When measured as a percentage of the median family's income ...
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States Executive Summary The recent national report, A Test of Leadership: Charting the Future of U.S. Higher Education1, noted that college costs have outpaced inflation for the last two decades and that college affordability has become an increasing concern for students, families and policy makers. Compounding the problem is the fact that as the price of attending college has increased, state appropriations per student have decreased. Another national report, Promise Abandoned2, suggests that federal, state, and institutional grants have not kept pace with the total price of attending college and grant aid does not always go to the students who most need it. Traditionally, tuition and fees and the total price of attendance at Texas public four-year institutions have been lower than the national averages and the averages for the 10 most populous states. However, in response to the decline in funding per student and budgetary constraints, the Texas Legislature in 2003 deregulated tuition and granted higher education governing boards the authority to charge students “an amount designated as tuition that the governing board considers necessary for the effective operation of the institution.” In an effort to ensure affordability for all Texans, the legislature also required higher education institutions to set aside a portion of designated tuition for financial aid. The purpose of this report is to provide policy makers with information prior to and through the first full year of tuition deregulation (2004-05) regarding the price of attending college for first-time, full-time undergraduates in Texas as compared to other populous states and in relation to median family income. Unfortunately, comparative financial aid data are not yet available for the first full year of tuition deregulation. However, benchmark data for 2002-03 and 2003-04 are presented to begin evaluating the role of financial aid in offsetting college costs. When additional financial aid data become available, the report will be updated. Key Findings for First-time, Full-time Undergraduates •
In 2004-05, the total average price of attendance ($13,091) and tuition and fees ($3,954) in Texas remained relatively low when compared to the 10 most populous states and the nation as a whole, ranking 8 out of 11 and 7 out of 11, respectively.
•
The total price of attendance as a percentage of median family income is increasing nationally. Texas is following the national trend with the total price of attendance representing 26.7% of the median family income in 2004-05.
•
Average state and institutional grant aid in Texas have not kept pace with other large states.
•
The percentage of students receiving state grants in 2003-04 decreased significantly from the previous year (41% to 29%), thus reducing the overall grants awarded in Texas.
•
The percentage of students receiving loans increased in 2003-04 (35% to 44%), possibly to make up for losses in the state grant program.
•
Net price, which is the average price of attendance minus the average grant aid, was lower in Texas ($9,914) than the average of the 10 most populous states ($10,843) in 2003-04.
•
The average net price for UT System institutions ($9,101) was $800 lower than the average net price in Texas ($9,914) in 2003-04. ISPA February 6, 2007 1
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States
I. Introduction Traditionally, tuition and fees and the total price of attendance at Texas public four-year institutions have been lower than the national averages and the averages for the 10 most populous states, primarily because of the state’s control over tuition rates and its appropriations to higher education. Over time, due to enrollment growth and other factors, state appropriations funded a smaller percentage of higher education costs. In 2003, in response to the decline in funding per student and state budgetary constraints, the Legislature deregulated tuition by granting higher education governing boards the authority to charge students “an amount designated as tuition that the governing board considers necessary for the effective operation of the institution.” Governing boards were allowed to raise “designated tuition” above the rate for statutory tuition, which continues to be set by the legislature ($46 per SCH at the time). In an effort to ensure affordability for all Texans, the legislature also required higher education institutions to set aside a minimum of 20 percent of the resident undergraduate designated tuition and 15 percent of resident graduate designated tuition (above the statutory rates) for financial aid. This report provides context on the cost of attending college for first-time, full-time undergraduate students relative to median family income and grant aid provided from federal, state, and institutional sources. Data for Texas are presented in relation to comparable information for the 10 most populous states and national averages. Price of attendance and tuition and fee data are available for three academic years (2002-03, 2003-04 and 2004-05), so Texas’ relative position prior to and through the first full year of implementation of tuition deregulation can be compared. (Tuition deregulation was partially implemented in 2003-04 as institutions began charging additional designated tuition in spring 2004.) Unfortunately, financial aid data are available for only two years (2002-03 and 2003-04). The full impact of the first full year of tuition deregulation will not be analyzed until 2004-05 financial aid data become available. The data in this analysis were collected from national databases and were provided by Texas Guaranteed Student Loan Corporation.
ISPA February 6, 2007 2
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States II. Price of Attendance The price of attending college for first-time, full-time undergraduates at a four-year public university in Texas continues to rank among the lowest when compared to the 10 most populous states. Total price of attendance represents the average annual cost of attendance in current dollars and includes in-state tuition and fees, books and supplies, on campus room and board and other living expenses for first-time, full-time undergraduates at four-year public institutions. The average price of attendance increased nationally from $12,491 in 2002-03 to $14,201 in 2004-05, an increase of 13.7%. The average price of attendance in the 10 most populous states increased at about the same rate, from $13,391 to $15,202 or 13.5%. The price of attendance increased at a slightly slower rate in Texas during the same time period, from $11,637 to $13,091 or 12.5%. Although Texas’ relative ranking changed from 9th to 8th highest between 2002-03 and 2004-05, the average price of attendance continues to be relatively low among the 10 most populous states and ranks below the national average. First-time, Full-time Undergraduate S tudents in Texas and the 10 Most Populous S tates Total Price of Attendance at Four-Year Public Institutions by Academic Year $16,377
New Jersey
$18,881 $15,424
Pennsylvania $17,708 $14,323
Ohio $16,776 $13,818
California $16,200 $13,519
Illinois
$15,842 $13,391
10 State Average
$15,202 $13,621
M ichigan $14,881 $12,491
National $14,201 $12,900
New York
$14,127 $11,637
Texas
$13,091 $11,288
Georgia
$12,986 $12,080
Florida $12,626 $10,561
North Carolina
$11,988
$0
$2,000
$4,000
$6,000
$8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $20,000
Source: IPEDS using the Data Analysis System (DAS).
