’ benefits recipients.
FIGURE SA-7 Number of Recipients by Federal Aid Program (with Average Aid ■ In 2020-21, the total number of borrowers in
Received), 2020-21 the subsidized and unsubsidized Direct Loan
programs was 6.8 million—less than the sum of
the number of recipients in each program because
9.4 many borrowers participated in both programs.
Number of Recipients (in Millions)
10 million
■ In 2019-20, public two-year college students,
8
6.2
6.8 who made up 31% of full-time equivalent (FTE)
million 5.9
million million
undergraduate enrollment, received 33% of Pell
6
4.3 Grant funds.
million
4 ■ In 2019-20, students in the private nonprofit sector
1.6 accounted for 20% of undergraduate and 24% of
2 million
total postsecondary FTE enrollment. They received
579,000 614,000
68% of Grad PLUS loans, 42% of Parent PLUS
0
Estimated Federal Direct Direct Direct FSEOG Federal Post/9-11 loans, and 41% of Federal Work-Study (FWS) funds.
Federal Pell Subsidized Subsidized Unsubsidized ($530) Work-Study GI Bill
Education Tax Grant and Loans Loans ($1,950) Veterans’
Benefits ($4,220) Unsubsidized ($3,780) ($7,730) Benefits
($1,460) Loans ($15,780)
($9,100) ALSO IMPORTANT:
Federal Aid Programs (with Average Aid per Recipient)
■ Pell Grants, FSEOG, and Direct Subsidized loans
NOTE: Data on tax benefits are for 2018 and are estimated. FSEOG and FWS amounts are for are for undergraduates only. Grad PLUS loans are
2019-20 and represent federal funds only. Institutions provide matching funds so the awards that for graduate students only. Parent PLUS loans
students receive under these programs are larger than these federal aid amounts. are for parents of undergraduate students. FWS,
SOURCE: See page 51 for a list of sources of data on federal aid programs. Direct Unsubsidized loans, and Post-9/11 GI Bill
benefits are available to both undergraduate and
graduate students.
FIGURE SA-8 Percentage Distribution of Federal Aid Funds by Sector, 2019-20
■ In 2012-13, 41% of Post-9/11 GI Bill veterans’
Public Two-Year Public Four-Year Private Nonprofit For-Profit
benefits went to students in the for-profit sector
(U.S. Senate HELP Committee, 2014, “Is the New
Pell Grants 33% 37% 17% 13% G.I. Bill Working?”). In 2017, Congress passed
legislation known as the “Forever GI Bill,” increasing
FSEOG 24% 34% 33% 9% the generosity of education benefits for veterans.
Federal
Work-Study
17% 38% 41% 3%
Direct
11% 45% 28% 15%
Subsidized Loans
Direct
5% 41% 39% 15%
Unsubsidized Loans
Parent
51% 42% 6%
PLUS Loans
Grad PLUS Loans 27% 68% 6%
Distribution of Fall 2019 Enrollment by Sector

NOTE: Excludes aid to students enrolled in public less-than-two-year colleges and to students
FTE Undergraduate All FTE
enrolled in foreign institutions. Percentages may not sum to 100 because of rounding.
Students Students
SOURCE: See page 51 for a list of sources of data on federal aid program.
Public Two-Year 31% 26%
Public Four-Year 43% 44%
Private Nonprofit 20% 24%
For-Profit 6% 6%
SOURCE: NCES, IPEDS Enrollment data.
Federal Loans: Annual Borrowing
After rapid growth in annual borrowing between 2005-06 and 2010-11, total federal loans to undergraduate
students declined by 46% ($38.6 billion in 2020 dollars) and total federal loans to graduate students
decreased by 7% ($2.7 billion) between 2010-11 and 2020-21.
FIGURE SA-9A Total Annual Amount Borrowed from Federal Subsidized, ■ The share of annual federal education loans going
Unsubsidized, and PLUS Loans in Billions of 2020 Dollars, to graduate students (who constitute about 16%
2005-06 to 2020-21, Selected Years of all postsecondary students) rose from 32%
($24.1 billion out of $74.5 billion in 2020 dollars) in
$83.4 2005-06 to 47% ($39.0 billion out of $83.7 billion)
$80
$12.6 PLUS in 2020-21.
Unsubsidized ■ In 2020-21, undergraduates taking subsidized
Total Annual Amount Borrowed
$64.4
Subsidized and/or unsubsidized loans borrowed an average
in Billions of 2020 Dollars
$60
$13.1
$50.4 $36.4 of $6,470—$1,030 less (in 2020 dollars) than a
$44.7 decade earlier and $730 less than in 2015-16.
$10.8 $41.7
$38.7 $39.0
$40
$26.3 $10.0 $8.3 ■ In 2020-21, 432,000 graduate students borrowed
$9.7
$17.6
$11.6 through the grad PLUS program; 1.5 million
$24.1
$18.4 $19.6 borrowed unsubsidized loans. The average
$20
$34.4 $13.7 amount borrowed through the PLUS program was
$29.1 $27.3
$21.9 $25.1 $8,080 higher than the average unsubsidized loan
$16.3 $13.9
$10.5 ($26,880 vs. $18,800).
$0
2005-06 2010-11 2015-16 2020-21 2005-06 2010-11 2015-16 2020-21
ALSO IMPORTANT:
FIGURE SA-9B Average Annual Amount Borrowed in Federal Subsidized, ■ The aggregate federal student loan limit for
Unsubsidized, and PLUS Loans in 2020 Dollars, 2005-06 dependent undergraduate students is $31,000.
to 2020-21, Selected Years No more than $23,000 can be subsidized loans.
Independent students and dependent students
2020-21 whose parents are not eligible for parent PLUS
$6,470
2015-16
Undergraduate
$7,200 loans can borrow an additional $26,500 in
Subsidized and
2010-11
Unsubsidized
$7,500 unsubsidized loans.

