TRENDS IN HIGHER EDUCATION SERIES
Trends in
College Pricing
and Student
Aid 2021
COLLEGE
PRICING
STUDENT
AID
Trends in College Pricing and Student Aid 2021 was authored by Jennifer Ma, senior
policy research scientist at College Board and Matea Pender, policy research scientist
at College Board.
Contact Information for the Authors
trends@collegeboard.org
Tables, graphs, and data in this report or excerpts thereof may be reproduced or
cited, for noncommercial purposes only, provided that the following attribution
is included:
Source: Ma, Jennifer and Matea Pender (2021),
Trends in College Pricing and Student Aid 2021, New York: College Board.
© 2021 College Board.
www.collegeboard.org
research.collegeboard.org/trends
ACKNOWLEDGMENTS
We thank Dean Bentley, Jessica Howell, and Michael Hurwitz for their thoughtful
reviews. We also thank the cooperation and support of many colleagues at
College Board, including Connie Betterton, Mark Bloniarz, Auditi Chakravarty,
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,
campus administrators who provided us with invaluable data through the Annual
Survey of Colleges.
DEFINING TERMS
“Costs” refer to the expenditures associated with
delivering instruction, including physical plant
and salaries.
“Prices” are the expenses that students and
parents face.
“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
expense budget also includes allowances for books
and course materials, supplies, transportation, and
other personal expenses.
“Net price” is what the student and/or family must
cover after grant aid is subtracted.
“General subsidies” make it possible for institutions to
charge less than the actual costs of instruction. State,
federal, and local appropriations, as well as private
philanthropy, reduce the prices faced by all
MAR-1311
October 2021
Highlights
3
Trends in College Pricing and Trends in Student
Aid have been providing timely updates on the prices of attending
college and the amount of student aid that is available to help
students and families pay for college.
TRENDS IN COLLEGE PRICING
PUBLISHED PRICES
In 2021-22, the average published (sticker) tuition and fees for
full-time undergraduate students are (Table CP-1):
w
Public four-year in-state: $10,740, $170 higher than in 2020-21
w
Public four-year out-of-state: $27,560, $410 higher than in
w
Public two-year in-district: $3,800, $50 higher than in 2020-21
w
In 2021-22, average estimated budgets (tuition and fees, room
and board, and allowances for books and supplies, transportation
and other personal expenses) for full-time undergraduate
students range from $18,830 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
Over the 30 years between 1991-92 and 2021-22, average
published tuition and fees increased from $2,310 to $3,800
at public two-year, from $4,160 to $10,740 at public four-year,
In 2021-22, average published tuition and fees for full-time
in-district students at public two-year colleges range from $1,430
2020-21 to 2021-22, the average published two-year in-district
tuition and fees did not increase in 15 states, before adjusting for
In 2021-22, average published tuition and fees for full-time
in-state students at public four-year institutions range from $6,100
published four-year in-state tuition and fees did not increase in three
NET PRICES AFTER GRANT AID
colleges have been receiving enough grant aid on average to
Between 2006-07 and 2021-22, the average net tuition and fee
four-year institutions is lowest in 2021-22 at an estimated $2,640,
Between 2006-07 and 2021-22, the average net tuition and fee
INSTITUTIONAL FINANCES
State and local funding per student increased in 2019-20 (in
local funding was 2% higher in 2019-20 than it was in 2007-08, just
before the Great Recession. However, as a result of enrollment
increases, funding per student was 4% lower in 2019-20 than it was
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. At other types of
public institutions, net tuition as a share of total revenues
declined between 2013-14 and 2018-19, after increasing during
Between 2013-14 and 2018-19, the average subsidy per full-time
at public associate and bachelor’s colleges as well as at all types
ENROLLMENT TRENDS AND FAMILY INCOME
Between 1990 and 2020, inequality in family incomes increased,
with income growing fastest for those in the highest income
brackets. The average income increased by 57% for the top
quintile of families and by 12% for the lowest quintile of families.
Between fall 2019 and fall 2020, total postsecondary enrollment
fell by 631,000 (3%). The public two-year sector saw the largest
decline in enrollment—581,000 or 9%. Total enrollment at the
declined by 0.7% while enrollment increased by 33,000 (3%)
enrollment declined by 66,640 (1%) in the public four-year sector
Between 2019 and 2020, all types of institutions saw declines in
the number of international students; international enrollment
declined from 402,680 to 352,040 (13%) at public doctoral
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. In
fall 2020, 75% of undergraduate students and 71% of graduate
students enrolled in distance education courses, compared
with 36% of undergraduate and 42% of graduate students in fall
TRENDS IN STUDENT AID
4
TYPES OF STUDENT AID
In 2020-21, undergraduate students received an average of
$3,780 in federal loans, $880 in education tax credits, and $90 in
In 2020-21, graduate students received an average of $26,920
Table SA-3 online)
In 2020-21, undergraduate and graduate students received
credits. In addition, students borrowed about $12 billion from
nonfederal sources. (Table SA-1 online)
FEDERAL STUDENT AID
dollars between 2010-11 and 2020-21. Pell Grants declined by
($405 million). (Table SA-1 online)
were nearly $16,000, compared with just over $4,200 per Pell
Grant recipient. There were 6.2 million Pell Grants recipients
Between 2010-11 and 2020-21, federal loans to undergraduates
fell by 47%, while federal loans to graduate students declined
$680 at institutions where less than 30% of undergraduate
students received Pell and $2,750 at institutions where more than
PELL GRANTS
Pell Grant expenditures rose from $36.2 billion (in 2020 dollars)
in 2009-10 to $42.3 billion in 2010-11 but declined to $26.0 billion
The number of Pell Grant recipients declined by 3.3 million (35%)
The average Pell Grant per recipient was $3,360 (in 2020 dollars)
in 2001-02. It peaked at $4,550 in 2010-11, and fell to $4,220 in
The $6,495 maximum Pell Grant in 2021-22 is 14% higher in
OTHER SOURCES OF GRANT AID
Between 2010-11 and 2020-21, institutional grant aid for
undergraduate students increased by 62% ($22.0 billion in 2020
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.
Institutional grants accounted for about half of all grant aid for
the eighth consecutive year in 2019-20, to $980—an increase of
student ranged from under $200 in eight states to over $1,000 in
STUDENT 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) between 2010-11 and
2020-21; federal loans to graduate students decreased by
In 2020-21, after the tenth consecutive decline in annual education
borrowing, students and parents borrowed $95.9 billion, down
Average federal loans per student peaked in 2010-11 for both
undergraduate student declined to $3,780 in 2020-21, from a
graduate student declined to $17,540 in 2020-21, from a peak of
The share of annual federal education loans going to graduate
students (who constitute about 16% of all students) rose from 32%
($24.1 billion out of $74.5 billion in 2020 dollars) in 2005-06 to 47%
In 2020-21, 432,000 graduate students borrowed through the
grad PLUS program; 1.5 million borrowed unsubsidized loans.
The average amount borrowed through the PLUS program was
$8,080 higher than the average unsubsidized loan ($26,880 vs.
Nonfederal education loans fell from about $28 billion (in 2020
dollars) in 2007-08 to $9 billion in 2010-11, before increasing to
STUDENT DEBT
As of March 2021, 54% of borrowers with outstanding education
debt owed less than $20,000; 45% of the outstanding federal
education loan debt was held by the 10% of borrowers owing
As of March 2021, 23% of the $1.59 trillion outstanding federal
loan balance was held by borrowers who were 50 or older, up
In 2019-20, 55% of bachelor’s degree recipients from public and
with debt and had an average debt level of $28,400. Average
debt per bachelor’s degree recipient, including both those
who borrowed and those who did not, was $15,600 for the two
55
Contents
3
Highlights
7
Introduction
TRENDS IN COLLEGE PRICING
10
Published Charges,
2020-21 and 2021-22
2020-21 and 2021-22
11
Student Budgets, 2021-22
12
Published Tuition and Fees
over Time
13
Published Charges over Time
Ten-Year Percentage Changes in Published Charges, by Decade
14
Tuition and Fees by State:
Public Two-Year
15
Tuition and Fees by State:
Public Four-Year
Percentage Changes
16
Tuition and Fees by State:
Flagship Universities
17
Average Net Price:
Public Two-Year
Two-Year Institutions
18
Average Net Price:
Public Four-Year
19
Average Net Price: Private
Nonprot Four-Year
20
Institutional Revenues:
State and Local Funding
over Time
21
Institutional Revenues:
State and Local Funding
22
Institutional Revenues:
Public Institutions
Institutional Revenues per Student at Public Institutions over Time
23
Institutional Revenues and
Expenditures
24
Family Income
25
Enrollment Patterns over Time
26
Public Undergraduate
Enrollment by State
27
Enrollment by Race/Ethnicity
28
International Enrollment
2009, 2019, and 2020
29
Enrollment in Distance
Education Courses
research.collegeboard.org/trends.
6
TRENDS IN STUDENT AID
31
Total Student Aid
Total Student Aid and Nonfederal Loans in 2020 Dollars over Time
Total Student Aid and Nonfederal Loans in 2020 Dollars over Time: All Students,
Undergraduate Students, and Graduate Students
Total Student Aid and Nonfederal Loans in Current Dollars over Time: All Students,
Undergraduate Students, and Graduate Students
32
Aid per Student
Average Aid per Student over Time
Average Aid per Student over Time: All Postsecondary Students, Undergraduate
Students, and Graduate Students
33
Grants, Loans, and Other Aid
Composition of Total Aid and Nonfederal Loans over Time
Total Aid and Nonfederal Loans in Current and Constant Dollars over Time: All Students,
Undergraduate Students, and Graduate Students
34
Total Undergraduate Student Aid
Total Undergraduate Student Aid by Source and Type over Time
35
Total Graduate Student Aid
Total Graduate Student Aid by Source and Type over Time
36
Sources of Grant Aid
Total Grant Aid by Source over Time
37
Types of Loans
38
Federal Aid
39
Federal Loans: Annual
Borrowing
Undergraduate Students, and Graduate Students
40
Federal Loans: Borrowing and
Balances
41
Federal Loans: Outstanding
Debt by Age
42
Federal Loans: Outstanding
Debt by Repayment Plan and
Repayment Status
by Repayment Plan
43
Cumulative Debt: Bachelor’s
Degree Recipients
44
Pell Grants
45
Pell Grants
46
State Grants
Need-Based and Non-Need-Based State Grants per Undergraduate Student over Time
Percentage of State Grant Aid Based on Need by State, 2019-20
47
State Grants
State Grant Aid per Undergraduate Student by State, 2019-20
by State, 2019-20
48
Average Institutional Grant Aid
by Sector
49
Higher Education Emergency
Relief Fund
50
Notes and Sources
Contents—Continued
7
Introduction
Shortly after the World Health Organization declared COVID-19
a pandemic in March 2020, most colleges and universities in the
United States moved instruction online as governors ordered
shutdowns to contain the spread of COVID-19. During the 2020-21
academic year, colleges adopted a wide range of instructional
approaches, including in-person, online, and hybrid models.
1
This
fall, most colleges fully resumed in-person instruction for the
2021-22 academic year.
In 2020-21, many colleges froze or had very small increases in
tuition and yet, many institutions, and especially two-year colleges,
experienced declines in enrollment. In 2021-22, we continue to
see historically low increases in average published tuition and fees
students, 1.6% for public four-year in-state students, 1.5% for public
declined across all three sectors in 2021-22 after adjusting
IMPACTS OF THE PANDEMIC ON HIGHER EDUCATION
Enrollment
The newly released fall 2020 enrollment data from the Department
Clearinghouse
2
that total postsecondary enrollment declined in
2020. However, enrollment changes were uneven across enrollment
levels, sectors, states, and demographic groups. Between 2019
and 2020, total undergraduate enrollment declined by 698,000 and
graduate enrollment increased by 67,000. Across sectors, the public
two-year sector saw the largest decline in enrollment—581,000
At the state level, nine states experienced increases in postsecondary
enrollment at public four-year colleges while all but one state
experienced declines in enrollment at public two-year colleges.
