By Betsy Prueter
The National Association of College and University Business Officers recently released their annual tuition discounting study which revealed that nearly 90% of college freshman received grant aid from their institutions in 2014-2015 (up from 88% in 2013-2014). According to the study, institutional aid covers 54% of recipients’ total tuition and fees.
Among the report’s other findings:
- There were over 400 private, nonprofit, four-year colleges included in the study with average discount rates of 48% for freshmen and 41.6% for all undergraduates (see graph below).
- This is an increase from 46.4% for freshmen and 39.8% for all undergraduates in 2013-2014.
- A tuition discount rate of 48% means that for every dollar a student pays in tuition and fees, he or she is receiving 48 cents in institutional grant aid.
- Nearly three quarters of institutional grant aid distributed in 2014-2015 went to students with demonstrated financial need.
- Institutions expect revenues to grow by only 0.4% per student this year, a percentage increase that has remained steady over the past 13 years.