$6,580 2005-06
■ Graduate and professional students can borrow up
$18,800
$20,210 to a lifetime total of $138,500 from the subsidized
Graduate
$20,980 and unsubsidized loan programs, including their
$21,230
undergraduate borrowing. Each year students
are enrolled, they can borrow up to the full cost
$17,810 of attendance not covered by grant aid, including
$16,640
Undergraduate
$15,160 living expenses and books and supplies in addition
to tuition and fees through the grad PLUS program.
PLUS
$14,290
$26,880 ■ Like the grad PLUS program, the parent PLUS

Graduate $25,450 program allows borrowing to cover students’ entire
$23,790
$0 budgets less grant aid received for an unlimited
number of years of enrollment.
$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000
Average Annual Amount Borrowed in 2020 Dollars per Borrower
Number of Borrowers (in Thousands), 2005-06 to 2020-21, Selected Years

2005-06 2010-11 2015-16 2020-21
Subsidized and Unsubsidized Undergraduate 6,017 9,438 7,131 5,367

Graduate 1,135 1,593 1,439 1,454
Total 7,152 11,031 8,570 6,821 NOTE: Graduate students became eligible to borrow PLUS Loans
PLUS Undergraduate 759 829 785 561 in 2006-07. Components in Figure SA-9A may not sum to totals
because of rounding.
Graduate — 347 379 432
SOURCE: Trends in Student Aid website
Total 759 1,177 1,165 994
(research.collegeboard.org/trends), Table SA-6.
Federal Loans: Borrowing and Balances
As of March 2021, 45% of the outstanding federal education loan debt was held by 10% of borrowers
owing $80,000 or more.
FIGURE SA-10 Distribution of Borrowers and Debt by Outstanding Balance, ■ As of March 2021, 54% of borrowers owed less
Second Quarter of FY2021 than $20,000. These borrowers held 13% of the
outstanding federal debt.
2% Percentage ■ In 2020-21, 26% of undergraduate students
$200,000 or More of Borrowers
17% borrowed Federal Direct student loans, down from
Percentage 31% in 2015-16 and 37% in 2010-11.
5% of Debt
$100,000 to $199,999
20%
■ In 2020-21, 4% of undergraduate students
3% borrowed subsidized loans only, 5% borrowed
Outstanding Borrower Debt Balance
$80,000 to $99,999
8% unsubsidized loans only, and 16% borrowed from
both programs.
6%
$60,000 to $79,999
11%
9% ALSO IMPORTANT:
$40,000 to $59,999
13%
■ Federal student loan default rates are highest
21% for borrowers with low balances. For example,
$20,000 to $39,999
17% among borrowers entering repayment in 2010-11,
21%
the three-year default rate ranged from 24%
$10,000 to $19,999
9% for those owing $5,000 or less to 7% for those
owing $40,000 or more. Two-thirds of those who
17%
$5,000 to $9,999 defaulted owed $10,000 or less. (Trends in Student
3%
Aid 2016, Figure 12B)
16%
Less than $5,000 ■ The share of undergraduate students borrowing
1%
federal student loans rose steadily from 23% in
2001-02 to 38% in 2011-12. Since 2011-12, the
NOTE: Includes both loans made under the Federal Direct Loan Program (FDLP) and the Federal
share borrowing has declined each year, to 26%
Family Education Loan (FFEL) Program, which ended in 2009-10. Data were as of March 31, 2021,
the end of the second quarter of FY2021. Percentages may not sum to totals because of rounding. in 2020-21.
SOURCE: U.S. Department of Education, Federal Student Aid Center, Federal Student Loan Portfolio.
Federal Loan Balance by Debt Size, Second Quarter of

FIGURE SA-11 Percentage of Undergraduate Students Borrowing Federal
FY2021
Subsidized and Unsubsidized Student Loans, 2010-11, 2015-16,
Number of
and 2020-21 Total Balance Borrowers Average
(in Billions) (in Millions) Balance
No Loans Subsidized Unsubsidized Both Subsidized and
Only Only Unsubsidized Loans $200,000 or More $271.3 0.9 $301,400
$100,000 to $199,999 $324.2 2.4 $135,100
2020-21 74% 4% 5% 16% $80,000 to $99,999 $125.3 1.4 $89,500
$60,000 to $79,999 $179.9 2.6 $69,200
Academic Year
$40,000 to $59,999 $208.7 4.3 $48,500

2015-16 69% 6% 5% 21% $20,000 to $39,999 $274.2 9.6 $28,600
$10,000 to $19,999 $136.4 9.4 $14,500
$5,000 to $9,999 $54.4 7.5 $7,300
2010-11 63% 9% 7% 21%
Less than $5,000 $19.4 7.3 $2,700
Percentage of Undergraduate Students Total $1,593.8 45.4 $35,100
NOTE: IPEDS headcount enrollments are adjusted for the difference between total headcount,
which counts students more than once if they are enrolled in more than one institution at the same
time, and unduplicated headcount reported by the National Student Clearinghouse (NSC).
Twelve-month undergraduate headcount for 2020-21 is estimated from NSC data. Percentages
may not sum to 100 because of rounding.
SOURCE: NCES, IPEDS 12-month enrollment data; National Student Clearinghouse, Current Term
Enrollment Estimates: Spring 2021; U.S. Department of Education, Federal Student Aid Data Center,
Title IV Program Volume Reports and Aid Recipients Summary; calculations by the authors.
Federal Loans: Outstanding Debt by Age
As of March 2021, 23% of the $1.59 trillion outstanding federal loan balance was held by borrowers who
were 50 and older, up from 18% in 2017.
FIGURE SA-12A Distribution of Outstanding Federal Loan Dollars and Borrowers ■ As of March 2021, 19% of the 45.4 million borrowers
by Borrower Age, Second Quarter of FY2017, FY2019, and FY2021 were age 50 and older, holding 23% of all the
outstanding federal loan debt. In 2017, 17% of
24 and Younger 25 to 34 35 to 49 50 to 61 62 and Older
borrowers were in this age group, holding 18% of all
outstanding federal loan debt.
2021 (45.4 Million) 17% 33% 31% 14% 5%
■ Among the group of borrowers with outstanding
Borrowers
debt balances of $200,000 or more, one-third are

(Total Debt/Borrowers in Each Year)
2019 (45.2 Million) 18% 33% 31% 13% 4%

under age 35 and 28% are over age 50.
2017 (44.7 Million) 19% 34% 30% 13% 4% ■ Among the group of borrowers with outstanding
debt balances of $5,000 or less, about half are over
Fiscal Year
age 35 including 21% over age 50.