While the enrollment patterns we present in this report are
descriptive in nature, a recent study shows similar results after taking
into account pre-pandemic trends and student demographic shifts.
3
enrollment across demographic groups as well. While international
student enrollment grew rapidly in the decade from 2009 to 2019,
online: 75% of undergraduate students took some classes online
in 2020, up from 36% in 2019. In fall 2020, 44% of undergraduate
Although research is scant on the long-term impact of online
learning, there is some evidence that suggests earnings of students
4
revenues with net tuition revenue being the largest revenue source
5
State and Local Funding
In addition to tuition revenue, public institutions also rely heavily on
state and local funding. In 2018-19, this source provided 27% of
total revenues at public doctoral institutions, 39% at public master’s
institutions, 44% at public bachelor’s institutions, and 55% at public
declines during economic recessions. During the Great Recession
of 2008, per-student state and local funding for higher education
declined by 9% between 2007-08 and 2008-09, and the annual
declines persisted through the 2011-12 academic year before rising
and local funding was 2% higher in 2019-20 than it was in 2007-08,
The economic shutdowns in the second quarter of 2020 caused
dramatic reductions in state tax revenues and some states
Though many feared that more states would announce funding cuts
higher education turned positive as the economy rebounded.
6
The federal government passed the Coronavirus Aid, Relief, and
economic relief for state and local governments as well as $14 billion
education institutions and students. Additional funding for higher
respectively. (Page 49)
reopening-in-the-fall/
//nscresearchcenter.org/current-term-enrollment-estimates/ctee_
report_fall_2020/
//research.collegeboard.org/pdf/enrollment-retention-covid2020.pdf
College Students Using Administrative Data
Digest of Education Statistics, Tables 333.10 and 333.50.
https://www.educationdive.com/news/state-lawmakers-wrestle-with-scope-
and-timing-of-higher-ed-budget-cuts/578787/; https://www.insidehighered.
8
FAMILY INCOME, TUITION, AND COLLEGE
AFFORDABILITY
In the last 30 years, income inequality grew as the average income
Bureau show that median household income decreased by 2.9%
between 2019 and 2020.
7
In 2020, median incomes for Black and
Hispanic families were 60% and 62%, respectively, of the median for
white families. Median income for families with at least one four-
year college graduate was more than twice the median for families
Recognizing the struggles students and families face in paying
for college, especially during a pandemic, many colleges and
universities did not raise tuition between the 2019-2020 and 2020-
2021 academic years. In 2021-22, this tuition freeze continued as
the average published two-year in-district tuition and fees remain
fees are unchanged in three states. (Table CP-5 online)
student loan payments, ended collections on defaulted federal
student loans, and suspended interest accrual on all federal student
extended the student loan provisions through the end of January
2022.
8
Consequently, as of June 30, 2021, nearly 70% of all
outstanding Direct Loan balances were in forbearance, compared
higher education, but student borrowing and debt were both declining
prior to the pandemic, and it appears that this downward trend
declined for the tenth consecutive year to $83.7 billion (in 2020
dollars), from a peak of $126.0 billion in 2010-11 (Table SA-1 online).
student also declined during this period, from a peak of $6,160 (in
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
funds to institutions using a congressionally mandated formula,
which required 75% of the funds to be distributed based on full-
the permanent maximum Pell Grant increase legislated through
the American Recovery and Reinvestment Act of 2009 that led to
the foundations of the Pell program.
WHAT IS NEW IN THIS YEAR’S REPORT
HEERF I Funding Analysis
In this report, we show that, on average, public institutions received
recipients received more funding per student than schools with
Student Debt by Age
Many borrowers continue to hold education debt well into adulthood.
outstanding federal loan balance was held by borrowers aged 50 and
have borrowed for their own education or for their children’s education.
The long-term impact of the pandemic on students and institutions
remains to be seen. As with previous years’ Trends reports, we will
continue to include new relevant information as it becomes available.
Ination Adjustment
We provide much of our data in constant dollars, adjusting values for
changes in the annual Consumer Price Index (CPI). Since the 2021
annual CPI is not yet available, we use the change in the CPI from
between 2020-21 and 2021-22.
than the increases in tuition and fees across all three sectors.
https://www.census.gov/newsroom/press-releases/2021/income-poverty-
health-insurance-coverage.html
//studentaid.gov/announcements-events/coronavirus
TRENDS IN HIGHER EDUCATION SERIES
Trends in
College Pricing
2021
10
research.collegeboard.org/trends.
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
TABLE CP-1
Sector
Public
Two-Year
In-District
Public
In-State
Public
Out-of-State
Private
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
35% 80% 82% 68% 83% 75% 53% 87% 75% 87%
Trends in College
Pricing and Student Aid 2020
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
full-time in-district students at public two-year institutions is
was in 2020-21.
In 2021-22, the average published tuition and fee price for full-time
2020-21.
In fall 2020, 35% of all undergraduate students at the public
two-year sector were enrolled full time, compared with more than
doctoral institutions have higher prices than master’s and
bachelor’s institutions.
ALSO IMPORTANT:
The prices shown in Table CP-1 are for full-time students.
Prices for part-time students are typically less than those for
full-time students.
The prices shown in Table CP-1 are for one academic year. The
total price of a college education depends on how long a student
is enrolled before completing a degree—frequently more than
four years for a bachelor’s degree and more than two years for an
associate degree.
11
research.collegeboard.org/trends.
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
FIGURE CP-1
$0 $10,000 $20,000 $30,000 $40,000 $50,000
Other ExpensesTransportationBooks and SuppliesRoom and BoardTuition and Fees
Undergraduate Budget
$38,070
$1,060
$1,810
$1,240
$13,620
$55,800
Private Nonprot
Four-Year
On-Campus
$27,560
$11,950
$1,230
$1,240
$2,170 $27,330
$11,950
$1,230
$1,240
$2,170 $44,150
Public Four-Year
Out-of-State
On-Campus
$10,740
Public Four-Year
In-State
On-Campus
$3,800 $9,330
$2,400 $18,830
$1,840
$1,460
Public Two-Year
In-District
Commuter
$460
$460
$780
$1,000
$1,240
$1,460
Four-Year
Public Two-Year
Books and Supplies
Course Materials Other Supplies
materials such as hardcopy textbooks, online textbooks, textbook rentals, and other supplies such as a personal computer used for study.
for which students are eligible.
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
four-year in-state student budget is about half the average
ALSO IMPORTANT:
In the last decade, average student spending on college
textbooks and digital course materials declined by 36%.
(Student Watch and Student Monitor: 2021 Reports)
12
research.collegeboard.org/trends.
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
FIGURE CP-2
1991-92 to 2021-22
91-92 96-97 01-02 06-07 11-12 16-17 21-22
$19,360
$26,380
$33,320
$38,070
$4,160
$5,720
$9,890
$10,740
$2,310
$2,440
$3,550
$3,800
$0
$10,000
$20,000
$30,000
$40,000
Published Tuition and Fees in 2021 Dollars
Private
Nonprot
Four-Year
Public
Four-Year
Public
Two-Year
FIGURE CP-3
1991-92 to 2021-22 (1991-92 = 1.0)
91-92 96-97 01-02 06-07 11-12 16-17 21-22
1.54
2.38
2.58
1.97
1.65
1.72
1.0
1.5
2.0
2.5
3.0
Ination-Adjusted Published Tuition and Fees
Relative to 1991-92
Private
Nonprot
Four-Year
Public
Four-Year
Public
Two-Year
1.36
1.06
1.38
the public four-year sector in 2021-22 is 2.58 times as high as it was in 1991-92, after adjusting
charges for public two-year institutions and in-state charges for public four-year institutions.
In 2021-22, the average published tuition and fee
price at public two-year colleges is 35% of the
average price at public four-year institutions;
it was 56% in 1991-92.
In 2021-22, the average published tuition and fee
price at public four-year institutions is 2.58 times
as high as it was in 1991-92, after adjusting
ALSO IMPORTANT:
The increases in the net prices that students actually
pay, after taking grant aid into consideration, have
been smaller over the long term than increases in
CP-10 for details on estimated average net prices
over time.
Over the 30-year period from 1990 to 2020, median
family income in the United States increased by
23% (from $68,098 to $84,008), after adjusting for
13
research.collegeboard.org/trends.
Published Charges over Time
2020-21 and 2021-22.
FIGURE CP-4
Prices by Decade, 1991-92 to 2021-22
Tuition and Fees
and Room and Board
Public
Four-Year
Private Nonprot
Four-Year
Tuition and Fees
Public
Two-Year
Public
Four-Year
Private Nonprot
Four-Year
2011-12 to 2021-222001-02 to 2011-121991-92 to 2001-02
29%
27%
25%
50%
26%
36%
14%
38%
73%
9%
6%
45%
7%
14%
11%
0%
20%
40%
60%
80%
10-Year Percentage Change
two-year institutions and in-state charges for public four-year institutions.
Between 2011-12 and 2021-22, published in-state
tuition and fees at public four-year institutions
increased by 9%, compared with 38% between
1991-92 and 2001-02 and 73% between 2001-02
and 2011-12.
Between 2011-12 and 2021-22, published in-state
tuition and fees in the public four-year sector
increased by $850 in 2021 dollars, compared with
$1,560 between 1991-92 and 2001-02 and $4,170
between 2001-02 and 2011-12.
Between 2011-12 and 2021-22, total tuition, fees,
room and board increased by 11% at public
four-year institutions.
ALSO IMPORTANT:
The price increases reported in Table CP-2 are
unadjusted numbers in Table CP-1.
TABLE CP-2
Academic
Year
10-Year
$ Change
Public
10-Year
$ Change
Public
Two-Year
10-Year
$ Change
10-Year
$ Change
Public
10-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
Year
One-Year
Public
One-Year
Public
Two-Year
One-Year
One-Year
Public
One-Year
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%
14
research.collegeboard.org/trends.
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
$0
$2,000
$4,000
$6,000
$8,000
0%
10%
20%
30%
40%
5-Year Percentage Change in
In-District Tuition and Fees
2021-22 In-District Tuition and Fees
$1,430
$1,950
$3,800
$8,600
$7,240
-11%
-10%
-11%
-2%
37%
15%
17%
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
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
(which had tuition prices that were higher than other public two-year colleges in the state) merging with public four-year campuses.
Between 2016-17 and 2021-22, average in-district tuition and
fees at public two-year colleges fell in 23 states after adjusting for
Between 2016-17 and 2021-22, average in-district tuition and fees
at public two-year colleges increased by more than 10% in seven
ALSO IMPORTANT:
not increased since 2012-13 and 2015-16, respectively. (Table
CP-5 online)
in-district tuition and fees did not increase in 15 states, before
15
For detailed data behind the graphs and additional information, please visit: research.collegeboard.org/trends.
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 Ination-Adjusted In-State Tuition and Fees
$20,650
$12,840
$14,260
$41,930
$10,000
$20,000
$30,000
$40,000
-11%
-1%
13%
8%
12%
$0
0%
10%
20%
-10%
5-Year Percentage Change in
In-State Tuition and Fees
2021-22 Tuition and Fees
In-State Tuition and Fees
Out-of-State Premium
Out-of-State Tuition and Fees
$27,560
$17,750
$17,040
$10,740
$6,100
$6,370
WY
FL
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
US
WA
HI
ME
TX
AL
KY
CO
AZ
OH
OR
MN
SC
DE
MA
RI
VA
MI
CT
IL
NJ
PA
NH
VT
Wyoming
Florida
Montana
North Carolina
Utah
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
SOURCE: College Board, Annual Survey of Colleges; NCES, IPEDS Fall Enrollment data.