2004-05
2003-04
2002-03
ISPA February 6, 2007 3
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States Tuition and Fees Tuition and fees in Texas remain relatively low when compared to the 10 most populous states, although they are increasing at a faster rate. From 2002-03 to 2004-05, tuition and fees (in-state) at four-year public institutions increased at a faster rate than the total price of attendance. Nationally, tuition and fees increased by $882 (22.0%), from $4,001 to $4,883. For the 10 most populous states, tuition and fees increased by $893 (20.7%), from $4,318 to $5,211. In Texas, tuition and fees increased by $899 (29.4%), from $3,055 to $3,954. Although the dollar increase in tuition and fees was about the same, the percentage increase was higher for Texas because of lower charges in 2002-03. As with most other states in the nation, this increase corresponds with a decline in state appropriations per full-time equivalent (FTE) student. For example, state appropriations per FTE student in Texas decreased from $5,888 in FY 2002 to $5,384 (or $5,055 when adjusted for inflation) in FY 2005.3 Similarly, state appropriations per FTE student at UT System academic institutions decreased from $5,846 in FY 2002 to $5,117 (or $4,804 when adjusted for inflation) in FY 2005. Despite these increases, tuition and fees in Texas represented less than a third of the total price of attending college (30.2%), compared to around 34% nationally and for the 10 most populous states in 2004-05.
First-time, Full-time Undergraduate S tudents in Texas and the 10 Most Populous S tates Tuition and Fees at Four-Year Public Institutions by Academic Year $7,144
Pennsylvania
$8,468 $6,618
New Jersey
$7,939 $4,730
Ohio
$6,218 $4,689
Illinois
$6,014 $5,169
M ichigan
$5,905 $4,318
10 State Average
$5,211 $4,001
National
$4,883 $4,279 $4,710
New York Texas California North Carolina Georgia Florida $2,000
$3,055 $3,954 $2,595 $3,904 $2,845 $3,339 $2,600 $3,009 $2,507 $2,609
$4,000
$6,000
Source: IPEDS using the Data Analysis System (DAS).
$8,000 2004-05
$10,000 2003-04
2002-03
ISPA February 6, 2007 4
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States Median Family Income The total price of attendance in Texas as a percentage of median family income is about the same as the national average and slightly less than the average for the 10 most populous states. When measured as a percentage of the median family income, the total price of attending college increased nationally from 24.1% in 2002-03 to 26.4% in 2004-05. During the same time period, the average price of attendance in Texas in relation to median family income increased from 24.3% to 26.7%, while the proportions for the 10 most populous states rose from 25.0% to 27.3%. Texas ranked in the middle (5th highest) on this measure among the 10 most populous states.
First-time, Full-time Undergraduate S tudents in Texas and the 10 Most Populous S tates Total Price of Attendance as Percent of Median Family Income by Academic Year 30.1%
Pennsylvania
33.0% 29.1%
Ohio
32.3% 24.6%
California
27.8% 25.0%
10 State Average
27.3% 25.2% 26.7% 24.3%
M ichigan Texas Texas
26.7% 24.1%
National
26.4% 23.8%
Illinois
26.2% 22.8%
Georgia
26.1% 25.8% 25.5% 23.2% 25.5% 22.9%
Florida New Jersey North Carolina
25.4% 23.7%
New York 0.0%
25.0%
10.0%
20.0%
30.0% 2004-05
40.0% 2003-04
2002-03
Source: IPEDS using the Data Analysis System (DAS) and the U. S. Census Bureau.
ISPA February 6, 2007 5
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States III. Financial Aid Federal Grants A relatively high percentage of first-time, full-time, degree-seeking undergraduate students at four-year public institutions in Texas receive federal grants when compared with students from the 10 most populous states. The distribution of federal grants is a function of the income level of students attending college and the total price of attendance. In general, states with more low-income students attending college will have a higher percentage of students receiving federal grant aid and states with a higher total price of attendance will receive higher average awards. In Texas, 40% of first-time, full-time, degree-seeking undergraduate students enrolled at a four-year public university received federal grants. The percentage of students receiving federal grants nationally and in the 10 most populous states was substantially lower, 34% and 33% respectively. From 2002-03 to 2003-04, the average federal grant received in Texas increased slightly from $2,744 to $2,801*, but was still less than the national average of $2,937 and the average for the 10 most populous states, $2,940. States with the highest percentage of students receiving federal grants were New York (41%) and Texas (40%). States with the highest average federal grant received were California ($3,263), New York ($3,077), North Carolina ($3,065) and New Jersey ($3,064).
45
First-time, Full-time, Degree-seeking Undergraduate S tudents in Texas and the 10 Most Populous S tates Percent of S tudents Receiving Federal Grants by Academic Year
42 41
40 40
40 35 35
35
36 35
33
35
34 34
33 33
32
33
33
32
32
32
31
30
30
32
31 27 25
25 20 15 10 5
Source: IPEDS using the Data Analysis System (DAS).
ga n ich i
M
Ill in oi s
se y Je r
N
ew
Fl or id a
or ni a
eo rg ia G
Ca l if
or th N
N
Ca ro l in Pe a nn sy lv an ia N ati 10 on St al at eA ve ra ge
hi o O
Te xa s
%
ew
Yo rk
0
2002-03
2003-04
*The average federal grant received is based on students receiving these awards. ISPA February 6, 2007 6
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States State Grants The percentage of first-time, full-time, degree-seeking undergraduate students receiving state grants at four-year public institutions in Texas dropped from 41% in 2002-03 to 29% in 2003-04, while it increased in all other states except New Jersey. The significant decline in the percentage of first-time, full-time, degree-seeking undergraduate students receiving state grants is due to a reduction in funding of the Texas Grant program. Texas dropped from about 8th to 10th on this measure among the other states. While the percentage of students in Texas receiving state grants decreased, the average award remained about the same, increasing slightly from $2,230 in 2002-03 to $2,276 in 2003-04*. In 2003-04, the average state grant in Texas was slightly above the national average of $2,093, but below the average of the 10 most populous states, which was $2,347. States with the highest percentage of students receiving state grants included Georgia (79%), Florida (63%) and Michigan (60%). The states with the highest average state grant received were New Jersey ($3,495), Georgia ($3,349) and Illinois ($3,053). While Georgia is high on the list of students receiving state grant aid and the amount of grant aid awarded, most of their state grant awards are not based on need.
First-time, Full-time, Degree-seeking Undergraduate S tudents in Texas and the 10 Most Populous S tates Percent of S tudents Receiving S tate Grants by Academic Year
% 90 80
79 75
70 61
63
60
60
59 59
53 49 47
50
43
40
44
42
41 41
35
40 37
43 38
41 37 37 29
30
25 26
20 10
Source: IPEDS using the Data Analysis System (DAS).