2021 ($1.59 Trillion) 7% 31% 38% 17% 6%
ALSO IMPORTANT:
Dollars
2019 ($1.48 Trillion) 8% 34% 38% 16% 5%

■ Data in Figures SA-12A and SA-12B include both
debt held by student borrowers who borrowed for
2017 ($1.34 Trillion) 10% 36% 36% 14% 4%
their own education and parent borrowers who
borrowed for their children’s education through
Parent PLUS loans.
FIGURE SA-12B Distribution of Borrowers by Outstanding Balance and Age, Federal Loan Balance by Borrower Age, Second Quarter
Second Quarter of FY2021 of FY2021
24 or Younger 25 to 34 35 to 49 50 to 61 62 and Older Number of
Total Balance Borrowers Average
$200,000 or More 33% 40% 20% 8%
24 and Younger $113.7 7.5 $15,200
25 to 34 $500.6 14.9 $33,600
$100,000 to $199,999 2% 25% 44% 22% 7%
35 to 49 $613.0 14.3 $42,900
$80,000 to $99,999 2% 24% 47% 20% 6%

50 to 61 $273.7 6.3 $43,400
Outstanding Borrower Debt Balance
62 and Older $92.7 2.4 $38,600
$60,000 to $79,999 2% 30% 45% 17% 5%
$40,000 to $59,999 4% 36% 40% 16% 5%
$20,000 to $39,999 17% 37% 30% 12% 4%
$10,000 to $19,999 22% 34% 27% 12% 4%
$5,000 to $9,999 28% 30% 25% 12% 5%
Less than $5,000 19% 32% 29% 14% 7%
NOTE: Includes both loans made under the Federal Direct Loan Program (FDLP) and the Federal
Family Education Loan (FFEL) Program, which ended in 2009-10. Data were as of March 31, 2021,
the end of the second quarter of FY2021. Percentages may not sum to totals because of rounding.
SOURCE: U.S. Department of Education, Federal Student Aid Center, Federal Student
Loan Portfolio.
Outstanding Federal Loans
More than half of the debt owed by student loan borrowers in repayment is now in Income-Driven
Repayment (IDR) plans that limit monthly payments to a share of income.
FIGURE SA-13A Distribution of Outstanding Federal Direct Loan Dollars and ■ In March 2021, 32% of borrowers in repayment on
Borrowers by Repayment Plan, Second Quarter of FY2015, federal Direct loans were in IDR plans, up from 18%
FY2018, and FY2021 in 2015 and 29% in 2018.
60% 58% ■ The CARES Act and subsequent Executive Orders

54% suspended federal student loan payments, ended
49% 2015 2018 2021
47% collections on defaulted federal student loans, and
42% suspended interest accrual on all federal student
40% 37%
34% loans through January 31, 2022. As a result, 56% of
32%
29% borrowers (and 68% of outstanding dollars) were in
26%
21% 13% 14%
forbearance in March 2021. The average balance on
12%
20% 18%
15% 10% these loans was $40,900.
13% 13% 13% 14%
12% 11%
10%
■ In March 2021, 17% of borrowers (and 11% of
outstanding dollars) were in default. The average
0%
Dollars Borrowers Dollars Borrowers Dollars Borrowers Dollars Borrowers balance on defaulted loans was $21,700, compared
Income Driven Level Payments, Level Payments, Graduated Payments with $33,500 for all outstanding loans.
10 Years or Less More Than 10 Years or
Alternative
Repayment Plan
NOTE: Data include Direct Loan borrowers in repayment, deferment, and forbearance and reflect
the end of the second quarter (March 31) of each fiscal year. Because some borrowers have multiple
loans, recipients may be counted multiple times across varying loan statuses. Income-driven plans
include REPAYE, Pay As You Earn, Income-Contingent Repayment, and Income-Based Repayment.
Level payment plans require monthly payments that are the same over a fixed period of time.
Alternative repayment plans are customized to borrowers’ circumstances. Under the graduated
payment plan, monthly payments increase over time. Percentages may not sum to 100 because
of rounding.
SOURCE: U.S. Department of Education, Federal Student Aid Data Center, Federal Student
Loan Portfolio.
FIGURE SA-13B Repayment Status of Federal Education Loan Portfolio,

Second Quarter of FY2021 Federal Loan Balance by Repayment Status, Second
Quarter of FY2021
56% Number of
Forbearance
68% Total Balance Borrowers Average
17% Forbearance $977.3 23.9 $40,900
Default
11%
Default $158.5 7.3 $21,700
Repayment Status
15% In-School $125.9 6.4 $19,700

In-School Percentage of Borrowers
9% Deferment $122.6 3.3 $37,200
Percentage of Dollars
8% Grace $22.3 1.2 $18,600
Deferment
9% Repayment $17.7 0.5 $35,400
Other $9.0 0.2 $45,000
3%
Grace Total $1,433.3 42.8 $33,500
2%
1% NOTE: Forbearance: payment temporarily suspended or

Repayment reduced because of financial hardships; Default: more than 360
1%
days delinquent; In-School: borrower is still enrolled, loans are
not in repayment; Deferment: payments postponed because
NOTE: Includes both loans made under the Federal Direct and Federal Family Education Loan (FFEL) of economic hardship, military service, or returning to school;
programs and held by the Department of Education. Excludes the $154 billion in outstanding FFEL Grace: six-month period after borrower is no longer enrolled at
loans not held by the federal government. The second quarter of FY2021 ended on March 31, 2021. least half time; Repayment: in active repayment status. “Other”
SOURCE: U.S. Department of Education, Federal Student Aid Data Center, Federal Student category includes loans that are in non-defaulted bankruptcy
Loan Portfolio. and in a disability status.
Cumulative Debt: Bachelor’s Degree Recipients
In 2019-20, 55% 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 $28,400.
FIGURE SA-14 Average Cumulative Debt Levels in 2020 Dollars: Bachelor’s ■ In 2019-20, 55% of bachelor’s degree recipients
Degree Recipients at Public and Private Nonprofit Four-Year from public four-year institutions graduated with
Institutions, 2004-05 to 2019-20, Selected Years debt and had an average debt level of $26,700;
57% of bachelor’s degree recipients from private
Per Borrower Per Degree Recipient nonprofit four-year institutions graduated with
debt and had an average debt level of $33,600.
Public Four-Year
■ Between 2014-15 and 2019-20, the average
Average Cumulative Debt in 2020 Dollars
$30,000 cumulative student debt levels and the shares