Between 2016-17 and 2021-22, average in-state tuition and fees
at public four-year institutions fell in 18 states after adjusting
for ination.
Between 2016-17 and 2021-22, average in-state tuition and fees
at public four-year institutions increased by more than 10% in
six states after adjusting for ination.
ALSO IMPORTANT:
A small number of public four-year institutions charge the same
tuition to out-of-state students as to in-state students.
From 2020-21 to 2021-22, the average published four-year
in-state tuition and fees did not increase in three states, before
adjusting for ination. (Table CP-5 online)
16
research.collegeboard.org/trends.
Tuition and Fees by State: Flagship Universities
New Hampshire and $19,000 at the University of Vermont.
FIGURE CP-7
0%
20%
5-Year Percentage Change in
In-State Tuition and Fees
-11%
8%
13%
16%
-4%
-2%
-13%
18%
20%
$6,100
$6,380
$18,960
$19,000
$0
$10,000
$20,000
$30,000
$40,000
$50,000
2021-22 Tuition and Fees
40%
In-State Tuition and Fees
Out-of-State Premium
Out-of-State Tuition and Fees
$20,650
$12,940
$15,040
$53,230
$51,940
$9,430
$10,600
$16,180
$17,410
$28,660
$37,200
$43,890
WY
FL
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
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-Bualo
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
College Board, Annual Survey of Colleges.
In 2021-22, published tuition and fees for full-time out-of-state
University of South Dakota and $15,040 at the University of
North Dakota to $51,940 at the University of Virginia and
$53,230 at the University of Michigan.
tuition and fees, as well as Pennsylvania, New Hampshire, and
Vermont, with the three highest tuition and fees.
ALSO IMPORTANT:
mandatory fees over those charged for the 2020-21 academic year.
(Table CP-6 online)
17
research.collegeboard.org/trends.
Average Net Price: Public Two-Year
aid on average to cover their tuition and fees.
FIGURE CP-8
Institutions, 2006-07 to 2021-22
$0
$5,000
$10,000
$15,000
$20,000
06-07 09-10 12-13 15-16 18-19 21-22
Published Tuition
and Fees and Room
and Board (TFRB)
Net TFRB
Published Cost
of Attendance (COA)
Net COA
Grant Aid
Published
Tuition and Fees (TF)
Net TF
Public Two-Year
Published
Published
Published
COA
Grant Aid
per Student 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
13-14 $3,740 $12,450 $18,450 $3,900 -$160 $8,550 $14,550
14-15 $3,790 $12,710 $18,700 $3,940 -$150 $8,770 $14,760
15-16 $3,860 $12,850 $18,970 $3,850 $10 $9,000 $15,120
16-17 $3,870 $13,020 $19,090 $3,860 $10 $9,160 $15,230
17-18 $3,880 $13,180 $19,330 $4,130 -$250 $9,050 $15,200
18-19 $3,890 $13,220 $19,230 $4,160 -$270 $9,060 $15,070
19-20 $3,890 $13,340 $19,330 $4,460 -$570 $8,880 $14,870
20-21 $3,890 $13,400 $19,320 $4,460 -$570 $8,940 $14,860
21-22 $3,800 $13,130 $18,830 $4,460 -$660 $8,670 $14,370
two-year college need to cover an estimated $8,670
in food and housing after grant aid, in addition to
another $5,700 in allowances for books and supplies,
transportation, and other personal expenses.
The average net tuition and fee price declined in
this sector from 2006-07 through 2010-11, was
stable between 2012-13 and 2016-17, and has been
declining since 2016-17.
ALSO IMPORTANT:
Because of changes in the data sources used in
calculating average grant aid per student, numbers
comparable with those in Trends in College Pricing
2019 and earlier editions.
in the public two-year sector, including those who
time full-time undergraduate students in this sector
received federal, state, or institutional grant aid.
The large increase in average grant aid shown in
primarily a result of increases in Pell Grant funding.
this sector almost doubled in this two-year period.
between published price from College Board’s Annual
aid data are available is 2019-20, grant aid and net prices for
2020-21 and 2021-22 are projected by assuming per-student
grant aid amounts are the same as in 2019-20 in constant
Room and board expenses are estimated based on housing
and food allowances for commuter students.
18
research.collegeboard.org/trends.
Average Net Price: Public Four-Year
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
Institutions, 2006-07 to 2021-22
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
Published Tuition and Fees
and Room and Board (TFRB)
Published
Tuition and Fees (TF)
Published Cost
of Attendance (COA)
Net COA
Grant Aid
Net TFRB
Net TF
Public Four-Year
06-07 09-10 12-13 15-16 18-19 21-22
Published
Published
Published
COA
Grant Aid
per Student Net COA
06-07 $7,730 $17,120 $21,870 $4,360 $3,370 $12,760 $17,510
07-08 $8,020 $17,580 $22,440 $4,730 $3,290 $12,850 $17,710
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
15-16 $10,690 $22,190 $27,310 $7,020 $3,670 $15,170 $20,290
16-17 $10,830 $22,570 $27,630 $7,160 $3,670 $15,410 $20,470
17-18 $10,940 $22,800 $27,750 $7,540 $3,400 $15,260 $20,210
18-19 $10,930 $22,910 $27,750 $7,640 $3,290 $15,270 $20,110
19-20 $10,980 $23,080 $27,960 $8,100 $2,880 $14,980 $19,860
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
at public four-year colleges need to cover an
estimated average of $14,590 in tuition and fees
and room and board after grant aid, in addition
to $4,640 in allowances for books and supplies,
transportation, and other personal expenses.
Between 2006-07 and 2021-22, the average
at public four-year colleges increased by $3,740
in 2021 dollars, from $4,360 to an estimated
$8,100; the average published tuition and fees in
this sector increased by $3,010, from $7,730 to
$10,740.
ALSO IMPORTANT:
Because of changes in the data sources used in
calculating average grant aid per student, numbers
comparable with those in Trends in College Pricing
2019 and earlier editions.
In 2019-20, the latest year for which detailed
time full-time in-state student in the public four-year
sector came from institutional grant aid provided by
colleges and universities in the form of discounts
from their published prices.
students in the public four-year sector, including
those who did not receive grant aid. In 2019-20, 78%
sector received federal, state, or institutional
grant aid.
between published price from College Board’s Annual Survey of
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
are projected by assuming per-student grant aid amounts are
the same as in 2019-20 in constant dollars. Total grant aid in
distributed before June 30, 2020.
19
research.collegeboard.org/trends.
Average Net Price: Private Nonprot Four-Year
FIGURE CP-10
Institutions, 2006-07 to 2021-22
$0
$20,000
$10,000
$30,000
$40,000
$60,000
$50,000
Published Tuition and Fees
and Room and Board (TFRB)
Net TFRB
Published Cost
of Attendance (COA)
Net COA
Grant Aid
Published
Tuition and Fees (TF)
Net TF
Private Nonprot Four-Year
06-07 09-10 12-13 15-16 18-19 21-22
Published
Published
Published
COA
Grant Aid
per Student Net COA
06-07 $29,750 $40,670 $44,580 $13,210 $16,540 $27,460 $31,370
07-08 $30,360 $41,470 $45,450 $13,860 $16,500 $27,610 $31,590
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
14-15 $35,520 $48,200 $52,570 $19,540 $15,980 $28,660 $33,030
15-16 $36,680 $49,760 $54,200 $20,400 $16,280 $29,360 $33,800
16-17 $37,520 $50,790 $55,210 $21,070 $16,450 $29,720 $34,140
17-18 $38,060 $51,540 $55,870 $21,980 $16,080 $29,560 $33,890
18-19 $38,190 $51,690 $55,960 $22,550 $15,640 $29,140 $33,410
19-20 $38,780 $52,430 $56,750 $23,080 $15,700 $29,350 $33,670
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
estimated average of $28,610 in tuition and fees
and room and board after grant aid, in addition
to $4,110 in allowances for books and supplies,
transportation, and other personal expenses.
Between 2006-07 and 2021-22, the average
$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
this time period.
ALSO IMPORTANT:
Because of changes in the data sources used in
calculating average grant aid per student, numbers
comparable with those in Trends in College Pricing
2019 and earlier editions.
In 2019-20, the latest year for which detailed
of the total $23,080 (in 2021 dollars) in grant
and universities in the form of discounts from their
published prices.
four-year sector, including those who did not
full-time undergraduate students in this sector
received federal, state, or institutional grant aid.
published price from College Board’s Annual Survey of Colleges
the latest year for which grant aid data are available is 2019-20,
grant aid and net prices for 2020-21 and 2021-22 are projected
by assuming per-student grant aid amounts are the same as in
2019-20 in constant dollars. Total grant aid in 2019-20 includes
June 30, 2020.
20
research.collegeboard.org/trends.
Institutional Revenues:
State and Local Funding
State and local funding for higher education tends to be cyclical. Historically, declines in state and local
funding per student were followed by large percentage increases in tuition and fees in the public sector.
FIGURE CP-11A
–15%
–10%
–5%
0%
5%
10%
15%
89-90 92-93 95-96 98-99 01-02 04-05 07-08 10-11 13-14 16-17 19-20
Percentage Change
Tuition and Fees
Funding per FTE Student
FIGURE CP-11B
1989-90 to 2019-20
($)0
($)2
($)4
($)6
($)8
($)10
($)12
$0
$20
$40
$60
$80
$100
$120
89-90 92-93 95-96 98-99 01-02 04-05 07-08 10-11 13-14 16-17 19-20
Public FTE Enrollment (Millions)
Total Funding (Billions)
Public FTE Enrollment (in Millions)
and Funding per FTE Student
(in Thousands of 2019 Dollars)
Total Funding (in Billions of 2019 Dollars)
Funding per FTE (Thousands)
four-year institutions and includes tax revenues and other state and local funds for higher
education, but not funding for capital expenditures.
Digest of Education Statistics, 2019,
consecutive year, following four years of decline
during and after the Great Recession of 2008.
funding was 2% higher in 2019-20 than it was in
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).
ALSO IMPORTANT:
While the economic recession triggered by the
pandemic caused some states to cut budgets
funding for higher education was positive as the
economy rebounded. (https://www.insidehighered
.com/news/2021/08/10/after-year-cuts-state-
21
research.collegeboard.org/trends.
Institutional Revenues:
State and Local Funding
In 2019-20, state and local funding for public higher education averaged $8,640 per full-time equivalent
$19,580 in Alaska and $20,020 in Wyoming.
FIGURE CP-12
10-Year Percentage Change in Funding
per FTE Student
2019-20 Funding per $1,000 in Personal Income
$0$0
$4
$8
$12
$4,000
$8,000
$12,000
$16$16,000
$20$20,000
2019-20 Funding per FTE Student
4%
22%
–31%
–36%
–28%
–20%
–15%
–1%
44%
58%
32%
10%
44%
8%
–20%
0%
20%
40%
Funding per Public FTE Student
Funding per $1,000 in Personal Income
$18,990
$19,010
$8,200
VT
NH
AZ
PA
OK
CO
LA
WV
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
ID
NV
NC
TN
GA
NE
MD
MA
CA
NY
NM
CT
IL
HI
AK
WY
$3,800
$4,750
$8,640
$19,580
$20,020
$5.09
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 York
New Mexico
Con
necticut
Illinois
Hawaii
Alaska
Wyoming
state and local funding for higher education in the United States
increased by 8%. Per-student state and local funding for higher
education increased in 35 states, including 44% in Oregon and
Wyoming and 58% in New Mexico.
state and local funding for higher education declined in 15 states,
including more than 30% in Arizona and Oklahoma.