2002-03
hi o O
Te xa s
Ill
in oi s
Ca l if or ni a N ew Je rse y N ati on al
M
ich ig an N ew 10 Yo rk St at eA ve ra ge Pe nn sy lv an N ia or th Ca ro l in a
% Fl or id a
G
eo rg ia
0
2003-04
*The average state grant received is based on students receiving these awards.
ISPA February 6, 2007 7
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States Institutional Grants The percentage of first-time, full-time, degree-seeking undergraduate students receiving institutional grants at four-year public institutions in Texas is comparable to the 10 most populous states, but the average award is significantly less. In 2003-04, about 30% of first-time, full-time, degree-seeking undergraduate students enrolled at a fouryear public institution in Texas received an institutional grant, about the same percentage as the previous year and as the average of the 10 most populous states. From 2002-03 to 2003-04, the average institutional grant received in Texas increased slightly from $1,558 to $1,679*, but was still well below the 2003-04 national average of $2,491 and the average for the 10 most populous states, $2,536. However, 2004-05 is the first full year of tuition deregulation with tuition set-asides for grant aid. Therefore, it is anticipated that institutional grant aid in Texas will increase. States with the highest percentage of students receiving institutional grants were Michigan (44%), California (39%) and Florida (36%). States with the highest average institutional grant received were California ($3,095), Illinois ($3,070) and Michigan ($2,914).
First-time, Full-time, Degree-seeking Undergraduate S tudents in Texas and the 10 Most Populous S tates Percent of S tudents Receiving Institutional Grants by Academic Years
% 50 44
45 40
37
39 37
35
36 33
38 34 31 31
30
31
31
30
30
30 30
29 29
28 29
27
26
25 20 15 15
15 10
8 7
5 0
Source: IPEDS using the Data Analysis System (DAS).
2002-03
eo rg ia G
Ill in oi s N ew Yo rk
Te xa Pe s nn sy lv 10 an St ia at eA ve ra ge
Ca ro l in a
hi o O
or th N
Fl or id a N ew Je rse y N ati on al
Ca l if or ni a
M
ich ig an
%
2003-04
*The average institutional grant received is based on students receiving these awards.
ISPA February 6, 2007 8
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States Loans The percentage of first-time, full-time, degree-seeking undergraduate students receiving loans at fouryear public institutions in Texas increased significantly in 2003-04, corresponding with the drop in state grant aid. The percentage of first-time, full-time, degree-seeking undergraduate students receiving loans in Texas increased from 35% in 2002-03 to 44% in 2003-04. The average loan received also increased from $2,498 in 2002-03 to $2,710 in 2003-04*. These increases may have been a result of the new B-On-Time loan program which began in spring 2004 and was retroactive to fall 2003. In its first year, this loan program provided assistance to low-income students who qualified for the TEXAS Grant, but were excluded from the program because of limited state funding. In 2003-04, the average loan awarded in Texas ($2,710) was well below the average for the 10 most populous states ($3,368) and the national average ($3,404). Texas’ relative position for the percentage of students receiving loans moved from 8th to 7th highest from 2002-03 to 2003-04.
First-time, Full-time, Degree-seeking Undergraduate S tudents in Texas and the 10 Most Populous S tates Percent of S tudents Receiving Loans by Academic Years 74
% 80 70 60
53 50
53 50
49
47
50 43
48 41
47
46
43
41
43
44
44
43 39
40
35
37 34
29 30
31
30
28
20 10
Source: IPEDS using the Data Analysis System (DAS).
2002-03
Fl or id a
Ill in oi s G eo rg ia Ca l if or ni a
Te xa s
ich ig an N ati 10 on St al at eA ve ra ge N ew Yo rk
M
hi o
%
O
Pe nn sy lv an N ia or th Ca ro l in a N ew Je rse y
0
2003-04
*The average loan received is based on students receiving these awards.
ISPA February 6, 2007 9
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States IV. Average Grant Aid (per enrolled student) and Net Price for First-time, Full-time, Degree-Seeking Undergraduates The average grant aid per enrolled student at four-year public institutions in Texas decreased in 2003-04 because of a significant decline in state grant aid. Average grant aid per enrolled student represents the amount of aid averaged across all enrolled students, not just those receiving the aid. Net price is the total price of attendance minus the average grant. These calculations are based on NCES methodology as described in the report Changes in Patterns of Prices and Financial Aid4. From 2002-03 to 2003-04, the average grant per enrolled student in Texas decreased from $2,469 to $2,269. During this period, the average federal and institutional grants increased slightly, but the average state grants decreased significantly from $908 to $649, thus pulling the overall average amount of aid down. The net price of attendance increased nationally from $10,098 in 2002-03 to $10,843 in 2003-04, an increase of 7.4%. The net price of attendance in the 10 most populous states increased at a slightly slower rate, from $10,690 to $11,414, or 6.8%. Although the net price in Texas is among the lowest, it increased at a higher rate, from $9,167 to $9,914, or 8.1%. Texas also moved slightly in the rankings, from 9th to 8th, driven primarily by the decline in state grants. Average Grant Aid and Net Price* First-time, Full-Time, Degree-Seeking Undergraduate Students in Texas and the 10 Most Populous States AY 2002-2003 Total Price of Attendance
Fed
State
Inst.
AY 2003-2004 Avg Grant Aid
Net Price of Attendance
Rank
Total Price of Attendance
Fed
State
Inst.