of bachelor’s degree recipients who borrowed
declined in both sectors.
$20,000
■ In 2019-20, average debt per bachelor’s degree
recipient, including both those who borrowed
and those who did not, was $15,600 for the two
$10,000 sectors combined.
$23,600
$12,900
$25,800
$14,500
$29,200
$17,400
$26,700
$14,500
ALSO IMPORTANT:
$0
2004-05 (55%) 2009-10 (56%) 2014-15 (60%) 2019-20 (55%)
■ Students who earn their bachelor’s degrees at
Academic Year (Percentage of Graduates Who Borrowed)
for-profit institutions, not included in Figure SA-14,
are more likely to borrow and accumulate higher
average levels of debt than those who graduate
from public and private nonprofit four-year
Average Cumulative Debt in 2020 Dollars
$30,000
colleges. (Trends in Student Aid 2018, Figure 16)
■ Figure SA-14 includes only students who earned
their bachelor’s degrees at the institutions in which
$20,000
they first enrolled. Students who attend two or more
institutions may have different borrowing patterns.
$10,000
$30,100
$19,400
$32,700
$21,500
$34,300
$21,700
$33,600
$19,000
$0
2004-05 (64%) 2009-10 (66%) 2014-15 (63%) 2019-20 (57%)
Academic Year (Percentage of Graduates Who Borrowed)
NOTE: Includes federal and nonfederal loans taken by students who began their studies at the
institution from which they graduated. Parent PLUS loans are not included. The orange bars
represent the average cumulative debt levels of bachelor’s degree recipients who took student
loans. The blue bars represent the average debt per bachelor’s degree recipient, including those
who graduated without student debt. Calculations are based on the average debt and the number
of bachelor’s degrees awarded at the college level. The available data are not adequate to allow
comparable calculations for for-profit institutions.
SOURCE: College Board, Annual Survey of Colleges, 2005 to 2020; calculations by the authors.
Average Cumulative Debt in 2020 Dollars: Bachelor’s Degree Recipients at Public and
Private Nonprofit Four-Year Institutions: 2004-05 to 2019-20, Selected Years
Percentage Average Debt Average Debt

with Debt per Borrower per Graduate
2004-05 58% $25,900 $15,000
2009-10 59% $28,000 $16,400
2014-15 61% $30,700 $18,600
2019-20 55% $28,400 $15,600
Pell Grants
Both the number of Pell Grant recipients and the share of undergraduate students receiving Pell Grants
peaked in 2011-12 when 9.4 million undergraduate students (38%) received Pell Grants.
FIGURE SA-15A Undergraduate Enrollment and Percentage of Undergraduate ■ The number of undergraduates declined by 4.0
Students Receiving Pell Grants, 2010-11 to 2020-21 million (16%) between 2011-12 and 2020-21. The
number of Pell Grant recipients declined by 3.3
12-Month Undergraduate Headcount Enrollment Pell Recipients
million (35%) over these nine years.
25.2 24.8
25 24.1 23.7 ■ Total Pell Grant expenditures were 39% lower in
23.2 22.8 22.5 22.2 22.0 21.8 2020-21 than in 2010-11 ($26.0 billion vs. $42.3
20.8
20
billion in 2020 dollars). The number of Pell Grant
recipients was 34% lower (6.2 million vs. 9.3 million)
Millions of Students
in 2020-21 than in 2010-11.

15
■ Between 2019-20 and 2020-21, the number of
Pell Grant recipients declined by 9% and total Pell
10
Grant expenditures decreased by 10%. While 31%
of undergraduates received Pell Grants in 2019-20,
5 30% received it in 2020-21.
37% 38% 37% 37% 36% 34% 32% 32% 31% 31% 30%
0
10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 ALSO IMPORTANT:
NOTE: IPEDS headcount enrollments are adjusted for the difference between total headcount, ■ Changes in Pell Grant expenditures result from
which counts students more than once if they are enrolled in more than one institution at the changes in the legislated maximum grant, the
same time, and unduplicated headcount reported by the National Student Clearinghouse (NSC). formula for determining families’ ability to pay, the
Twelve-month undergraduate headcount for 2020-21 is estimated from NSC data.
number of enrolled students, the share of students
SOURCE: NCES, IPEDS 12-month enrollment data; National Student Clearinghouse, Current Term enrolling full time, and the financial circumstances
Enrollment Estimates: Spring 2021; U.S. Department of Education, Federal Pell Grant Program
of students and families.
End-of-Year Report, 2010-11 through 2017-18; U.S. Department of Education, Federal Student Aid
Data Center, Title IV Program Volume Reports and Aid Recipients Summary; calculations by
the authors.
FIGURE SA-15B Total Pell Grant Expenditures and Number of Recipients,

1980-81 to 2020-21
Number of Recipients (Millions)

Total Pell Expenditures (Billions)
$50 10
9.4
9.3
Total Pell Expenditures in Billions of 2020 Dollars
$42.3
$40 8
Number of Pell Recipients (in Millions)
7.7
6.2
$30
$31.2 6
5.2
$26.0
3.9
$20 3.6 4
3.4
2.7 2.8
$16.8
$10 $12.0 2
$9.8 $9.3
$8.7 SOURCE: U.S. Department of Education, Federal Pell Grant
$7.5 Program End-of-Year Report, 1979-80 through 2017-18; U.S.
Department of Education, Federal Student Aid Data Center,
$0 0 Title IV Program Volume Reports and Aid Recipients Summary;
80-81 85-86 90-91 95-96 00-01 05-06 10-11 15-16 20-21 calculations by the authors.
Pell Grants
The $6,495 maximum Pell Grant in 2021-22 is 14% higher in inflation-adjusted dollars than it was
in 2001-02.
FIGURE SA-16 Inflation-Adjusted Maximum and Average Pell Grant and Published ■ The maximum Pell Grant is the most frequently
Prices at Public and Private Nonprofit Four-Year Institutions in 2021 cited measure of per-student subsidies provided
Dollars, 2001-02 to 2021-22 by the program. However, most students receive
smaller grants because they are enrolled part time
Private Nonprofit Four-Year or because their family incomes and assets reduce
Tuition and Fees and Room and $51,690
Board
their aid eligibility.
$50,000 ■ In 2021-22, the maximum Pell Grant covers 60%
of average published in-state tuition and fees and
$45,370
29% of average tuition, fees, room, and board at
public four-year colleges and universities.
Private Nonprofit Four-Year ■ In 2021-22, the maximum Pell Grant covers 17%
$40,000 Tuition and Fees $38,070
of average published tuition and fees and 13% of
$36,210
average tuition, fees, room, and board at private
$33,320 nonprofit four-year colleges and universities.
$30,000
ALSO IMPORTANT:
$26,380
2021 Dollars
Public Four-Year ■ Between 2011-12 and 2021-22, published tuition