ALSO IMPORTANT:
state funding for higher education in Texas increased by 1%
between 2009-10 and 2019-20. However, per-student funding in
Texas declined by 15% because of a large increase in enrollment
during this 10-year period.
22
research.collegeboard.org/trends.
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
and 2018 -19
$0
$10,000
$20,000
$30,000
Revenue in 2018 Dollars
Federal Appropriations and Federal, State,
and Local Grants and Contracts
State and Local Appropriations
Net Tuition Revenue
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
$9,350
$9,550
$9,180
$28,080
$11,610
$7,820
$8,630
$28,060
$12,330
$7,880
$8,800
$29,010
$6,640
$6,550
$2,030
$15,220
$8,010
$5,740
$1,900
$15,650
$8,060
$6,520
$2,270
$16,850
$5,020
$6,060
$2,030
$13,110
$5,770
$5,460
$1,940
$13,170
$5,760
$6,320
$2,190
$14,270
$2,940
$6,100
$1,620
$10,660
$3,620
$5,610
$1,490
$10,720
$3,720
$7,030
$1,980
$12,730
Percentage of Institutional Revenues from Various Sources
Net Tuition
Revenue
State and Local
Appropriations
and Local Grants and
Contracts
Public Doctoral
2008-09 33% 34% 33%
2013-14 41% 28% 31%
2018-19 43% 27% 30%
Public Master’s
2008-09 44% 43% 13%
2013-14 51% 37% 12%
2018-19 48% 39% 13%
Public Bachelor’s
2008-09 38% 46% 15%
2013-14 44% 41% 15%
2018-19 40% 44% 15%
Public Associate
2008-09 28% 57% 15%
2013-14 34% 52% 14%
2018-19 29% 55% 16%
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
and state governments and other sources. Institutional averages are weighted by
may not sum to 100 because of rounding.
2019; calculations by the authors.
At other types of public institutions, net tuition as a share of total
revenues declined between 2013-14 and 2018-19, after increasing
In 2018-19, per-student revenues from the combination of
government sources and net tuition at public doctoral universities
were more than double the amounts at public bachelor’s and
two-year colleges. These per-student revenues were $29,010 at
doctoral universities, $16,850 at master’s universities, $14,270 at
bachelor’s colleges, and $12,730 at associate institutions in the
public sector.
ALSO IMPORTANT:
Revenues from auxiliary enterprises such as residences, dining
facilities, hospitals, and independent operations, not included in
23
research.collegeboard.org/trends.
Institutional Revenues and Expenditures
FIGURE CP-14
Dollars, 2008-09, 2013-14, and 2018-19
Education and Related Expenditures per FTE Student
(in 2018 Dollars)
$0
$10,000
$20,000
$40,000
$30,000
2008-09 2018-192013-14
Private NonprotPublic
2008-09 2018-192013-14 2008-09 2018-192013-14 2008-09 2018-192013-14 2008-09 2018-192013-14
Doctoral Master’s
2008-09 2018-192013-14
Bachelor’s
2008-09 2018-192013-14
Associate Doctoral Master’s Bachelor’s
Net Tuition Revenue
Subsidy
Education and Related Expenditures
$6,640
$8,010
$8,060
$5,020
$5,770 $5,760
$2,940
$3,620
$3,720
$21,860
$23,320
$24,590
$15,100
$15,390
$14,960
$17,300
$17,200
$16,790
$7,070
$6,720
$6,560
$6,950
$6,820
$7,520
$6,350
$6,330
$7,440
$17,090
$17,310
$19,650
$2,060
$2,490
$3,270
$10,410
$10,890
$13,130
$9,350
$11,610
$12,330
$8,770
$7,970
$7,940
$18,120
$19,580
$20,270
$13,710
$14,730 $14,620
$11,970
$12,590
$13,280
$9,290
$9,950
$11,160
$38,950
$40,630
$44,240
$17,160
$17,880
$18,230
$27,710
$28,090
$29,920
Public
Doctoral Master’s Bachelor’s Associate Doctoral Master’s Bachelor’s
2008-09 48% 52% 58% 68% 44% 12% 38%
2013-14 41% 46% 54% 64% 43% 14% 39%
2018-19 39% 45% 57% 67% 44% 18% 44%
Institutional subsidy to students represents the portion of the cost of educating students
not covered by net tuition revenue. 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
undergraduate and graduate students. Institution groupings are based on the 2018 Carnegie
institutional grant aid as a share of published tuition and fees.
by the authors.
spending on instruction, student services, and
the education share of spending on central
academic and administrative support, as well as
operations and maintenance. These expenditures
can be considered institutional costs associated
with providing education to students. A portion
of these expenditures is covered by net tuition
revenues from students and the remaining portion
is a subsidy to students. In 2018-19, this subsidy
67% at public associate colleges.
ranged from $11,160 at public associate colleges to
ALSO IMPORTANT:
students and level of research activity, per-student
expenditures, institutional budgets include
expenditures for other purposes such as research,
public service, and auxiliary enterprises.
24
research.collegeboard.org/trends.
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
$0
$100,000
$200,000
$500,000
$400,000
$300,000
Lowest 20% Second 20% Third 20% Fourth 20% Highest 20% Top 5%
1990 2000 2010 2020
$18,940
$44,180
$21,260
$52,330
$68,040
$84,680
$97,850
$130,150
$181,840
$286,390
$285,320
$497,660
Lowest
20%
Second
20%
Third
20%
20%
Highest
20%
Top
5%
$ Change from 1990 to 2020 $2,320 $8,150 $16,640 $32,300 $104,550 $212,340
% Change from 1990 to 2020 12% 18% 24% 33% 57% 74%
2020 Income Bracket
$38,050
or less
$38,051 to
$67,500
$67,501 to
$103,304
$103,305 to
$164,007
$164,008
or More
$305,824
or More
2020 Mean Income $21,260 $52,330 $84,680 $130,150 $286,390 $497,660
FIGURE CP-15B
$130,140
$82,740
$73,290
$60,580
$40,020
$68,070
$99,280
$105,390
$92,240
$71,790
$48,440
$96,170
$59,980
$57,480
$109,450
$89,540
$76,480
$96,390
$85,830
$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000
Bachelor’s Degree or Higher
Associate Degree
Some College
High School
Less Than High School
65 and over
55 to 64
45 to 54
35 to 44
25 to 34
15 to 24
White Alone, Non-Hispanic
Hispanic
Black Alone, Non-Hispanic
Asian Alone, Non-Hispanic
West
South
Northeast
Midwest
Education
Age
Race/Ethnicity
Region
2020 Median Family Income (Median of All Families = $84,010)
In 2020, average incomes ranged from $21,260
for the lowest quintile to $286,390 for the highest
quintile and $497,660 for the top 5% of families.
In 2020, the median income of families headed
by individuals ages 45 to 54—the age bracket of
parents of most traditional-age college students—
was 25% higher than the overall median ($105,390
compared with $84,010).
In 2020, the $130,140 median family income
of families with at least one four-year college
graduate was more than twice the median for
families headed by a high school graduate
($60,580).
ALSO IMPORTANT:
The share of all income going to the 20% of
families with the lowest incomes declined from
4.6% in 1990 to 3.7% in 2020. The share of income
going to the top 5% of families increased from
17.4% in 1990 to 21.6% in 2020. (U.S. Census
25
research.collegeboard.org/trends.
Enrollment Patterns over Time
Between fall 2019 and 2020, total enrollment fell by 631,000 (3%). The public two-year sector saw the largest
FIGURE CP-16
All
Graduate
Part-Time
Undergraduate
Full-Time
Undergraduate
74%
16%
54%
57%
64%
66%
63%
35%
41%
35%
15%
23%25%
12%
13%
16%
15%
17%
65%
59%
65%
34%
29%
20%
20%
20%
1,024,000
450,000
3,986,000
3,051,000
7,665,000
7,194,000
6,055,000
6,202,000
7,945,000
5,697,000
0 1 2 3 4 5 6 7 8
Enrollment (Millions)
63% 2,023,000
52%
Public Two-Year
2020 (5%)
23%25%
991,00051%
2019 (5%)
2010 (10%)
2000 (3%)
2020 (21%)
55% 12% 33% 4,015,000
2019 (21%)
2010 (18%)
2000 (20%)
2020 (41%)
2010 (35%)
2000 (40%)
2020 (33%)
35% 65% 6,783,000
2019 (35%)
2010 (38%)
2000 (37%)
For-Prot
Private Nonprot
Four-Year Public Four-Year
23%
57% 10% 33% 3,686,000
65% 16% 19% 7,718,000
2019 (40%)
Includes degree-granting Title-IV institutions. Percentages on the vertical axis represent
Percentages may not sum to 100 because of rounding.
the authors.
Total undergraduate enrollment (including full-time
and part-time students) fell by 698,000 (4%) between
fall 2019 and fall 2020; total graduate student
enrollment rose by 67,000.
The share of public two-year college students
enrolled full time rose from 35% in fall 2000 to 41%
in 2010 but then declined to 35% again in 2020.
Despite the sharp decline in enrollment in the
were more than twice as many students enrolled
in 2020 (1,024,000) as in 2000 (450,000).
from 10% of all students in fall 2000 to 15% in
2010 and 23% in 2020.
ALSO IMPORTANT:
Students enrolled in non-degree-granting
eligible for federal student aid if they are working
students enrolled in degree-granting institutions
are not eligible for federal student aid because they
are enrolled in non-credit-bearing programs.
Year
2000 15.3
2010 20.8
2019 19.5
2020 18.9
26
research.collegeboard.org/trends.
Public Undergraduate Enrollment by State
66,640 (1%) in the public four-year sector and by 323,440 (8%) in the public two-year sector.
FIGURE CP-17A
-9%
-6%
-1%
2%
2%
17%
0%
10%
20%
Percentage Change
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
-16% -8%
3%
0%
10%
Percentage Change
-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
some bachelor’s degrees.
undergraduate enrollment between fall 2019 and fall 2020.
Alaska, Wyoming, and Vermont experienced the largest declines.
In the public two-year sector, all states (except Ohio) saw
fall 2020. Twenty-two states had declines in enrollment of 10%
or more.
ALSO IMPORTANT:
Between 2019 and 2020, twenty states saw declines in both full-
time and part-time undergraduate enrollment at public four-year
institutions, while 44 states experienced these declines at public
two-year institutions.
27
research.collegeboard.org/trends.
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
All
American Indian/
Alaska Native (1%)
Asian (7%)
Black (13%)
Hispanic (22%)
Native Hawaiian/
Other Pacic Islander
(<1%)
Public Two-Year Public Four-Year Private Nonprot Four-Year For-Prot
White (53%)
Two or More Races
(4%)
3%
40%
52%
35%
40%
52%
44%
36%
39%
31%
47%
35%
34%
27%
41%
16%
10%
15%
15%
10%
18%
19%
5%
6%
10%
4%
12%
4%
38% 41% 16% 5%
Includes degree-granting Title IV postsecondary institutions. Nonresident aliens and
sum to 100 because of rounding.
FIGURE CP-18B
All
Public Two-Year (42%)
Public Four-Year (37%)
Private Nonprot
Four-Year (16%)
American Indian/Alaska Native Asian Black Hispanic
White Two or More RacesNative Hawaiian/Other Pacic Islander
For-Prot (5%)
7% 13% 22% 53% 4%
6% 13% 28% 47% 4%
9% 12% 19% 56% 5%
7% 12% 14% 62% 4%
4% 28% 21% 41% 4%
Includes degree-granting Title IV postsecondary institutions. Nonresident aliens and
sum to 100 because of rounding.