Avg Grant Aid
Net Price of Attendance
Rank
1
New Jersey
16,377
961
1,424
1,044
3,429
12,948
1
17,552
956
1,325
947
3,228
14,324
Pennsylvania
15,424
965
1,006
663
2,634
12,791
2
16,612
1,005
1,016
740
2,761
13,851
2
Ohio
14,323
960
335
792
2,086
12,237
3
15,569
1,001
338
843
2,182
13,387
3
California
13,818
1,091
706
969
2,765
11,053
4
15,238
1,057
928
1,210
3,195
12,042
4
Michigan
13,621
698
1,340
1,111
3,149
10,472
6
14,529
784
1,064
1,270
3,118
11,411
6
Illinois
13,519
871
1,164
608
2,642
10,876
5
14,414
852
1,261
783
2,895
11,518
5
New York
12,900
1,321
1,169
226
2,717
10,183
7
13,885
1,249
1,354
290
2,893
10,992
7
Florida
12,080
815
1,168
581
2,564
9,517
8
12,193
829
1,164
692
2,684
9,509
9
Texas
11,637
1,100
908
461
2,469
9,167
9
12,183
1,120
649
500
2,269
9,914
8
Georgia North Carolina
11,288
917
2,183
133
3,232
8,056
10
11,587
960
2,636
144
3,740
7,847
10
10,561
1,141
655
695
2,491
8,070
11
11,187
1,073
720
684
2,476
8,711
11
National
12,491
984
722
688
2,393
10,098
13,381
1,002
766
770
2,537
10,843
10 State Avg
13,391
970
1,083
648
2,701
10,690
14,277
975
1,153
734
2,862
11,414
Notes: *Average grant aid is based on the number of first-time, full-time, degree-seeking undergraduates enrolled (not just those receiving aid) and is determined by multiplying the percentage of students receiving aid by the average amount of aid received. Net price is the total price of attendance minus the average grant aid. These calculations are based on NCES methodology as described in the report Changes in Patterns of Prices and Financial Aid (November 2005). Slight differences in calculations are due to rounding. Source: IPEDS. National average is the average of all four-year public institutions. 10 State Average is a simple average of the 10 most populous states, excluding Texas.
ISPA February 6, 2007 10
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States V. Average Grant Aid and Net Price for First-time, Full-time, Degree-Seeking Undergraduates at UT System Institutions The average net price of attendance at UT System institutions was less than the average net price at fouryear public institutions in Texas and the Nation in 2003-04. Net price is the total price of attendance minus the average grant aid per enrolled student. From 2002-03 to 2003-04, the average grant per enrolled student at UT System institutions increased from $2,878 to $2,956. While the average federal and institutional grant increased, the average state grant decreased from $1,101 to $834. In 2002-03, the net price of attendance for UT System institutions was $9,172, comparable to the Texas average of $9,167 and less than the National average of $10,098. In 2003-04, the net price of attendance at UT System institutions was $9,101, below the state average of $9,914 and the national average of $10,843. Average Grant Aid and Net Price* First-time, Full-Time, Degree-Seeking Undergraduate Students at U. T. System Academic Institutions
AY 2002-2003 Total Price of Attendance
Fed
State
Inst.
AY 2003-2004 Avg Grant Aid
Net Price of Attendance
Total Price of Attendance
Fed
State
Inst.
Avg Grant Aid
Net Price of Attendance
Arlington
11,734
756
1,111
546
2,413
9,321
12,400
959
566
588
2,113
10,287
Austin
13,417
513
1,423
1,015
2,951
10,466
13,816
607
1,402
1,297
3,306
10,510
NA
NA
NA
NA
NA
NA
11,301
2,629
810
267
3,705
7,596
Dallas
14,593
524
1,114
981
2,619
11,974
15,023
536
569
2,143
3,248
11,775
El Paso
10,704
1,688
1,348
328
3,363
7,341
9,715
1,719
870
656
3,246
6,469
Pan American
11,274
2,112
2,710
494
5,316
5,958
10,333
2,256
1,524
474
4,254
6,079
Permian Basin
9,743
631
138
714
1,482
8,261
10,032
644
311
1,136
2,091
7,941
San Antonio
14,528
1,165
1,207
162
2,534
11,994
15,159
950
845
86
1,881
13,278
Tyler
10,408
375
324
507
1,206
9,202
10,734
638
268
1,154
2,061
8,673
12,050
949
1,101
827
2,878
9,172
12,057
1,195
834
927
2,956
9,101
Texas
11,637
1,100
908
461
2,469
9,167
12,183
1,120
649
500
2,269
9,914
National
12,491
984
722
688
2,393
10,098
13,381
1,002
766
770
2,537
10,843
Brownsville
System Average
Notes: *Average grant aid is based on the number of first-time, full-time, degree-seeking undergraduates enrolled (not just those receiving aid) and is determined by multiplying the percentage of students receiving aid by the average amount of aid received. Net price is the total price of attendance minus the average grant aid. These calculations are based on NCES methodology as described in the report Changes in Patterns of Prices and Financial Aid (November 2005). Slight differences in calculations are due to rounding. Source: IPEDS. Brownsville data are not available (and are excluded from the System average) in 2002-03. San Antonio submits the highest residence hall cost to IPEDS, thus increasing the total cost of education reported in the table; the actual cost for many students will be less than what is reported. In addition, San Antonio’s 2003-04 IPEDS Financial Aid form over-reported the number of students receiving aid, thus lowering the average aid in all categories. Therefore, these data should not be used for longitudinal comparisons.
ISPA February 6, 2007 11
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States VI. Conclusion When compared to the 10 most populous states, the total price of attendance and tuition and fees for firsttime, full-time undergraduates at four-year public institutions in Texas continue to rank among the lowest. However, these costs are increasing, and combined with declining state support, the cost of education in Texas rose slightly relative to the cost in other states. With financial aid information available for only 2002-03 and 2003-04, it is not possible to measure the impact on grant aid for the first full year of tuition deregulation in Texas (2004-05). However, based on the data available there are several findings worth noting. Compared to the 10 most populous states, Texas receives a fairly high portion of federal grants, mainly because it has a higher proportion of students requiring assistance. There was a dramatic reduction in the percentage of first-time, full-time, degree-seeking undergraduate students receiving state grants in 2003-04 and an increase in the percentage of these students receiving loans that same year, possibly because of a shift from the TEXAS Grant to the B-On-Time loan program. When considering net price and the effects of all grant aid, Texas ranks high in the average federal grant per enrolled student, but low in state grants, institutional grants and loan awards. The UT system institutions experienced a similar shift in grant aid. When the average state grant aid decreased from 2002-03 to 2003-04, most UT System institutions were able to maintain a lower net price through increases in federal and institutional grants. More institutional aid was available in spring 2004 as a result of increases in designated tuition and additional set aside funds for grant aid. Therefore, the average net price of attending UT System institutions was below the Texas and national average in 200304. When financial aid data for 2004-05 become available, the impact of tuition set asides, in the form of institutional grants, will be evaluated further.