Tuition and Fees and Room and
Board $22,690 and fees increased by 9% at public four-year
$20,510 institutions and by 14% at private nonprofit
$20,000 institutions, while the maximum Pell Grant fell by
2% after adjusting for inflation.
$13,710
Public Four-Year Tuition
Maximum Pell Grant as a Percentage of Published Prices
and Fees
$9,890
$10,740 in 2021 Dollars, 2001-02 to 2021-22, Selected Years
$10,000
Public Four-Year Private Nonprofit Four-Year
$6,630 Maximum Pell Grant $6,495
$5,720 Tuition Tuition
In-State and Fees and and Fees and
$5,690
Tuition and Room and Tuition and Room and
$4,090 Average Pell Grant $4,220 Fees Board Fees Board
$3,360
per Recipient
$0 2001-02 99% 42% 22% 16%
01-02 06-07 11-12 16-17 21-22 2006-07 70% 32% 18% 13%
SOURCE: College Board, Trends in College Pricing 2021, Table CP-2 online. U.S. Department 2011-12 67% 32% 20% 15%
of Education, Federal Pell Grant Program End-of-Year Report, 2001-02 through 2017-18; U.S. 2016-17 60% 29% 17% 13%
Department of Education, Federal Student Aid Data Center, Title IV Program Volume Reports
2021-22 60% 29% 17% 13%
and Aid Recipients Summary; calculations by the author.
State Grants
In 2019-20, state grant aid per full-time equivalent (FTE) undergraduate student increased by 3%, from $950
to $980 in 2019 dollars. Average state grant aid per FTE undergraduate student has been increasing every
year since 2012-13.
FIGURE SA-17A Need-Based and Non-Need-Based State Grant Aid per Full-Time Equivalent (FTE) Undergraduate Student in 2019 Dollars,
1979-80 to 2019-20
$980
$810
$800 $780 $760
Non-Need-Based
$650
Average State Grant per FTE
Need-Based
Undergraduate Student
$600 $550
$440
$410 $420
$400
$200
100%
100%
100%
91%
90%
91%
91%
91%
90%
90%
89%
88%
89%
90%
90%
87%
86%
85%
83%
82%
78%
76%
76%
77%
74%
73%
72%
72%
73%
72%
73%
71%
74%
75%
76%
76%
76%
76%
75%
74%
74%
$0
79-80 84-85 89-90 94-95 99-00 04-05 09-10 14-15 19-20
NOTE: Percentages displayed represent shares of total undergraduate state grant aid that was based on students’ financial circumstances.
SOURCE: National Association of State Student Grant and Aid Programs (NASSGAP) Annual Survey, 1979-80 to 2019-20, Tables 1 and 12.
FIGURE SA-17B Need-Based State Grant Aid as a Percentage of Total Undergraduate State Grant Aid by State, 2019-20
100% 100%
100% 95%
Percentage of State Grants
Based on Financial Need
80% 74%
60%
51%
40%
20% 17%
9%
0%
0%
Georgia
Arkansas
District of Columbia
South Dakota
Louisiana
South Carolina
Nevada
New Mexico
Tennessee
Florida
Alaska
Kentucky
West Virginia
New Hampshire
Missouri
Delaware
North Dakota
Mississippi
United States
Iowa
Ohio
Virginia
Alabama
Utah
Oklahoma
New York
Colorado
Indiana
Wisconsin
North Carolina
Washington
Massachusetts
New Jersey
Maryland
Idaho
Pennsylvania
Connecticut
Michigan
Nebraska
Oregon
Vermont
Illinois
California
Minnesota
Arizona
Hawaii
Kansas
Maine
Montana
Rhode Island
Texas
NOTE: Need-based aid includes any grants for which financial circumstances contribute to eligibility. Non-need-based aid refers to grants for which financial
circumstances have no influence on eligibility. Wyoming’s state grant aid is not disaggregated by need-based/non-need-based status.
SOURCE: NASSGAP Annual Survey, 2019-20, Table 1.
■ The share of state grant aid that was need-based increased from
a low of 71% in 2010-11 to 76% in 2016-17. It was 74% in 2019-20.
■ In 2019-20, 26 states considered students’ financial circumstances
in allocating at least 95% of their state grant aid. Twelve states
and the District of Columbia considered students’ financial
circumstances when awarding less than half of their state grant aid.
State Grants
In 2019-20, state grant aid per full-time equivalent (FTE) undergraduate student ranged from under $200 in
eight states to over $1,000 in 18 states.
FIGURE SA-18A State Grant Aid per Full-Time Equivalent (FTE) Undergraduate Student, 2019-20
$2,480
$2,470
$2,000
State Grant Aid per FTE Student
$1,500
$980
$1,000
$500
$180
$10
$0
Montana
New Hampshire
Utah
Arizona
Kansas
Hawaii
Rhode Island
South Dakota
Nebraska
Connecticut
Idaho
Ohio
Maine
Massachusetts
Alabama
Mississippi
Michigan
Iowa
Maryland
Wisconsin
North Dakota
Vermont
Delaware
Missouri
Oklahoma
Oregon
Colorado
Nevada
Pennsylvania
North Carolina
Texas
United States
Minnesota
Arkansas
Alaska
Illinois
West Virginia
New York
New Mexico
Indiana
Florida
California
Virginia
Washington
Kentucky
New Jersey
Tennessee
Louisiana
South Carolina
Georgia
NOTE: Full-time equivalent students include both state residents and out-of-state students. States do not award grant aid to nonresidents. Most states do not
award state grant aid to their residents who attend colleges outside the state.
SOURCE: NASSGAP Annual Survey, 2019-20, Tables 1 and 12.
FIGURE SA-18B State Grant Expenditures as a Percentage of Total State Support for Higher Education by State, 2019-20
35%
34%
30%
Grant Aid as a Percentage
of Fiscal Support
20%
13%
10%
<1%
0%
Montana
Hawaii
New Hampshire
Utah
Kansas
South Dakota
Nebraska
Connecticut
Idaho
Alabama
Arizona
Alaska
Rhode Island
Mississippi
Wyoming
Maine
Maryland
North Dakota
Massachusetts
Ohio
North Carolina
Michigan
Wisconsin
Nevada
New Mexico
Iowa
Illinois
Oregon
Oklahoma
Delaware
Arkansas
Missouri
Minnesota
Texas
United States
California
New York
Colorado
Florida
Indiana
West Virginia
Washington
Pennsylvania
Tennessee
Vermont
New Jersey
Georgia
Kentucky
Virginia
Louisiana
South Carolina
NOTE: State grant expenditures include funding for both undergraduate and graduate students.
SOURCE: NASSGAP Annual Survey, 2019-20, Table 14.
■ Georgia, with the highest grant aid per FTE undergraduate student,
ALSO IMPORTANT:
allocates its grant funds without regard to students’ financial
circumstances. South Carolina, the second most generous state, ■ In 2019-20, five states (California, New York, Texas, Florida, and
considered the financial circumstances of recipients for only 17% Georgia) accounted for 48% of all state grant aid dollars, with
of state grant funds in 2019-20. (Figure SA-17B) California accounting for 19% of the total.
■ Overall, state grant expenditures constituted 13% of total state
support for higher education in 2019-20.
Average Institutional Grant Aid by Sector
Between 2006-07 and 2018-19, average institutional grant aid per first-time full-time undergraduate
student at private nonprofit four-year institutions increased by 84% after adjusting for inflation,
from $9,890 (in 2018 dollars) to $18,210.
FIGURE SA-19A Average Institutional Grant Aid in 2018 Dollars, First-Time ■ Between 2006-07 and 2018-19, average
Full-Time Undergraduate Students, 2006-07 to 2018-19 institutional grant aid per first-time full-time student
$20,000 at public four-year institutions more than doubled
Private
Nonprofit $18,210 after adjusting for inflation, from $1,650 to $3,520.
Four-Year
■ Between 2006-07 and 2018-19, average
Average Institutional Grant Aid per Student
institutional grant aid per first-time full-time student