In fall 2020, 52% of Hispanic and American Indian/
Alaska Native undergraduate students were
enrolled in public two-year colleges, between 35%
and 44% of members of other racial/ethnic groups
attended these institutions.
Islander and 10% of Black undergraduates
twice the share of Asian, White, or Hispanic
undergraduates enrolled in this sector.
In fall 2020, the share of undergraduates who are
ALSO IMPORTANT:
likely to enroll in are partially a function of geography.
28
research.collegeboard.org/trends.
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
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
32,750
0 100,000 200,000 300,000 400,000
Enrollment
Bachelor’s
Public
2020
Master’s
2020
Doctoral
2020
Associate
2020
Doctoral
Private Nonprot
2020
Master’s
2020
Bachelor’s
2020
173,600
51,250
79,480
79,480
2019
2009
100,920
99,120
100,920
99,120
71,880
178,440
135,410
352,040
2019
2009
101,660
202,630
157,020
200,050
258,680
402,680
66,450
2019
2009
46,620
62,220
63,600
79,660
9,600
2019
2009
8,980
10,460
207,290
2019
2009
46,210
80,970
91,860
153,550
138,070
234,520
45,610
34,240
2019
2009
33,450
20,280
34,970
19,340
33,450
20,280
19,340
22,680
2019
2009
31,600
52,140
19,040
27,400
GraduateUndergraduate
At public doctoral institutions, the total number
of undergraduate international students almost
doubled between 2009 and 2019 (from 101,660
to 202,630), but fell to 173,600 (14%) in 2020. The
total number of graduate international students
increased by 27% between 2009 and 2019 (from
157,020 to 200,050), but declined to 178,440 (11%)
in 2020.
number of undergraduate international students
increased by 75% between 2009 and 2019 (from
46,210 to 80,970), but fell to 71,880 (11%) in
2020. The total number of graduate international
students increased by 67% between 2009 and
2019 (from 91,860 to 153,550), but declined to
135,410 (12%) in 2020.
Percentage of Undergraduate and Graduate Students
Who Were Not U.S. Citizens or Permanent Residents,
by Institution Type, 2009, 2019, and 2020
Undergraduate Graduate
2009 2019 2020 2009 2019 2020
Public
Doctoral 3% 5% 4% 15% 18% 16%
Master’s 3% 3% 3% 5% 6% 5%
Bachelor’s 2% 2% 2% 3% 2% 1%
Associate 1% 2% 1%
Private
Doctoral 5% 8% 7% 14% 20% 17%
Master’s 2% 3% 2% 4% 7% 7%
Bachelor’s 4% 6% 6% 4% 5% 5%
29
research.collegeboard.org/trends.
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
0%
20%
40%
60%
100%
80%
All Courses At Least One, But Not All Courses
11%
15%
15%
22%
26%
36%
5%
10%
16%
26%
22%
36%
10%
15%
17%
22%
27%
37%
10%
17%
7%
11%
16%
28%
46%
55%
8%
12%
54%
68%
22%
33%
8%
10%
30%
42%
15%
27%
10%
10%
24%
37%
17%
30%
6%
10%
23%
40%
77%
87%
5%
5%
82%
91%
2012 2019 2020 2020 2020 2020 2020 2020 2020 2020 2020
All
2012 2019
Public
Four-Year
2012 2019
Public
Two-Year
Undergraduate Graduate
2012 2019
Private
Nonprot
Four-Year
2012 2019
For-Prot
2012 2019
All
2012 2019
Public
Four-Year
2012 2019
Private
Nonprot
Four-Year
2012 2019
For-Prot
44%
30%
75%
44%
37%
81%
48%
23%
70%
34%
30%
64%
60%
14%
74%
52%
19%
71%
48%
22%
70%
49%
18%
67%
89%
4%
94%
Components may not sum to totals because of rounding.
Digest of Education Statistics
In fall 2020, 75% of undergraduate students and 71% of graduate
students enrolled in distance education courses, compared with
36% of undergraduate and 42% of graduate students in fall 2019.
In 2020, 44% of undergraduate students and 52% of graduate
students were enrolled in distance education courses exclusively.
In 2020, the share of undergraduate students enrolled in distance
four-year sector to 81% in the public four-year sector.
of students taking courses exclusively online. In 2020, 60% of
undergraduate and 89% of graduate students in this sector took
all of their courses online.
ALSO IMPORTANT:
In fall 2020, 44% of colleges and universities were either fully or
primarily online, 21% were hybrid, and 27% were either fully or
primarily in person (https://www.chronicle.com/article/heres-a-list-
of-colleges-plans-for-reopening-in-the-fall/).
Although research is scant on the long-term impact of online
learning, there is some evidence that suggests earnings
exclusively online are lower than earnings of students at other
Students Using Administrative Data)
TRENDS IN HIGHER EDUCATION SERIES
Trends in
Student Aid
2021
research.collegeboard.org/trends.
31
Total Student Aid
In 2020-21, undergraduate and graduate students received a total of $234.9 billion in student aid in the form
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
90-91 00-01 10-11 15-16 16-17 17-18
18-19 19-20
Preliminary
20-21
10-Year
% Change
30-Year
% 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%
$907 $933 $899 $801 $791 $774 $866 $850 $865 -4% -5%
$117 $60 $73 — — — — — — — —
Academic Competitiveness Grants — — $657 — — — — — — — —
SMART Grants — — $514 — — — — — — — —
$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 Benets $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%
aid and state grant aid data are estimated. Components may not sum to totals because of rounding.
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
from 74% in 2010-11 to 57% in 2020-21.
Between 2010-11 and 2020-21, total grant aid for postsecondary
Institutional grants grew most rapidly, increasing by 56% to an
estimated $71.1 billion.
Between 2010-11 and 2020-21, total federal loans declined by 34%
ALSO IMPORTANT:
In 2020-21, undergraduate students received 75% ($175.1 billion)
of total student aid, including 96% of all federal grants and 53% of
federal loans. They received 86% of total grant aid from all sources
and 58% of all loans, including nonfederal loans. The remainder of
the aid funded graduate students. (Table SA-1 online)
32
research.collegeboard.org/trends.
Aid per Student
increased by 37% (from $6,490 to $8,860 in 2020 dollars).
FIGURE SA-1
2000-01 to 2020-21
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
Average Aid in 2020 Dollars
Undergraduate Students
Average Grant Aid
Average Other Aid
Average Federal Loans
00-01 02-03 04-05 06-07 08-09 10-11 12-13 14-15 16-17 18-19 20-21
$4,740
$5,580
$8,190
$9,110
$10,050
$3,680
$4,610
$6,160
$5,120
$3,780
$750
$820
$1,740
$1,410
$970
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
Average Grant Aid
Average Other Aid
Average Federal Loans
00-01 02-03 04-05 06-07 08-09 10-11 12-13 14-15 16-17 18-19 20-21
Graduate Students
$6,490
$6,780
$8,020
$8,540
$8,860
$11,070
$14,130
$20,280
$18,530
$17,54
0
$780
$930
$1,410
$860
$520
Average Aid in 2020 Dollars
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
Average Grant Aid
Average Other Aid
Average Federal Loans
00-01 02-03 04-05 06-07 08-09 10-11 12-13 14-15 16-17 18-19 20-21
Graduate Students
$6,490
$6,780
$8,020
$8,540
$8,860
$11,070
$14,130
$20,280
$18,530
$17,54
0
$780
$930
$1,410
$860
$520
Average Aid in 2020 Dollars
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
Average Aid in 2020 Dollars
Undergraduate Students
Average Grant Aid
Average Other Aid
Average Federal Loans
00-01 02-03 04-05 06-07 08-09 10-11 12-13 14-15 16-17 18-19 20-21
$4,740
$5,580
$8,190
$9,110
$10,05
0
$3,680
$4,610
$6,160
$5,120
$3,780
$750
$820
$1,740
$1,410
$970
in 2010-11 for both undergraduate and graduate
student declined to $3,780 in 2020-21, from a peak
2020-21, from a peak of $20,280 in 2010-11.
ALSO IMPORTANT:
In 2020-21, most of the “Other Aid” for both
undergraduate and graduate students was from
education tax credits. About 10% was from
Work-Study.
Loans reported here include only federal loans to
students and parents. Grants from all sources are included.
“Other Aid” includes federal education tax credits and
graduate shares of some forms of aid are estimates based on
NPSAS data. Dollar values are rounded to the nearest $10.
Trends in Student Aid website (research.collegeboard.
org/trends), Table SA-3.
research.collegeboard.org/trends.
33
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,
2000-01 to 2020-21
4%
5%
33%
26%
32%
2%
63%
69%
66%
10%
6%
30%
64%
40%
49%
Grants
Loans
Other Aid
Undergraduate Students
Graduate Students
Percentage of Total Funds
0%
20%
40%
60%
80%
100%
Other Aid
Loans
Grants
Percentage of Total Funds
0%
20%
40%
60%
80%
100%
20-2118-1916-1714-1512-1310-1108-0906-0704-0502-0300-01
20-2118-1916-1714-1512-1310-1108-0906-0704-0502-0300-01
49%
44%
8%
Nonfederal loans are included to show the total education borrowing by students
deductions. Percentages may not sum to 100 because of rounding.
Trends in Student Aid website (research.collegeboard.org/trends), Table SA-4.
Grants rose from 49% of total funding in 2010-11 to
64% in 2020-21 for undergraduate students.
Between 2000-01 and 2020-21, loans consistently
made up 63% to 70% of the funds graduate students
their studies.
Grants have been the source of 26% to 33% of
funding for graduate students over this 20-year
period.
aid and nonfederal loans for undergraduate students
and 2% for graduate students.
ALSO IMPORTANT:
increased by 6% and total loan volume fell by 40%
between 2010-11 and 2020-21, after adjusting for
by 19% and total loan volume fell by 7% between
2010-11 and 2020-21. (Table SA-1 online)
34
research.collegeboard.org/trends.
Total Undergraduate Student Aid
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
$50
$100
$150
Billions of 2020 Dollars
$200
Federal Veterans’
Benets
Institutional
Grants
Private and
Employer Grants
Federal Loans
Federal Education
Tax Benets
FWS and FSEOG
$0
13% 15%
16%
15%
15%
14%
13%
14%
14%
18%
19%
18%
17%
17%
17%
16%
15%
16%
15% 15% 15%
4%
5%
5%
6%
6%
6%
6%
6%
5%
6%
5%
5%
8%
8%
8%
7%
7%
7%
8%
7%
6%
5%
5%
5%
5%
5%
6%
6%
6%
6%
7%
7%
7%
21%
19%
18%
19%
19%
20%
21%
21%
18%
16%
16%
18%
20%
21%
23%
24%
26%
27%
29%
30%
33%
7%
7%
7%
7%
7%
7%
7%
7%
6%
5%
5%
5%
5%
6%
6%
6%
7%
7%
7%
7%
7%
40%
39%
40%
41%
42%
42%
41%
41%
44%
40%
38%
38%
37%
36%
34%
33%
32%
30%
29%
28%
26%
7%
7%
7%
7%
7%
7%
6%
6%
8%
10%
10%
10%
9%
9%
9%
9%
8%
7%
7%
6%
6%
$88.6
$95.7
$105.8
$116.4
$122.4
$124.2
$125.8
$133.3
$159.9
$202.3
$219.7
$213.2
$207.3
$205.3
$201.8
$199.5
$194.7
$193.6
$189.4
$186.4
$175.1
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
Federal Pell
Grants
State Grants
Percentages may not sum to 100 because of rounding.
Trends in Student Aid website (research.collegeboard.org/trends), Table SA-1 online.