1
U.S. Department of Education, A Test of Leadership: Charting the Future of U.S. Higher Education. Washington D.C., 2006. 2 Haycock, Kati, Promise Abandoned: How Policy Choices and Institutional Practices Restrict College Opportunities. The Education Trust, 2006. 3 The National Center for Higher Education Management Information Systems (www.higheredinfo.org). Adjusted to the FY 2002 base year for inflation using the Consumer Price Index –Urban (CPI-U) for September each year. 4 Cunningham, Alisa F., Changes in Patterns of Prices and Financial Aid. NCES, U.S. Department of Education, November 2005.
ISPA February 6, 2007 12
In 2004-05, the total average price of attendance ($13,091) and tuition and fees ($3,954) in Texas remained relatively low when compared to the 10 most populous states and the nation as a whole, ranking 8 out of 11 and 7 out of 11, respectively.
•
The total price of attendance as a percentage of median family income is increasing nationally. Texas is following the national trend with the total price of attendance representing 26.7% of the median family income in 2004-05.
•
Average state and institutional grant aid in Texas have not kept pace with other large states.
•
The percentage of students receiving state grants in 2003-04 decreased significantly from the previous year (41% to 29%), thus reducing the overall grants awarded in Texas.
•
The percentage of students receiving loans increased in 2003-04 (35% to 44%), possibly to make up for losses in the state grant program.
•
Net price, which is the average price of attendance minus the average grant aid, was lower in Texas ($9,914) than the average of the 10 most populous states ($10,843) in 2003-04.
•
The average net price for UT System institutions ($9,101) was $800 lower than the average net price in Texas ($9,914) in 2003-04. ISPA February 6, 2007 1
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States
I. Introduction Traditionally, tuition and fees and the total price of attendance at Texas public four-year institutions have been lower than the national averages and the averages for the 10 most populous states, primarily because of the state’s control over tuition rates and its appropriations to higher education. Over time, due to enrollment growth and other factors, state appropriations funded a smaller percentage of higher education costs. In 2003, in response to the decline in funding per student and state budgetary constraints, the Legislature deregulated tuition by granting higher education governing boards the authority to charge students “an amount designated as tuition that the governing board considers necessary for the effective operation of the institution.” Governing boards were allowed to raise “designated tuition” above the rate for statutory tuition, which continues to be set by the legislature ($46 per SCH at the time). In an effort to ensure affordability for all Texans, the legislature also required higher education institutions to set aside a minimum of 20 percent of the resident undergraduate designated tuition and 15 percent of resident graduate designated tuition (above the statutory rates) for financial aid. This report provides context on the cost of attending college for first-time, full-time undergraduate students relative to median family income and grant aid provided from federal, state, and institutional sources. Data for Texas are presented in relation to comparable information for the 10 most populous states and national averages. Price of attendance and tuition and fee data are available for three academic years (2002-03, 2003-04 and 2004-05), so Texas’ relative position prior to and through the first full year of implementation of tuition deregulation can be compared. (Tuition deregulation was partially implemented in 2003-04 as institutions began charging additional designated tuition in spring 2004.) Unfortunately, financial aid data are available for only two years (2002-03 and 2003-04). The full impact of the first full year of tuition deregulation will not be analyzed until 2004-05 financial aid data become available. The data in this analysis were collected from national databases and were provided by Texas Guaranteed Student Loan Corporation.
ISPA February 6, 2007 2
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States II. Price of Attendance The price of attending college for first-time, full-time undergraduates at a four-year public university in Texas continues to rank among the lowest when compared to the 10 most populous states. Total price of attendance represents the average annual cost of attendance in current dollars and includes in-state tuition and fees, books and supplies, on campus room and board and other living expenses for first-time, full-time undergraduates at four-year public institutions. The average price of attendance increased nationally from $12,491 in 2002-03 to $14,201 in 2004-05, an increase of 13.7%. The average price of attendance in the 10 most populous states increased at about the same rate, from $13,391 to $15,202 or 13.5%. The price of attendance increased at a slightly slower rate in Texas during the same time period, from $11,637 to $13,091 or 12.5%. Although Texas’ relative ranking changed from 9th to 8th highest between 2002-03 and 2004-05, the average price of attendance continues to be relatively low among the 10 most populous states and ranks below the national average. First-time, Full-time Undergraduate S tudents in Texas and the 10 Most Populous S tates Total Price of Attendance at Four-Year Public Institutions by Academic Year $16,377
New Jersey
$18,881 $15,424
Pennsylvania $17,708 $14,323
Ohio $16,776 $13,818
California $16,200 $13,519
Illinois
$15,842 $13,391
10 State Average
$15,202 $13,621
M ichigan $14,881 $12,491
National $14,201 $12,900
New York
$14,127 $11,637
Texas
$13,091 $11,288
Georgia
$12,986 $12,080
Florida $12,626 $10,561
North Carolina
$11,988
$0
$2,000
$4,000
$6,000
$8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $20,000
Source: IPEDS using the Data Analysis System (DAS).
2004-05
2003-04
2002-03
ISPA February 6, 2007 3
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States Tuition and Fees Tuition and fees in Texas remain relatively low when compared to the 10 most populous states, although they are increasing at a faster rate. From 2002-03 to 2004-05, tuition and fees (in-state) at four-year public institutions increased at a faster rate than the total price of attendance. Nationally, tuition and fees increased by $882 (22.0%), from $4,001 to $4,883. For the 10 most populous states, tuition and fees increased by $893 (20.7%), from $4,318 to $5,211. In Texas, tuition and fees increased by $899 (29.4%), from $3,055 to $3,954. Although the dollar increase in tuition and fees was about the same, the percentage increase was higher for Texas because of lower charges in 2002-03. As with most other states in the nation, this increase corresponds with a decline in state appropriations per full-time equivalent (FTE) student. For example, state appropriations per FTE student in Texas decreased from $5,888 in FY 2002 to $5,384 (or $5,055 when adjusted for inflation) in FY 2005.3 Similarly, state appropriations per FTE student at UT System academic institutions decreased from $5,846 in FY 2002 to $5,117 (or $4,804 when adjusted for inflation) in FY 2005. Despite these increases, tuition and fees in Texas represented less than a third of the total price of attending college (30.2%), compared to around 34% nationally and for the 10 most populous states in 2004-05.