$15,000 $14,170 at public two-year institutions increased by 80%
after adjusting for inflation, from $200 to $360.
■ In 2018-19, the shares of first-time full-time
$9,890 undergraduate students receiving institutional
$10,000
grant aid were 17% at public two-year, 55% at
public four-year, and 82% at private nonprofit
four-year institutions.
$5,000
■ Between 2006-07 and 2018-19, the share of
Public
$3,520 first-time full-time undergraduate students receiving
$2,640 Four-Year
institutional grant aid increased in all three sectors,
$1,650 Public with the largest increase in the public four-year
$200 $250 Two-Year $360 sector, from 35% in 2006-07 to 55% in 2018-19.
$0
06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19
SOURCE: NCES, IPEDS Student Financial Aid data, 2007 through 2019.
FIGURE SA-19B Percentage of First-Time Full-Time Undergraduate Students

Receiving Institutional Grant Aid, 2006-07 to 2018-19
100%
Private
Percentage of Students Receiving Institutional Grant Aid
Nonprofit
Four-Year 82%
80%
80%
73%
60%
Public 55%
Four-Year
46%
40%
35%
20% Public 17%

12% Two-Year
12%
0%
06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19
SOURCE: NCES, IPEDS Student Financial Aid data, 2007 through 2019.
Higher Education Emergency Relief Fund
The average Higher Education Emergency Relief Fund (HEERF I) funding (including funding dedicated to both
students and institutions) per full-time equivalent (FTE) student was about $900 at public two-year and public
four-year institutions, $670 at private nonprofit four-year institutions, and $730 at for-profit institutions.
FIGURE SA-20A Average HEERF I Funding Per FTE Student, by Share of Pell ■ HEERF I, which totaled $14 billion, was authorized as
Enrollees and by Sector part of the March 2020 Coronavirus Aid, Relief, and
Economic Security Act.
Share of Undergraduates with Pell:
■ Within each sector, the average HEERF I funding per
All < 30% 30%–59% >=60%
FTE student was higher at those institutions with
$3,000
larger shares of Pell enrollments. Average HEERF I
$2,750 funding per FTE was $680 at public four-year
$2,630
institutions with Pell enrollments less than 30% of
Average HEERF I Funding Per FTE Student
the undergraduate student body, while it was $2,750

at institutions where Pell enrollment was 60%
$2,000 or higher.
$1,730
■ The public two-year sector enrolled 27% of all FTE
students and received 29% of HEERF I funding in
$1,220 2020. Public four-year institutions accounted for
$1,030
$920
$1,000 45% of all FTE enrollment and received 48%
$1,000 $910
$730
of funding.
$710 $680 $670 $690
$540 $590
$210 ALSO IMPORTANT:
$0 ■ The Coronavirus Response and Relief Supplemental

Public Two-Year Public Four-Year Private Nonprofit For-Profit
Four-Year
Appropriations Act, signed into law on December 27,
2020, authorized $21.2 billion in HEERF II for higher
NOTE: Funding per FTE student includes both the student and institution portions.
education. (https://www2.ed.gov/about/offices/list/
SOURCE: U.S. Department of Education, Education Stabilization Fund, HEER Collected Data for
ope/crrsaa.html)
Mar 13, 2020 – Dec 31, 2020 Reporting Period (provisional); NCES, IPEDS Fall Enrollment and
Student Financial Aid data, 2019. ■ The American Rescue Plan, signed into law on March
11, 2021, provided $39.6 billion in HEERF III for higher
FIGURE SA-20B Distribution of HEERF I Funding and Full-Time Equivalent education. (https://www2.ed.gov/about/offices/list/
Students By Sector ope/arp.html)
100%
4% 5%
18%
23%
80% For-Profit

60%
48% Public Four-Year

45%
40%
Public Two-Year
20%
29% 27%
0%
Funds FTE Students
SOURCE: U.S. Department of Education, Education Stabilization Fund, HEER Collected Data
for Mar 13, 2020 – Dec 31, 2020 Reporting Period (provisional); NCES, IPEDS Fall Enrollment
data, 2019.
Notes and Sources: Trends in College Pricing
THE ANNUAL SURVEY OF COLLEGES LONGITUDINAL DATA