Between 2010-11 and 2020-21, institutional grant aid increased
by 62% ($22.0 billion in 2020 dollars).
Between 2010-11 and 2020-21, federal loans declined by 47%
($39.4 billion in 2020 dollars) and federal Pell Grants declined by
39% ($16.4 billion in 2020 dollars).
ALSO IMPORTANT:
Between 2010-11 and 2020-21, undergraduate enrollment
decreased by 13% while total grant aid to undergraduate students
increased by 6% and total aid (including grants, loans, and other
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)
research.collegeboard.org/trends.
35
Total Graduate Student Aid
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
$0
$10
$20
$30
$40
$50
$60
Billions of 2020 Dollars
Federal
Work-Study
Federal Loans
Private and
Employer Grants
Institutional
Grants
Federal
Education
Tax Benets
Federal Veterans’
Benets
State Grants
24%
11%
60%
4%
$26.5
22%
10%
61%
4%
$27.6
20%
10%
65%
4%
$30.3
18%
9%
66%
4%
$33.5
18%
10%
66%
4%
$36.3
19%
11%
65%
4%
$38.0
18%
11%
65%
4%
$42.0
17%
12%
66%
3%
$46.8
17%
11%
67%
4%
$51.1
16%
9%
68%
5%
$57.8
16%
9%
68%
5%
$61.4
17%
9%
68%
3%
$60.3
3%
18%
9%
67%
3%
$58.6
3%
18%
8%
67%
3%
$59.1
3%
19%
8%
66%
3%
$58.1
3%
19%
7%
66%
3%
$58.8
3%
20%
7%
66%
3%
$59.8
3%
21%
7%
66%
$60.1
3%
21%
7%
65%
$59.9
3%
22%
7%
65%
$60.0
3%
22%
7%
65%
$59.8
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
Percentages may not sum to 100 because of rounding.
Trends in Student Aid website (research.collegeboard.org/trends), Table SA-1 online.
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
from federal loans.
Between 2000-01 and 2010-11, federal loans for graduate
students more than doubled, increasing from $16.0 billion to $41.9
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.
ALSO IMPORTANT:
Between 2010-11 and 2020-21, graduate enrollment increased by
7% while total grant aid to graduate students increased by 19%
and total aid (including grants, loans, and other aid) decreased
by 3%. Over this decade, average grant aid per graduate student
increased by 10% ($840) and average total aid per graduate
student decreased by 9% ($2,790). (Table SA-3 online)
36
research.collegeboard.org/trends.
Sources of Grant Aid
The total amount of grant aid supporting postsecondary students increased by 133% (after adjusting for
total of $138.6 billion.
FIGURE SA-5 Total Grant Aid in 2020 Dollars by Source of Grant, 2000-01 to 2020-21
$0
$30
$60
$90
$120
Grants in Billions of 2020 Dollars
State Grants
Private and
Employer
Grants
Institutional
Grants
Federal Grants
27%
44%
16%
13%
$55.2
30%
42%
16%
13%
$59.6
32%
39%
16%
13%
$64.5
32%
40%
16%
12%
$69.7
31%
41%
16%
13%
$73.0
29%
42%
17%
12%
$74.8
28%
43%
17%
13%
$78.4
28%
43%
17%
12%
$83.6
30%
42%
16%
11%
$91.1
41%
37%
13%
9%
$115.5
44%
35%
12%
9%
$128.4
41%
38%
13%
9%
$126.0
39%
40%
13%
8%
$128.2
38%
41%
13%
8%
$130.2
36%
43%
12%
9%
$132.4
34%
45%
13%
9%
$134.1
32%
47%
13%
9%
$134.2
31%
47%
13%
9%
$138.7
30%
48%
13%
9%
$140.3
29%
49%
12%
9%
$141.6
27%
51%
12%
9%
$138.6
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
Percentages may not sum to 100 because of rounding.
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. Institutional grants accounted for about half of all grant
aid for undergraduate and graduate students in 2020-21.
In 2000-01, federal grants constituted 27% of total grant aid
for undergraduate and graduate students. This share peaked at
44% in 2010-11 and declined to 27% in 2020-21.
Since 2009-10, state grant aid was between 8% and 9% of all
grant aid. Total state grant aid grew by 56% (after adjusting for
over the decade ending in 2020-21.
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.
ALSO IMPORTANT:
Grant aid for veterans increased from 21% of federal grant aid
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)
and graduate students combined. In 2020-21, 8% of graduate
student grant aid came from the federal government in the form
of aid to veterans, 68% from institutions, 21% from employers and
students, the percentages were 31% federal, 48% institutional,
10% private and employer, and 11% state. (Table SA-1 online)
research.collegeboard.org/trends.
37
Types of Loans
Total education borrowing declined for the tenth consecutive year in 2020-21. In 2020-21, total education
borrowing peaked in 2010-11.
FIGURE SA-6
$0
$30
$60
$90
$120
20-2119-2018-1900-01 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
Loans in Billions of 2020 Dollars
Nonfederal Loans
Perkins Loans
Grad PLUS Loans
Parent PLUS
Loans
Federal
Unsubsidized
Loans
Federal
Subsidized
Loans
42%
40%
38%
37%
35%
33%
31%
32%
34%
35%
36%
35%
25%
24%
23%
22%
20%
20%
19%
18%
17%
33%
34%
33%
32%
32%
32%
30%
30%
41%
43%
41%
41%
50%
50%
49%
48%
47%
46%
46%
46%
48%
9%
9%
10%
10%
11%
11%
10%
8%
8%
8%
9%
10%
9%
9%
10%
11%
12%
12%
12%
12%
10%
4%
5%
6%
6%
7%
7%
8%
8%
9%
10%
10%
11%
12%
13%
14%
16%
18%
20%
23%
25%
25%
12%
8%
7%
7%
8%
9%
9%
10%
11%
11%
13%
14%
13%
$59.3
$63.8
$73.5
$84.8
$94.1
$99.2
$104.6
$113.6
$117.8
$130.5
$135.1
$132.8
$126.2
$123.2
$117.7
$116.0
$114.3
$111.2
$107.6
$105.7
$95.9
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.
Total annual student and parent borrowing for postsecondary
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,
to $95.9 billion in 2020-21.
Between 2010-11 and 2020-21, federal Direct subsidized and
unsubsidized student loans fell by $42.1 billion (40%) and borrowing
through parent PLUS declined by $2.6 billion (20%). Total Grad
PLUS borrowing increased by $3.4 billion (41%) over the decade.
Students borrow nonfederal education loans from banks, credit
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.
ALSO IMPORTANT:
There are no credit requirements for subsidized and
unsubsidized Direct Loans. To qualify for PLUS loans, borrowers
or more delinquent on any debts greater than $2,085 or being
the subject of default determination, bankruptcy discharge,
foreclosure, repossession, tax lien, wage garnishment, or write-
date of the credit report.
38
research.collegeboard.org/trends.
Federal Aid
over $4,200 per Pell Grant recipient. There were 6.2 million Pell Grant recipients compared with 614,000
FIGURE SA-7
Received), 2020-21
Number of Recipients (in Millions)
9.4
million
6.2
million
6.8
million
4.3
million
5.9
million
1.6
million
579,000
614,000
0
2
4
6
8
10
Post/9-11
GI Bill
Veterans’
Benets
($15,780)
Federal
Work-Study
($1,950)
FSEOG
($530)
Direct
Unsubsidized
Loans
($7,730)
Direct
Subsidized
Loans
($3,780)
Direct
Subsidized
and
Unsubsidized
Loans
($9,100)
Federal
Pell
Grant
($4,220)
Estimated
Federal
Education Tax
Benets
($1,460)
Federal Aid Programs (with Average Aid per Recipient)
2019-20 and represent federal funds only. Institutions provide matching funds so the awards that
students receive under these programs are larger than these federal aid amounts.
See page 51 for a list of sources of data on federal aid programs.
FIGURE SA-8
24%
17%
11%
5%
34%
38%
45%
41%
51%
27%
33%
41%
28%
39%
42%
68%
33% 37% 17% 13%
9%
3%
15%
15%
6%
6%
Pell Grants
FSEOG
Federal
Work-Study
Direct
Subsidized Loans
Direct
Unsubsidized Loans
Parent
PLUS Loans
Grad PLUS Loans
Public Two-Year Public Four-Year Private Nonprot For-Prot
enrolled in foreign institutions. Percentages may not sum to 100 because of rounding.
See page 51 for a list of sources of data on federal aid program.
In 2020-21, the total number of borrowers in
the subsidized and unsubsidized Direct Loan
programs was 6.8 million—less than the sum of
the number of recipients in each program because
many borrowers participated in both programs.
In 2019-20, public two-year college students,
undergraduate enrollment, received 33% of Pell
Grant funds.
accounted for 20% of undergraduate and 24% of
68% of Grad PLUS loans, 42% of Parent PLUS
ALSO IMPORTANT:
are for undergraduates only. Grad PLUS loans are
for graduate students only. Parent PLUS loans
Direct Unsubsidized loans, and Post-9/11 GI Bill
graduate students.
In 2012-13, 41% of Post-9/11 GI Bill veterans’
Students
Students
Public Two-Year 31% 26%
43% 44%
20% 24%
6% 6%
research.collegeboard.org/trends.
39
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
Unsubsidized, and PLUS Loans in Billions of 2020 Dollars,
2005-06 to 2020-21, Selected Years
$50.4
$83.4
$64.4
$44.7
$24.1
$41.7
$38.7
$39.0
$0
$20
$40
$60
$80
2005-06 2010-11 2015-16 2020-21 2005-06 2010-11 2015-16 2020-21
Undergraduate Graduate
Total Annual Amount Borrowed
in Billions of 2020 Dollars
PLUS
Unsubsidized
Subsidized
$21.9
$17.6
$10.8
$34.4
$36.4
$12.6
$25.1
$26.3
$13.1
$16.3
$18.4
$10.5
$13.7
$29.1
$9.7
$27.3
$11.6
$13.9
$19.6
$8.3
$10.0
FIGURE SA-9B
Unsubsidized, and PLUS Loans in 2020 Dollars, 2005-06
to 2020-21, Selected Years
$0 $5,000 $10,000 $15,000 $20,000 $30,000$25,000
Average Annual Amount Borrowed in 2020 Dollars per Borrower
2020-21
2015-16
2010-11
2005-06
$14,290
$23,790
$15,160
$25,450
$16,640
$26,880
$17,810
Undergraduate
Graduate
Subsidized and
Unsubsidized
$6,580
$20,980
$21,230
$7,500
$20,210
$7,200
$18,800
$6,470
Graduate
Undergraduate
PLUS
$0
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
PLUS Undergraduate 759 829 785 561
Graduate — 347 379 432
Total 759 1,177 1,165 994
The share of annual federal education loans going
to graduate students (who constitute about 16%
of all postsecondary students) rose from 32%
($24.1 billion out of $74.5 billion in 2020 dollars) in
2005-06 to 47% ($39.0 billion out of $83.7 billion)
in 2020-21.
In 2020-21, undergraduates taking subsidized
and/or unsubsidized loans borrowed an average
of $6,470—$1,030 less (in 2020 dollars) than a
decade earlier and $730 less than in 2015-16.
In 2020-21, 432,000 graduate students borrowed
through the grad PLUS program; 1.5 million
borrowed unsubsidized loans. The average
amount borrowed through the PLUS program was
$8,080 higher than the average unsubsidized loan
($26,880 vs. $18,800).
ALSO IMPORTANT:
The aggregate federal student loan limit for
dependent undergraduate students is $31,000.
No more than $23,000 can be subsidized loans.
Independent students and dependent students
whose parents are not eligible for parent PLUS
loans can borrow an additional $26,500 in
unsubsidized loans.