First-time, Full-time Undergraduate S tudents in Texas and the 10 Most Populous S tates Tuition and Fees at Four-Year Public Institutions by Academic Year $7,144
Pennsylvania
$8,468 $6,618
New Jersey
$7,939 $4,730
Ohio
$6,218 $4,689
Illinois
$6,014 $5,169
M ichigan
$5,905 $4,318
10 State Average
$5,211 $4,001
National
$4,883 $4,279 $4,710
New York Texas California North Carolina Georgia Florida $2,000
$3,055 $3,954 $2,595 $3,904 $2,845 $3,339 $2,600 $3,009 $2,507 $2,609
$4,000
$6,000
Source: IPEDS using the Data Analysis System (DAS).
$8,000 2004-05
$10,000 2003-04
2002-03
ISPA February 6, 2007 4
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States Median Family Income The total price of attendance in Texas as a percentage of median family income is about the same as the national average and slightly less than the average for the 10 most populous states. When measured as a percentage of the median family income, the total price of attending college increased nationally from 24.1% in 2002-03 to 26.4% in 2004-05. During the same time period, the average price of attendance in Texas in relation to median family income increased from 24.3% to 26.7%, while the proportions for the 10 most populous states rose from 25.0% to 27.3%. Texas ranked in the middle (5th highest) on this measure among the 10 most populous states.
First-time, Full-time Undergraduate S tudents in Texas and the 10 Most Populous S tates Total Price of Attendance as Percent of Median Family Income by Academic Year 30.1%
Pennsylvania
33.0% 29.1%
Ohio
32.3% 24.6%
California
27.8% 25.0%
10 State Average
27.3% 25.2% 26.7% 24.3%
M ichigan Texas Texas
26.7% 24.1%
National
26.4% 23.8%
Illinois
26.2% 22.8%
Georgia
26.1% 25.8% 25.5% 23.2% 25.5% 22.9%
Florida New Jersey North Carolina
25.4% 23.7%
New York 0.0%
25.0%
10.0%
20.0%
30.0% 2004-05
40.0% 2003-04
2002-03
Source: IPEDS using the Data Analysis System (DAS) and the U. S. Census Bureau.
ISPA February 6, 2007 5
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States III. Financial Aid Federal Grants A relatively high percentage of first-time, full-time, degree-seeking undergraduate students at four-year public institutions in Texas receive federal grants when compared with students from the 10 most populous states. The distribution of federal grants is a function of the income level of students attending college and the total price of attendance. In general, states with more low-income students attending college will have a higher percentage of students receiving federal grant aid and states with a higher total price of attendance will receive higher average awards. In Texas, 40% of first-time, full-time, degree-seeking undergraduate students enrolled at a four-year public university received federal grants. The percentage of students receiving federal grants nationally and in the 10 most populous states was substantially lower, 34% and 33% respectively. From 2002-03 to 2003-04, the average federal grant received in Texas increased slightly from $2,744 to $2,801*, but was still less than the national average of $2,937 and the average for the 10 most populous states, $2,940. States with the highest percentage of students receiving federal grants were New York (41%) and Texas (40%). States with the highest average federal grant received were California ($3,263), New York ($3,077), North Carolina ($3,065) and New Jersey ($3,064).
45
First-time, Full-time, Degree-seeking Undergraduate S tudents in Texas and the 10 Most Populous S tates Percent of S tudents Receiving Federal Grants by Academic Year
42 41
40 40
40 35 35
35
36 35
33
35
34 34
33 33
32
33
33
32
32
32
31
30
30
32
31 27 25
25 20 15 10 5
Source: IPEDS using the Data Analysis System (DAS).
ga n ich i
M
Ill in oi s
se y Je r
N
ew
Fl or id a
or ni a
eo rg ia G
Ca l if
or th N
N
Ca ro l in Pe a nn sy lv an ia N ati 10 on St al at eA ve ra ge
hi o O
Te xa s
%
ew
Yo rk
0
2002-03
2003-04
*The average federal grant received is based on students receiving these awards. ISPA February 6, 2007 6
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States State Grants The percentage of first-time, full-time, degree-seeking undergraduate students receiving state grants at four-year public institutions in Texas dropped from 41% in 2002-03 to 29% in 2003-04, while it increased in all other states except New Jersey. The significant decline in the percentage of first-time, full-time, degree-seeking undergraduate students receiving state grants is due to a reduction in funding of the Texas Grant program. Texas dropped from about 8th to 10th on this measure among the other states. While the percentage of students in Texas receiving state grants decreased, the average award remained about the same, increasing slightly from $2,230 in 2002-03 to $2,276 in 2003-04*. In 2003-04, the average state grant in Texas was slightly above the national average of $2,093, but below the average of the 10 most populous states, which was $2,347. States with the highest percentage of students receiving state grants included Georgia (79%), Florida (63%) and Michigan (60%). The states with the highest average state grant received were New Jersey ($3,495), Georgia ($3,349) and Illinois ($3,053). While Georgia is high on the list of students receiving state grant aid and the amount of grant aid awarded, most of their state grant awards are not based on need.
First-time, Full-time, Degree-seeking Undergraduate S tudents in Texas and the 10 Most Populous S tates Percent of S tudents Receiving S tate Grants by Academic Year
% 90 80
79 75
70 61
63
60
60
59 59
53 49 47
50
43
40
44
42
41 41
35
40 37
43 38
41 37 37 29
30
25 26
20 10
Source: IPEDS using the Data Analysis System (DAS).
2002-03
hi o O
Te xa s
Ill
in oi s
Ca l if or ni a N ew Je rse y N ati on al
M
ich ig an N ew 10 Yo rk St at eA ve ra ge Pe nn sy lv an N ia or th Ca ro l in a
% Fl or id a
G
eo rg ia
0
2003-04
*The average state grant received is based on students receiving these awards.