Prices for the public two-year, public four-year, and private nonprofit In online Table CP-2, tuition averages for years prior to 1987-88 are
four-year sectors in this report are based on data collected by College from the Integrated Postsecondary Education Data System (IPEDS).
Board in its Annual Survey of Colleges. Tuition and fee figures are based The two data sets, IPEDS and College Board’s Annual Survey of
on charges to full-time first-year undergraduate students over the Colleges, track very closely, but IPEDS averages are weighted by
course of a nine-month academic year of 30 semester hours or 45 full-time equivalent enrollments, while the Annual Survey of Colleges
quarter hours. prices are weighted by full-time enrollments. In addition, IPEDS tuition
and fee data may be based on 24 semester hours while the Annual Survey
ENROLLMENT-WEIGHTED AND UNWEIGHTED DATA of Colleges data are based on 30 semester hours.
This report provides enrollment-weighted average tuition prices.
Charges of institutions with larger full-time enrollments are weighted NET PRICE CALCULATIONS
more heavily than those of institutions with smaller enrollments. Average net prices shown in Figures CP-8, CP-9, and CP-10 are
Enrollment-weighted and unweighted averages describe different calculated by subtracting from published prices average grant aid per
phenomena. The weighted averages may be more helpful to students first-time full-time undergraduate student in each sector. Prices are from
and families in anticipating future education expenses. Some researchers, College Board’s Annual Survey of Colleges. Average grant aid is
policy analysts, and academic administrators find unweighted averages calculated using IPEDS Student Financial Aid survey. Grant aid includes
useful in studying longitudinal trends and evaluating a particular federal, state, and institutional grants.
institution’s practices against a larger set. Thus, we compute both This year’s net prices are not comparable with those reported in
weighted and unweighted averages. Tables reporting unweighted tuition Trends in College Pricing 2019 and earlier editions because of changes
data can be found online at research.collegeboard.org/trends. in methodology.
Weighted averages of tuition prices are based on relevant populations:
INFLATION ADJUSTMENT
■ In-state tuition and fees are weighted by full-time undergraduate We use the annual Consumer Price Index for all urban consumers (CPI-U)
enrollment. to adjust for inflation. Because the annual 2021 CPI is not yet available
■ Out-of-state tuition and fees are calculated by adding the nonresident at the time of analysis, we estimate the 2021 CPI by assuming an annual
premium, weighted by full-time out-of-state enrollment, to average inflation rate equal to the percent change in the average January to
in-state tuition and fees. August 2021 CPI from the same months in 2020. In prior years, we used
July CPI to adjust for inflation. See www.bls.gov/data/ for changes in the
In Trends in College Pricing 2019 and earlier editions, room and board
CPI-U over time. Online Table CP-A1 provides CPI data used to adjust
charges as well as other expenses were weighted by the number of
for inflation.
undergraduate students residing on campus for four-year institutions
and by the number of commuter students for public two-year institutions.
Books and supplies were weighted by full-time undergraduate enrollment.
For 2020 and 2021, these budget items are calculated by applying the
median one-year percent change to the previous year’s average.
Notes and Sources: Trends in Student Aid
Campus-Based Aid (FWS, Perkins, and FSEOG) and ACG/SMART Institutional Grants: 2019-20 and prior: IPEDS Finance data.
Grants: U.S. Department of Education, Annual Federal Program Data Estimated for 2020-21. Estimated figures represent best approximations
Books; Federal Student Aid Data Center, Title IV Program Volume Reports. and are updated each year as additional information becomes available.
Federal Work-Study and Federal Supplemental Educational Opportunity
Grant (FSEOG) amounts include allocated federal funds only. Institutional Nonfederal Loans: Estimates of nonfederal borrowing rely on data
matching funds required since 1989-90 for FSEOG are reported under from MeasureOne. Between 2011-12 and 2016-17, we supplemented
institutional grants. No funds were appropriated for new federal capital these data with information from the Consumer Bankers Association
contributions to the Perkins loan program after FY06 and the authority and the Consumer Financial Protection Bureau. Earlier data are based
for schools to make new Perkins loans ended on September 30, 2017. on information provided by lenders supplemented by data from annual
reports and from National Postsecondary Student Aid Study (NPSAS).
Federal Tax Credits and Deductions: Statistics of Income, Individual Estimates of institutional lending for earlier years are based on NPSAS,
Income Tax Returns, Line Item Estimates 2018 (Publication 4801) and as well as a survey of institutions conducted for College Board by the
Complete Report (Publication 1304), Tables 1.3, 1.4, and 3.3. Data on National Association of Student Financial Aid Administrators (NASFAA).
education tax credits are authors’ estimates based on IRS data on the We no longer report state and institutional loans separately from private
volume of Hope, Lifetime Learning, and American Opportunity credits loans because of changes in MeasureOne’s methodology and data
for tax years 1998 and later. A portion of nonrefundable dollars claimed availability issues.
on nontaxable returns is excluded to account for credits that do not
reduce tax liability. Tax deductions are based on IRS Statistics of Income Pell Grant Program: 2017-18 and prior: Federal Pell Grant Program
Table 1.4. The savings from the tuition tax deduction are estimated by the End-of-Year Report; 2018-19 and after: Federal Student Aid Data Center,
authors based on the marginal tax rates applied to the taxable income of Title IV Program Volume Reports.
the taxpayers in each income bracket claiming the deduction on taxable
returns. Calendar year amounts are split between the two associated Private and Employer Grants: Estimates are based on data included
academic years. in NPSAS and College Board’s Annual Survey of Colleges.
Federal Subsidized and Unsubsidized Student Loans: State Grant Programs: 20th through 51st Annual Survey Reports
2009-10 and prior: unpublished data provided by the U.S. Department of the National Association of State Student Grant and Aid Programs
of Education staff; 2010-11 and after: Federal Student Aid Data Center, (NASSGAP) for 1988-89 to 2019-20 and estimated for 2020-21.
Title IV Program Volume Reports. Because the Federal Student Aid Data
Center will continue to update the loan volume after each academic Veterans’ Benefits: Benefits Program series (annual publication for
year ends, we adjusted the 2020-21 data (released in late 2021) using each fiscal year), U.S. Department of Veterans Affairs, Office of Budget
the average of the percentage changes between: (1) July 2020 and July and Finance. Veterans’ benefits are payments for postsecondary
2021 for the reported 2019-20 loan volume; (2) July 2019 and July 2020 education and training to veterans and their dependents, including the
for the reported 2018-19 loan volume; and (3) July 2018 and July 2019 Post-9/11 GI Bill established in 2009-10 and all programs established
for the reported 2017-18 loan volume. earlier. The Iraq and Afghanistan Service Grants program, begun in
Prior to 1993-94, federal Subsidized and Unsubsidized loans for 2010-11, provides non-need-based grants for students whose parent
students were made by banks and other private lenders and guaranteed or guardian was a member of the Armed Forces who died in Iraq or
by the federal government. From 1994-95 through 2009-10, the Afghanistan as a result of performing military service after Sept. 11,
guaranteed loan program, known as the Federal Family Education Loan 2001. Estimates include benefits for active duty military members.
Program (FFELP), continued alongside the Federal Direct Loan Program
(FDLP), which lends federal funds to students. Beginning in 2010-11, all
of the loans are Federal Direct Subsidized or Unsubsidized loans.
Subsidized loans are need-based student loans for which the federal
government pays the interest while the student is in school and during
a six-month grace period thereafter. Prior to June 2012, these loans
were available to both undergraduate and graduate students, but
the Budget Control Act of 2011 eliminated the program for graduate
students, whose federal loans are now all Unsubsidized or grad PLUS
loans. Interest accrues on Unsubsidized loans from the time they
are disbursed.
About College Board
College Board is a mission-driven not-for-profit organization that connects
students to college success and opportunity. Founded in 1900, College Board
was created to expand access to higher education. Today, the membership
association is made up of over 6,000 of the world’s leading educational institutions
and is dedicated to promoting excellence and equity in education. Each year,
College Board helps more than seven million students prepare for a successful
transition to college through programs and services in college readiness and
college success—including the SAT® and the Advanced Placement Program®.
The organization also serves the education community through research and
advocacy on behalf of students, educators, and schools. For further information,
visit www.collegeboard.org.
Trends in Higher Education