Graduate and professional students can borrow up
to a lifetime total of $138,500 from the subsidized
and unsubsidized loan programs, including their
are enrolled, they can borrow up to the full cost
of attendance not covered by grant aid, including
living expenses and books and supplies in addition
to tuition and fees through the grad PLUS program.
Like the grad PLUS program, the parent PLUS
program allows borrowing to cover students’ entire
budgets less grant aid received for an unlimited
number of years of enrollment.
Graduate students became eligible to borrow PLUS Loans
because of rounding.
Trends in Student Aid website
(research.collegeboard.org/trends), Table SA-6.
40
research.collegeboard.org/trends.
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,
Percentage
of Borrowers
Percentage
of Debt
Outstanding Borrower Debt Balance
9%
13%
$40,000 to $59,999
2%
17%
$200,000 or More
5%
20%
$100,000 to $199,999
3%
8%
$80,000 to $99,999
6%
11%
$60,000 to $79,999
21%
17%
$20,000 to $39,999
21%
9%
$10,000 to $19,999
17%
3%
$5,000 to $9,999
16%
1%
Less than $5,000
FIGURE SA-11
Subsidized and Unsubsidized Student Loans, 2010-11, 2015-16,
and 2020-21
4%74% 5% 16%
6%69% 5% 21%
9%63% 7% 21%
Percentage of Undergraduate Students
Academic Year
Both Subsidized and
Unsubsidized Loans
Unsubsidized
Only
Subsidized
Only
No Loans
2010-11
2015-16
2020-21
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.
Current Term
Enrollment Estimates: Spring 2021;
Title IV Program Volume Reports and Aid Recipients Summary; calculations by the authors.
As of March 2021, 54% of borrowers owed less
than $20,000. These borrowers held 13% of the
outstanding federal debt.
In 2020-21, 26% of undergraduate students
31% in 2015-16 and 37% in 2010-11.
In 2020-21, 4% of undergraduate students
borrowed subsidized loans only, 5% borrowed
unsubsidized loans only, and 16% borrowed from
both programs.
ALSO IMPORTANT:
among borrowers entering repayment in 2010-11,
the three-year default rate ranged from 24%
for those owing $5,000 or less to 7% for those
owing $40,000 or more. Two-thirds of those who
defaulted owed $10,000 or less. (Trends in Student
Aid 2016
The share of undergraduate students borrowing
federal student loans rose steadily from 23% in
2001-02 to 38% in 2011-12. Since 2011-12, the
share borrowing has declined each year, to 26%
in 2020-21.
Total Balance
(in Billions)
Number of
Borrowers
(in Millions)
Average
Balance
$200,000 or More $271.3 0.9 $301,400
$100,000 to $199,999 $324.2 2.4 $135,100
$80,000 to $99,999 $125.3 1.4 $89,500
$60,000 to $79,999 $179.9 2.6 $69,200
$40,000 to $59,999 $208.7 4.3 $48,500
$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
Less than $5,000 $19.4 7.3 $2,700
Total $1,593.8 45.4 $35,100
research.collegeboard.org/trends.
41
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
2021 (45.4 Million)
2017 (44.7 Million)
10%
7%
19%
17%
36%
31%
34%
33%
36%
38%
30%
31%
14%
17%
13%
14%
4%
6%
4%
2019 (45.2 Million)
18% 33% 31% 13% 4%
5%
Borrowers
2021 ($1.59 Trillion)
2017 ($1.34 Trillion)
8% 34% 38% 16% 5%
2019 ($1.48 Trillion)
Dollars
Fiscal Year
(Total Debt/Borrowers in Each Year)
24 and Younger 25 to 34 35 to 49 62 and Older50 to 61
FIGURE SA-12B Distribution of Borrowers by Outstanding Balance and Age,
24 or Younger 25 to 34 35 to 49 62 and Older50 to 61
19%
28%
22%
17%
4%
2%
2%
2%
32%
30%
34%
37%
36%
30%
24%
25%
33%
29%
25%
27%
30%
40%
45%
47%
44%
40%
14%
12%
12%
12%
16%
17%
20%
22%
20%
7%
5%
4%
4
%
5%
5%
6%
7%
8%
Less than $5,000
$5,000 to $9,999
$10,000 to $19,999
$20,000 to $39,999
$40,000 to $59,999
$60,000 to $79,999
$80,000 to $99,999
$100,000 to $199,999
$200,000 or More
Outstanding Borrower Debt Balance
Loan Portfolio.
As of March 2021, 19% of the 45.4 million borrowers
were age 50 and older, holding 23% of all the
outstanding federal loan debt. In 2017, 17% of
borrowers were in this age group, holding 18% of all
outstanding federal loan debt.
Among the group of borrowers with outstanding
debt balances of $200,000 or more, one-third are
under age 35 and 28% are over age 50.
Among the group of borrowers with outstanding
debt balances of $5,000 or less, about half are over
age 35 including 21% over age 50.
ALSO IMPORTANT:
debt held by student borrowers who borrowed for
their own education and parent borrowers who
borrowed for their children’s education through
Parent PLUS loans.
Total Balance
(in Billions)
Number of
Borrowers
(in Millions)
Average
Balance
24 and Younger $113.7 7.5 $15,200
25 to 34 $500.6 14.9 $33,600
35 to 49 $613.0 14.3 $42,900
50 to 61 $273.7 6.3 $43,400
62 and Older $92.7 2.4 $38,600
42
research.collegeboard.org/trends.
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
0%
20%
40%
60%
Repayment Plan
Dollars Borrowers
Income Driven
Dollars Borrowers
Level Payments,
10 Years or Less
Dollars Borrowers
Level Payments,
More Than 10 Years or
Alternative
Dollars Borrowers
Graduated Payments
54%
34%
49%
29%
18%
32%
26%
37%
21%
47%
58%
42%
13%
15%
13%
10%
10%
12%
12%
13%
11%
14%
13%
14%
20182015 2021
loans, recipients may be counted multiple times across varying loan statuses. Income-driven plans
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.
Loan Portfolio.
FIGURE SA-13B
56%
68%
17%
11%
15%
9%
8%
9%
3%
2%
1%
1%
Percentage of Borrower
s
Percentage of Dollars
Repayment
Grace
Deferment
In-School
Repayment Status
Default
Forbearance
Loan Portfolio.
In March 2021, 32% of borrowers in repayment on
federal Direct loans were in IDR plans, up from 18%
in 2015 and 29% in 2018.
suspended federal student loan payments, ended
collections on defaulted federal student loans, and
suspended interest accrual on all federal student
loans through January 31, 2022. As a result, 56% of
borrowers (and 68% of outstanding dollars) were in
forbearance in March 2021. The average balance on
these loans was $40,900.
In March 2021, 17% of borrowers (and 11% of
outstanding dollars) were in default. The average
balance on defaulted loans was $21,700, compared
with $33,500 for all outstanding loans.
Total Balance
(in Billions)
Number of
Borrowers
(in Millions)
Average
Balance
$977.3 23.9 $40,900
Default $158.5 7.3 $21,700
In-School $125.9 6.4 $19,700
Deferment $122.6 3.3 $37,200
Grace $22.3 1.2 $18,600
Repayment $17.7 0.5 $35,400
Other $9.0 0.2 $45,000
Total $1,433.3 42.8 $33,500
payment temporarily suspended or
days delinquent; In-School: borrower is still enrolled, loans are
not in repayment; Deferment: payments postponed because
of economic hardship, military service, or returning to school;
Grace: six-month period after borrower is no longer enrolled at
least half time; Repayment: in active repayment status. “Other”
category includes loans that are in non-defaulted bankruptcy
and in a disability status.
research.collegeboard.org/trends.
43
Cumulative Debt: Bachelor’s Degree Recipients
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
Institutions, 2004-05 to 2019-20, Selected Years
$10,000
$20,000
$30,000
Average Cumulative Debt in 2020 Dollars
Academic Year (Percentage of Graduates Who Borrowed)
$0
$10,000
$20,000
$30,000
2019-20 (55%)2014-15 (60%)2009-10 (56%)2004-05 (55%)
2019-20 (57%)2014-15 (63%)2009-10 (66%)2004-05 (64%)
Academic Year (Percentage of Graduates Who Borrowed)
$12,900
$23,600
$14,500
$25,800
$17,400
$29,200
$14,500
$26,700
Public Four-Year
Private Nonprot Four-Year
$19,400
$30,100
$21,500
$32,700
$21,700
$34,300
$19,000
$33,600
Per Borrower Per Degree Recipient
Average Cumulative Debt in 2020 Dollars
$0
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.
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
Percentage
with Debt
Average Debt
per Borrower
Average Debt
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
In 2019-20, 55% of bachelor’s degree recipients
from public four-year institutions graduated with
debt and had an average debt level of $26,700;
57% of bachelor’s degree recipients from private
debt and had an average debt level of $33,600.
Between 2014-15 and 2019-20, the average
cumulative student debt levels and the shares
of bachelor’s degree recipients who borrowed
declined in both sectors.
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
sectors combined.
ALSO IMPORTANT:
Students who earn their bachelor’s degrees at
are more likely to borrow and accumulate higher
average levels of debt than those who graduate
colleges. (Trends in Student Aid 2018
their bachelor’s degrees at the institutions in which
44
research.collegeboard.org/trends.
44
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
Students Receiving Pell Grants, 2010-11 to 2020-21
20.8
Pell Recipients
12-Month Undergraduate Headcount Enrollment
20-2119-2018-1917-1816-1715-1614-1513-1412-1311-1210-11 19-2018-1917-1816-1715-1614-1513-1412-1311-1210-11
10
5
15
20
25
Millions of Students
0
30%
25.2
24.8
24.1
23.7
23.2
22.8
22.5
22.2
22.0
21.8
37% 38% 37% 37% 36% 34% 32% 32% 31% 31%
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.
Current Term
Enrollment Estimates: Spring 2021Federal Pell Grant Program
End-of-Year Report,
Data Center, Title IV Program Volume Reports and Aid Recipients Summary; calculations by
the authors.
FIGURE SA-15B
1980-81 to 2020-21
Total Pell Expenditures in Billions of 2020 Dollars
Number of Pell Recipients (in Millions)
$0
$10
$20
$30
$40
$50
$40
0
2
4
6
8
10
20-2110-11 15-1605-0600-0195-9690-9185-8680-81
Number of Recipients (Millions)
Total Pell Expenditures (Billions)
$7.5
$8.7
$9.8
$9.3
$12.0
$16.8
$42.3
$31.2
$26.0
2.7
2.8
3.4
3.6
3.9
5.2
9.3
9.4
7.7
6.2
The number of undergraduates declined by 4.0
million (16%) between 2011-12 and 2020-21. The
number of Pell Grant recipients declined by 3.3
million (35%) over these nine years.
Total Pell Grant expenditures were 39% lower in
2020-21 than in 2010-11 ($26.0 billion vs. $42.3
billion in 2020 dollars). The number of Pell Grant
recipients was 34% lower (6.2 million vs. 9.3 million)
in 2020-21 than in 2010-11.
Between 2019-20 and 2020-21, the number of
Pell Grant recipients declined by 9% and total Pell
Grant expenditures decreased by 10%. While 31%
of undergraduates received Pell Grants in 2019-20,
30% received it in 2020-21.
ALSO IMPORTANT:
Changes in Pell Grant expenditures result from
changes in the legislated maximum grant, the
formula for determining families’ ability to pay, the
number of enrolled students, the share of students
of students and families.
Federal Pell Grant
Program End-of-Year Report, 1979-80 through 2017-18; U.S.
Title IV Program Volume Reports and Aid Recipients Summary;
calculations by the authors.
research.collegeboard.org/trends.