ISPA February 6, 2007 7
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States Institutional Grants The percentage of first-time, full-time, degree-seeking undergraduate students receiving institutional grants at four-year public institutions in Texas is comparable to the 10 most populous states, but the average award is significantly less. In 2003-04, about 30% of first-time, full-time, degree-seeking undergraduate students enrolled at a fouryear public institution in Texas received an institutional grant, about the same percentage as the previous year and as the average of the 10 most populous states. From 2002-03 to 2003-04, the average institutional grant received in Texas increased slightly from $1,558 to $1,679*, but was still well below the 2003-04 national average of $2,491 and the average for the 10 most populous states, $2,536. However, 2004-05 is the first full year of tuition deregulation with tuition set-asides for grant aid. Therefore, it is anticipated that institutional grant aid in Texas will increase. States with the highest percentage of students receiving institutional grants were Michigan (44%), California (39%) and Florida (36%). States with the highest average institutional grant received were California ($3,095), Illinois ($3,070) and Michigan ($2,914).
First-time, Full-time, Degree-seeking Undergraduate S tudents in Texas and the 10 Most Populous S tates Percent of S tudents Receiving Institutional Grants by Academic Years
% 50 44
45 40
37
39 37
35
36 33
38 34 31 31
30
31
31
30
30
30 30
29 29
28 29
27
26
25 20 15 15
15 10
8 7
5 0
Source: IPEDS using the Data Analysis System (DAS).
2002-03
eo rg ia G
Ill in oi s N ew Yo rk
Te xa Pe s nn sy lv 10 an St ia at eA ve ra ge
Ca ro l in a
hi o O
or th N
Fl or id a N ew Je rse y N ati on al
Ca l if or ni a
M
ich ig an
%
2003-04
*The average institutional grant received is based on students receiving these awards.
ISPA February 6, 2007 8
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States Loans The percentage of first-time, full-time, degree-seeking undergraduate students receiving loans at fouryear public institutions in Texas increased significantly in 2003-04, corresponding with the drop in state grant aid. The percentage of first-time, full-time, degree-seeking undergraduate students receiving loans in Texas increased from 35% in 2002-03 to 44% in 2003-04. The average loan received also increased from $2,498 in 2002-03 to $2,710 in 2003-04*. These increases may have been a result of the new B-On-Time loan program which began in spring 2004 and was retroactive to fall 2003. In its first year, this loan program provided assistance to low-income students who qualified for the TEXAS Grant, but were excluded from the program because of limited state funding. In 2003-04, the average loan awarded in Texas ($2,710) was well below the average for the 10 most populous states ($3,368) and the national average ($3,404). Texas’ relative position for the percentage of students receiving loans moved from 8th to 7th highest from 2002-03 to 2003-04.
First-time, Full-time, Degree-seeking Undergraduate S tudents in Texas and the 10 Most Populous S tates Percent of S tudents Receiving Loans by Academic Years 74
% 80 70 60
53 50
53 50
49
47
50 43
48 41
47
46
43
41
43
44
44
43 39
40
35
37 34
29 30
31
30
28
20 10
Source: IPEDS using the Data Analysis System (DAS).
2002-03
Fl or id a
Ill in oi s G eo rg ia Ca l if or ni a
Te xa s
ich ig an N ati 10 on St al at eA ve ra ge N ew Yo rk
M
hi o
%
O
Pe nn sy lv an N ia or th Ca ro l in a N ew Je rse y
0
2003-04
*The average loan received is based on students receiving these awards.
ISPA February 6, 2007 9
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States IV. Average Grant Aid (per enrolled student) and Net Price for First-time, Full-time, Degree-Seeking Undergraduates The average grant aid per enrolled student at four-year public institutions in Texas decreased in 2003-04 because of a significant decline in state grant aid. Average grant aid per enrolled student represents the amount of aid averaged across all enrolled students, not just those receiving the aid. Net price is the total price of attendance minus the average grant. These calculations are based on NCES methodology as described in the report Changes in Patterns of Prices and Financial Aid4. From 2002-03 to 2003-04, the average grant per enrolled student in Texas decreased from $2,469 to $2,269. During this period, the average federal and institutional grants increased slightly, but the average state grants decreased significantly from $908 to $649, thus pulling the overall average amount of aid down. The net price of attendance increased nationally from $10,098 in 2002-03 to $10,843 in 2003-04, an increase of 7.4%. The net price of attendance in the 10 most populous states increased at a slightly slower rate, from $10,690 to $11,414, or 6.8%. Although the net price in Texas is among the lowest, it increased at a higher rate, from $9,167 to $9,914, or 8.1%. Texas also moved slightly in the rankings, from 9th to 8th, driven primarily by the decline in state grants. Average Grant Aid and Net Price* First-time, Full-Time, Degree-Seeking Undergraduate Students in Texas and the 10 Most Populous States AY 2002-2003 Total Price of Attendance
Fed
State
Inst.
AY 2003-2004 Avg Grant Aid
Net Price of Attendance
Rank
Total Price of Attendance
Fed
State
Inst.
Avg Grant Aid
Net Price of Attendance
Rank
1
New Jersey
16,377
961
1,424
1,044
3,429
12,948
1
17,552
956
1,325
947
3,228
14,324
Pennsylvania
15,424
965
1,006
663
2,634
12,791
2
16,612
1,005
1,016
740
2,761
13,851
2
Ohio
14,323
960
335
792
2,086
12,237
3
15,569
1,001
338
843
2,182
13,387
3
California
13,818
1,091
706
969
2,765
11,053
4
15,238
1,057
928
1,210
3,195
12,042
4
Michigan
13,621
698
1,340
1,111
3,149
10,472
6
14,529
784
1,064
1,270
3,118
11,411
6
Illinois
13,519
871
1,164
608
2,642
10,876
5
14,414
852
1,261
783
2,895
11,518
5
New York
12,900
1,321
1,169
226
2,717
10,183
7
13,885
1,249
1,354
290
2,893
10,992
7
Florida
12,080
815
1,168
581
2,564
9,517
8
12,193
829
1,164
692
2,684
9,509
9
Texas
11,637
1,100
908
461
2,469
9,167
9
12,183
1,120
649
500
2,269
9,914
8
Georgia North Carolina
11,288
917
2,183
133
3,232
8,056
10
11,587
960
2,636
144
3,740
7,847
10
10,561
1,141
655
695
2,491
8,070
11
11,187
1,073
720
684
2,476
8,711
11
National
12,491
984
722
688
2,393
10,098
13,381
1,002
766
770
2,537
10,843
10 State Avg
13,391
970
1,083
648
2,701
10,690
14,277
975
1,153
734
2,862
11,414
Notes: *Average grant aid is based on the number of first-time, full-time, degree-seeking undergraduates enrolled (not just those receiving aid) and is determined by multiplying the percentage of students receiving aid by the average amount of aid received. Net price is the total price of attendance minus the average grant aid. These calculations are based on NCES methodology as described in the report Changes in Patterns of Prices and Financial Aid (November 2005). Slight differences in calculations are due to rounding. Source: IPEDS. National average is the average of all four-year public institutions. 10 State Average is a simple average of the 10 most populous states, excluding Texas.