The Trends in Higher Education publications include Trends in College Pricing
and Trends in Student Aid, Education Pays, and other research briefs. These reports
are designed to provide a foundation of evidence to strengthen policy discussions
and decisions.
The tables supporting all of the graphs in this report, a PDF version of the report, and
a PowerPoint file containing individual slides for all of the graphs are available on
our website research.collegeboard.org/trends.
Please feel free to cite or reproduce the data in this report for noncommercial purposes with proper attribution.
For inquiries, please contact: trends@collegeboard.org.
© 2021 College Board. College Board, Advanced Placement Program, SAT, and the acorn logo are registered
trademarks of College Board. All other marks are the property of their respective owners.
Visit College Board on the web: collegeboard.org.
MAR-1311-2021
October 2021
MAR-1311
October 2021
collegeboard.org
research.collegeboard.org/trends

Trends College Pricing Student Aid 2021

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Trends College Pricing Student Aid 2021

Uploaded by

Copyright:

Available Formats

TRENDS IN HIGHER EDUCATION SERIES

ACKNOWLEDGMENTS “General subsidies” make it possible for institutions to

BFF Media Work provided expert graphic design work.

TABLE CP-3 Tuition and Fees over Time (Unweighted)

TABLE CP-4 Tuition and Fees by Region over Time

FIGURE CP-15B Family Income by Selected Characteristics, 2020

Figures and tables that are only available online at research.collegeboard.org/trends.

FIGURE SA-8 Percentage Distribution of Federal Aid Funds by Sector, 2019-20

50 Notes and Sources

There are differences in the pandemic’s impact on postsecondary

4 Gainfully Employed? Assessing the Employment and Earnings of For-Profit

Sector Carnegie Classification

Tuition and Fees

Room and Board

Tuition and Fees and Room and Board

Percentage of Undergraduates Enrolled Full Time

■ In 2021-22, the average published tuition and fee price for

$1,840 Books and Supplies

$0 $10,000 $20,000 $30,000 $40,000 $50,000

■ Student budgets are constructed by institutional financial aid

■ The increases in the net prices that students actually

FIGURE CP-3 Inflation-Adjusted Published Tuition and Fees Relative to 1991-92,

■ Between 2011-12 and 2021-22, published in-state

-11% -10% -11%

■ Between 2016-17 and 2021-22, average in-district tuition and

■ Between 2016-17 and 2021-22, average in-state tuition and fees

SOURCE: College Board, Annual Survey of Colleges.

■ In 2021-22, published tuition and fees for full-time out-of-state

■ Public flagship universities in 28 states had lower in-state tuition

Published Published Published Grant Aid

Net TFRB ■ Because of changes in the data sources used in

■ While the economic recession triggered by the

Funding per FTE (Thousands)

2019-20 Funding per $1,000 in Personal Income

Funding per $1,000 in Personal Income

■ Between 2009-10 and 2019-20, total inflation-adjusted per-student

Net Tuition Revenue

Public Bachelor’s ■ Revenues from auxiliary enterprises such as residences, dining

Doctoral Master’s Bachelor’s Associate Doctoral Master’s Bachelor’s

Public Private Nonprofit

■ Because of differences in enrollment of graduate

1990 2000 2010 2020

$300,000 $286,390 $285,320

$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000

2020 Median Family Income (Median of All Families = $84,010)

2000 (37%) 35% 65% 5,697,000

2019 (35%) 35% 65% 6,783,000

from 10% of all students in fall 2000 to 15% in

2020 (41%) 64% 16% 20% 7,665,000 ALSO IMPORTANT:

■ Students enrolled in non-degree-granting

eligible for federal student aid if they are working

74% Total Postsecondary Enrollment (in Millions)

25% 23% 2019 19.5

2019 (5%) 51% 991,000 2020 18.9

■ In the public four-year sector, nine states saw increases in FTE

NOTE: Includes degree-granting Title IV postsecondary institutions. Nonresident aliens and

FIGURE CP-18B Distribution of Undergraduate Enrollment by Race/Ethnicity

Native Hawaiian/Other Pacific Islander White Two or More Races

All 7% 13% 22% 53% 4%

Public Two-Year (42%) 6% 13% 28% 47% 4%

Public Four-Year (37%) 9% 12% 19% 56% 5%

For-Profit (5%) 4% 28% 21% 41% 4%

NOTE: Includes degree-granting Title IV postsecondary institutions. Nonresident aliens and

■ In 2021-22, the average published tuition and fee price for

■ Student budgets are constructed by institutional financial aid

■ The increases in the net prices that students actually

■ Between 2011-12 and 2021-22, published in-state

■ Between 2016-17 and 2021-22, average in-district tuition and

■ Between 2016-17 and 2021-22, average in-state tuition and fees

■ In 2021-22, published tuition and fees for full-time out-of-state

■ Public flagship universities in 28 states had lower in-state tuition

Net TFRB ■ Because of changes in the data sources used in

■ While the economic recession triggered by the

■ Between 2009-10 and 2019-20, total inflation-adjusted per-student

Public Bachelor’s ■ Revenues from auxiliary enterprises such as residences, dining

■ Because of differences in enrollment of graduate

■ Students enrolled in non-degree-granting

■ In the public four-year sector, nine states saw increases in FTE

Undergraduate Graduate ■ At public doctoral institutions, the total number

■ In fall 2020, 75% of undergraduate students and 71% of graduate

■ The federal government’s share of total student aid decreased

0% ■ For graduate students, total grant aid increased

■ Between 2010-11 and 2020-21, institutional grant aid increased

■ Federal loans are the largest funding source for graduate

■ Between 2010-11 and 2020-21, institutional grant aid rose by

■ Total annual student and parent borrowing for postsecondary

$26,880 ■ Like the grad PLUS program, the parent PLUS

60% 58% ■ The CARES Act and subsequent Executive Orders

Public Four-Year ■ Between 2011-12 and 2021-22, published tuition

$0 ■ The Coronavirus Response and Relief Supplemental