45
Pell Grants
in 2001-02.
FIGURE SA-16
Dollars, 2001-02 to 2021-22
01-02 06-07 11-12 16-17 21-22
$3,360
$5,690
$4,220
$6,495
$10,740
$22,690
$38,070
$51,690
$5,720
$13,710
$26,380
$36,210
$4,090
$9,890
$6,630
$20,510
$33,320
$45,370
$0
$10,000
$20,000
$30,000
$40,000
$50,000
2021 Dollars
Private Nonprofit Four-Year
Tuition and Fees
Maximum Pell Grant
Average Pell Grant
per Recipient
Private Nonprofit Four-Year
Tuition and Fees and Room and
Board
Public Four-Year Tuition
and Fees
Public Four-Year
Tuition and Fees and Room and
Board
College Board, Trends in College Pricing 2021, Table CP-2 online. U.S. Department
Federal Pell Grant Program End-of-Year Report, 2001-02 through 2017-18; U.S.
and Aid Recipients Summary; calculations by the author.
The maximum Pell Grant is the most frequently
cited measure of per-student subsidies provided
by the program. However, most students receive
smaller grants because they are enrolled part time
or because their family incomes and assets reduce
their aid eligibility.
In 2021-22, the maximum Pell Grant covers 60%
of average published in-state tuition and fees and
29% of average tuition, fees, room, and board at
public four-year colleges and universities.
In 2021-22, the maximum Pell Grant covers 17%
of average published tuition and fees and 13% of
average tuition, fees, room, and board at private
ALSO IMPORTANT:
Between 2011-12 and 2021-22, published tuition
and fees increased by 9% at public four-year
institutions, while the maximum Pell Grant fell by
Maximum Pell Grant as a Percentage of Published Prices
in 2021 Dollars, 2001-02 to 2021-22, Selected Years
In-State
Tuition and
Tuition
Room and
Board
Tuition and
Tuition
Room and
Board
2001-02 99% 42% 22% 16%
2006-07 70% 32% 18% 13%
2011-12 67% 32% 20% 15%
2016-17 60% 29% 17% 13%
2021-22 60% 29% 17% 13%
46
research.collegeboard.org/trends.
State Grants
year since 2012-13.
FIGURE SA-17A
1979-80 to 2019-20
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%
$200
$0
$400
$600
$800
Average State Grant per FTE
Undergraduate Student
Need-Based
Non-Need-Based
79-80 84-85 89-90 94-95 99-00 04-05 09-10 14-15 19-20
$410
$420
$440
$550
$650
$780
$760
$810
$980
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
0%
9%
17%
51%
74%
95%
100%
100%
0%
20%
40%
60%
80%
100%
Percentage of State Grants
Based on Financial Need
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
Kan
sas
Maine
Montana
Rhode Island
Texas
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 allocating at least 95% of their state grant aid. Twelve states
circumstances when awarding less than half of their state grant aid.
research.collegeboard.org/trends.
47
State Grants
eight states to over $1,000 in 18 states.
FIGURE SA-18A
$2,480
Montana
Georgia
$10
$180
$980
$0
$500
$1,000
$1,500
$2,000
State Grant Aid per FTE Student
$2,470
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
District of Columbia
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
award state grant aid to their residents who attend colleges outside the state.
NASSGAP Annual Survey, 2019-20, Tables 1 and 12.
FIGURE SA-18B
13%
34%
35%
<1%
Grant Aid as a Percentage
of Fiscal Support
0%
10%
20%
30%
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
Tex a s
United States
California
New York
Colorado
Florida
Indiana
West Virginia
Washington
Pennsylvania
Tennessee
Vermont
New Jersey
Georgia
Kentucky
Virginia
Louisiana
South Carolina
District of Columbia
State grant expenditures include funding for both undergraduate and graduate students.
NASSGAP Annual Survey, 2019-20, Table 14.
circumstances. South Carolina, the second most generous state,
7B)
Overall, state grant expenditures constituted 13% of total state
support for higher education in 2019-20.
ALSO IMPORTANT:
Georgia) accounted for 48% of all state grant aid dollars, with
California accounting for 19% of the total.
48
research.collegeboard.org/trends.
Average Institutional Grant Aid by Sector
from $9,890 (in 2018 dollars) to $18,210.
FIGURE SA-19A
06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15 15-16 16-17 18-1917-18
$9,890
$14,170
$18,210
$1,650
$2,640
$3,520
$200 $250
$360
$0
$5,000
$10,000
$15,000
$20,000
Average Institutional Grant Aid per Student
Private
Nonprot
Four-Year
Public
Four-Year
Public
Two-Year
FIGURE SA-19B
Receiving Institutional Grant Aid, 2006-07 to 2018-19
06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15 15-16 16-17 18-1917-18
0%
20%
40%
60%
80%
100%
Percentage of Students Receiving Institutional Grant Aid
Private
Nonprot
Four-Year
Public
Four-Year
Public
Two-Year
73%
80%
82%
35%
46%
55%
12%
12%
17%
Between 2006-07 and 2018-19, average
at public four-year institutions more than doubled
Between 2006-07 and 2018-19, average
at public two-year institutions increased by 80%
undergraduate students receiving institutional
grant aid were 17% at public two-year, 55% at
four-year institutions.
Between 2006-07 and 2018-19, the share of
institutional grant aid increased in all three sectors,
with the largest increase in the public four-year
sector, from 35% in 2006-07 to 55% in 2018-19.
research.collegeboard.org/trends.
49
Higher Education Emergency Relief Fund
FIGURE SA-20A
Average HEERF I Funding Per FTE Student
$0
$1,000
$2,000
$3,000
$910
$730
$710
$210
$1,030
$590
$1,730
$920
$670
$540
$690
$2,630
$680
$1,000
$2,750
$1,220
Public Two-Year Public Four-Year Private Nonprot
Four-Year
For-Prot
All < 30% 30%–59% >=60%
Share of Undergraduates with Pell:
FIGURE SA-20B
Students By Sector
Public Four-Year
Private Nonprot Four-Year
Public Two-Year
For-Prot
0%
20%
40%
60%
100%
80%
Funds FTE Students
4%
29%
18%
48%
5%
27%
23%
45%
data, 2019.
part of the March 2020 Coronavirus Aid, Relief, and
institutions with Pell enrollments less than 30% of
the undergraduate student body, while it was $2,750
at institutions where Pell enrollment was 60%
or higher.
2020. Public four-year institutions accounted for
of funding.
ALSO IMPORTANT:
The Coronavirus Response and Relief Supplemental
Appropriations Act, signed into law on December 27,
ope/crrsaa.html)
The American Rescue Plan, signed into law on March
ope/arp.html)
50
research.collegeboard.org/trends.
Notes and Sources: Trends in College Pricing
THE ANNUAL SURVEY OF COLLEGES
four-year sectors in this report are based on data collected by College
course of a nine-month academic year of 30 semester hours or 45
quarter hours.
ENROLLMENT-WEIGHTED AND UNWEIGHTED DATA
This report provides enrollment-weighted average tuition prices.
Charges of institutions with larger full-time enrollments are weighted
more heavily than those of institutions with smaller enrollments.
phenomena. The weighted averages may be more helpful to students
and families in anticipating future education expenses. Some researchers,
useful in studying longitudinal trends and evaluating a particular
institution’s practices against a larger set. Thus, we compute both
weighted and unweighted averages. Tables reporting unweighted tuition
data can be found online at research.collegeboard.org/trends.
Weighted averages of tuition prices are based on relevant populations:
In-state tuition and fees are weighted by full-time undergraduate
enrollment.
Out-of-state tuition and fees are calculated by adding the nonresident
premium, weighted by full-time out-of-state enrollment, to average
in-state tuition and fees.
In Trends in College Pricing 2019 and earlier editions, room and board
charges as well as other expenses 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.
Books and supplies were weighted by full-time undergraduate enrollment.
median one-year percent change to the previous year’s average.
LONGITUDINAL DATA
In online Table CP-2, tuition averages for years prior to 1987-88 are
full-time equivalent enrollments, while the Annual Survey of Colleges
and fee data may be based on 24 semester hours while the Annual Survey
of Colleges data are based on 30 semester hours.
NET PRICE CALCULATIONS
calculated by subtracting from published prices average grant aid per
College Board’s Annual Survey of Colleges. Average grant aid is
federal, state, and institutional grants.
This year’s net prices are not comparable with those reported in
Trends in College Pricing 2019 and earlier editions because of changes
in methodology.
INFLATION ADJUSTMENT
We use the annual Consumer Price Index for all urban consumers (CPI-U)
at the time of analysis, we estimate the 2021 CPI by assuming an annual
August 2021 CPI from the same months in 2020. In prior years, we used
CPI-U over time. Online Table CP-A1 provides CPI data used to adjust
51
research.collegeboard.org/trends.
Notes and Sources: Trends in Student Aid
Campus-Based Aid (FWS, Perkins, and FSEOG) and ACG/SMART
Grants:
institutional grants. No funds were appropriated for new federal capital
for schools to make new Perkins loans ended on September 30, 2017.
Federal Tax Credits and Deductions: Statistics of Income, Individual
Complete Report (Publication 1304), Tables 1.3, 1.4, and 3.3. Data on
education tax credits are authors’ estimates based on IRS data on the
volume of Hope, Lifetime Learning, and American Opportunity credits
for tax years 1998 and later. A portion of nonrefundable dollars claimed
on nontaxable returns is excluded to account for credits that do not
reduce tax liability. Tax deductions are based on IRS Statistics of Income
Table 1.4. The savings from the tuition tax deduction are estimated by the
authors based on the marginal tax rates applied to the taxable income of
the taxpayers in each income bracket claiming the deduction on taxable
returns. Calendar year amounts are split between the two associated
academic years.
Federal Subsidized and Unsubsidized Student Loans:
2009-10 and prior: unpublished data provided by the U.S. Department
Center will continue to update the loan volume after each academic
year ends, we adjusted the 2020-21 data (released in late 2021) using
the average of the percentage changes between: (1) July 2020 and July
2021 for the reported 2019-20 loan volume; (2) July 2019 and July 2020
for the reported 2018-19 loan volume; and (3) July 2018 and July 2019
for the reported 2017-18 loan volume.
Prior to 1993-94, federal Subsidized and Unsubsidized loans for
students were made by banks and other private lenders and guaranteed
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.
Institutional Grants:
and are updated each year as additional information becomes available.
Nonfederal Loans:
from MeasureOne. Between 2011-12 and 2016-17, we supplemented
these data with information from the Consumer Bankers Association
on information provided by lenders supplemented by data from annual
reports and from National Postsecondary Student Aid Study (NPSAS).
as well as a survey of institutions conducted for College Board by the
We no longer report state and institutional loans separately from private
loans because of changes in MeasureOne’s methodology and data
availability issues.
Pell Grant Program: Federal Pell Grant Program
End-of-Year Report
Title IV Program Volume Reports.
Private and Employer Grants:
in NPSAS and College Board’s Annual Survey of Colleges.
State Grant Programs: 20th through 51st Annual Survey Reports
of the National Association of State Student Grant and Aid Programs
(NASSGAP) for 1988-89 to 2019-20 and estimated for 2020-21.
Veterans’ Benefits:
education and training to veterans and their dependents, including the
Post-9/11 GI Bill established in 2009-10 and all programs established
earlier. The Iraq and Afghanistan Service Grants program, begun in
2010-11, provides non-need-based grants for students whose parent
Afghanistan as a result of performing military service after Sept. 11,
About College Board
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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
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
visit www.collegeboard.org.
Trends in Higher Education
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.
trends@collegeboard.org.
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MAR-1311-2021
October 2021
