Report Shows RI State Colleges’ Tuition Among Highest in US
Friday, October 25, 2013
The College Board released data this week that showed both "Trends in College Pricing" and "Trends in Student Aid", which showed that as of the 2013-2014 school year, Rhode Island had the 9th highest in-state tuition average in the country for a public four year institution, at $10,922 -- and the amount marked a five year change of 33% in tuition and fees, in inflation adjusted dollars.
The highest in-state tuition average for a public four-year institution is New Hampshire at $14,665; the lowest is Wyoming at $4,404.
See New England States Aid and Tuition Comparisons BELOW
"While the tuition at URI may be higher than at state universities in other states, it is still a relative bargain in comparison to attending other out-of-state universities or private institutions," said Lindie Thibodeau Johnson with the Rhode Island Student Loan Authority (RISLA)
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST"Furthermore, URI is aiming to freeze tuition for a second year in a row, which is terrific. Also, “net price” of a school tends to drive enrollment decisions more so than the “sticker price” you see on a college website."
While Rhode Island made the top ten for tuition prices, it ranked 39th for state grant aid per full-time equivalent undergraduate student at $200 per student, below the national average of $670.
Rhode Island ranked 29th for state grant expenditures as a percentage of total state support for higher education at 8%, below the national average of 13%.
Board Behind Data
The reports released this week from the College Board, which "seeks to ensure that every student in the United States has access to a high-quality education and is prepared to succeed in college," show that nationally, "while rapid increases in federal grant aid have made tuition increases less painful in recent years, that trend has not continued. The grant aid students receive from federal and state governments and from their institutions is no longer growing fast enough to keep net prices from increasing."
The report continued, "As a result, the net price students actually pay for college — after accounting for grant aid and tax breaks — is rising even though the rapid increase in the published price for college has begun to slow."
The reports released this week show the 2.9% increase in published tuition and fees for in-state students at public four-year colleges from 2012-13 to 2013-14 is the smallest one-year increase since 1975-76. After adjusting for inflation, the increase is 0.9%, the lowest inflation-adjusted increase since 2000-01.
The report also states there was a 3.8% increase in private nonprofit four-year college tuition,, and 3.5% increase for public two-year colleges.
However, the reports show that between 2007-08 and 2010-11, the net prices were held down by large increases in grant aid and tax benefits, particularly from the federal government, even though published prices were increasing rapidly over the same period -- but it goes on to state that between 2010-11 and 2012-13, federal grant aid declined. While grants per student from other sources increased, net prices rose at a time when family incomes have not recovered.
College admissions expert Cristiana Quinn told GoLocal that she thought that recent media reports on college debt have made an impact on families.
"For the first time, I saw families seriously look at value vs. perceived prestige. For instance, I had a top student choose the UVM Honors Program and coming out with no debt, over BC, George Washington and several other big names. At those schools, she would have been looking at $80-$100K in loans. The Honors Program at UVM offered her a unique opportunity to do research and be mentored by top professors with many students going on to receive full rides for grad school. It was a win-win as far as she was concerned, and today she is delighted with her choice," said Quinn.
RISLA Perspective
"It’s no secret that college costs are on the rise, and our College Planning Center meets with people daily who are worried about the cost of college," said Johnson. "The good news is that there are lots of financial aid programs out there that can help make college affordable for just about any family, both locally and nationally."
Johnson continued, "The College Board’s recently released 'Trends in Student Aid' report cites that undergraduate students received 52% of their funding in the form of grants which is money that doesn’t need to be repaid. RISLA advises that students and families can avoid large amounts of debt by attending low cost community colleges and state schools for the first year or two of college and can later transfer to another institution with no or little debt. The key to this strategy is understanding which course credits will be transferrable and to which schools.
"Rhode Island has some great programs that can help students and their families better afford college. Any Rhode Islander who files a FAFSA by March 1 is automatically considered for a Rhode Island State Grant. Last year, eligible families received up to $750 in grants through this program which help students pay for books and fees. RISLA offers a great low fixed rate loan program with a rate of 5.39% and zero fees, which is one of the best programs in the country. Students who complete an eligible internship while in college can receive $2,000 in loan forgiveness on their RISLA loans, which can further offset tuition costs," said Johnson.
Related Slideshow: College Board Reports - New England States by the Data
Reports released by the College Board, "Trends in College Pricing 2013," and "Trends in Student Aid", included a number of national data points regarding college affordability. Here, see how the New Engand states stacked up agains each other.
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