ISPA February 6, 2007 10
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States V. Average Grant Aid and Net Price for First-time, Full-time, Degree-Seeking Undergraduates at UT System Institutions The average net price of attendance at UT System institutions was less than the average net price at fouryear public institutions in Texas and the Nation in 2003-04. Net price is the total price of attendance minus the average grant aid per enrolled student. From 2002-03 to 2003-04, the average grant per enrolled student at UT System institutions increased from $2,878 to $2,956. While the average federal and institutional grant increased, the average state grant decreased from $1,101 to $834. In 2002-03, the net price of attendance for UT System institutions was $9,172, comparable to the Texas average of $9,167 and less than the National average of $10,098. In 2003-04, the net price of attendance at UT System institutions was $9,101, below the state average of $9,914 and the national average of $10,843. Average Grant Aid and Net Price* First-time, Full-Time, Degree-Seeking Undergraduate Students at U. T. System Academic Institutions
AY 2002-2003 Total Price of Attendance
Fed
State
Inst.
AY 2003-2004 Avg Grant Aid
Net Price of Attendance
Total Price of Attendance
Fed
State
Inst.
Avg Grant Aid
Net Price of Attendance
Arlington
11,734
756
1,111
546
2,413
9,321
12,400
959
566
588
2,113
10,287
Austin
13,417
513
1,423
1,015
2,951
10,466
13,816
607
1,402
1,297
3,306
10,510
NA
NA
NA
NA
NA
NA
11,301
2,629
810
267
3,705
7,596
Dallas
14,593
524
1,114
981
2,619
11,974
15,023
536
569
2,143
3,248
11,775
El Paso
10,704
1,688
1,348
328
3,363
7,341
9,715
1,719
870
656
3,246
6,469
Pan American
11,274
2,112
2,710
494
5,316
5,958
10,333
2,256
1,524
474
4,254
6,079
Permian Basin
9,743
631
138
714
1,482
8,261
10,032
644
311
1,136
2,091
7,941
San Antonio
14,528
1,165
1,207
162
2,534
11,994
15,159
950
845
86
1,881
13,278
Tyler
10,408
375
324
507
1,206
9,202
10,734
638
268
1,154
2,061
8,673
12,050
949
1,101
827
2,878
9,172
12,057
1,195
834
927
2,956
9,101
Texas
11,637
1,100
908
461
2,469
9,167
12,183
1,120
649
500
2,269
9,914
National
12,491
984
722
688
2,393
10,098
13,381
1,002
766
770
2,537
10,843
Brownsville
System Average
Notes: *Average grant aid is based on the number of first-time, full-time, degree-seeking undergraduates enrolled (not just those receiving aid) and is determined by multiplying the percentage of students receiving aid by the average amount of aid received. Net price is the total price of attendance minus the average grant aid. These calculations are based on NCES methodology as described in the report Changes in Patterns of Prices and Financial Aid (November 2005). Slight differences in calculations are due to rounding. Source: IPEDS. Brownsville data are not available (and are excluded from the System average) in 2002-03. San Antonio submits the highest residence hall cost to IPEDS, thus increasing the total cost of education reported in the table; the actual cost for many students will be less than what is reported. In addition, San Antonio’s 2003-04 IPEDS Financial Aid form over-reported the number of students receiving aid, thus lowering the average aid in all categories. Therefore, these data should not be used for longitudinal comparisons.
ISPA February 6, 2007 11
Price of College Attendance and Financial Aid in Texas Compared to the 10 Most Populous States VI. Conclusion When compared to the 10 most populous states, the total price of attendance and tuition and fees for firsttime, full-time undergraduates at four-year public institutions in Texas continue to rank among the lowest. However, these costs are increasing, and combined with declining state support, the cost of education in Texas rose slightly relative to the cost in other states. With financial aid information available for only 2002-03 and 2003-04, it is not possible to measure the impact on grant aid for the first full year of tuition deregulation in Texas (2004-05). However, based on the data available there are several findings worth noting. Compared to the 10 most populous states, Texas receives a fairly high portion of federal grants, mainly because it has a higher proportion of students requiring assistance. There was a dramatic reduction in the percentage of first-time, full-time, degree-seeking undergraduate students receiving state grants in 2003-04 and an increase in the percentage of these students receiving loans that same year, possibly because of a shift from the TEXAS Grant to the B-On-Time loan program. When considering net price and the effects of all grant aid, Texas ranks high in the average federal grant per enrolled student, but low in state grants, institutional grants and loan awards. The UT system institutions experienced a similar shift in grant aid. When the average state grant aid decreased from 2002-03 to 2003-04, most UT System institutions were able to maintain a lower net price through increases in federal and institutional grants. More institutional aid was available in spring 2004 as a result of increases in designated tuition and additional set aside funds for grant aid. Therefore, the average net price of attending UT System institutions was below the Texas and national average in 200304. When financial aid data for 2004-05 become available, the impact of tuition set asides, in the form of institutional grants, will be evaluated further.
1
U.S. Department of Education, A Test of Leadership: Charting the Future of U.S. Higher Education. Washington D.C., 2006. 2 Haycock, Kati, Promise Abandoned: How Policy Choices and Institutional Practices Restrict College Opportunities. The Education Trust, 2006. 3 The National Center for Higher Education Management Information Systems (www.higheredinfo.org). Adjusted to the FY 2002 base year for inflation using the Consumer Price Index –Urban (CPI-U) for September each year. 4 Cunningham, Alisa F., Changes in Patterns of Prices and Financial Aid. NCES, U.S. Department of Education, November 2005.
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