Correction: The average increase in 2002-2003 college tuition and fees at two-year public institutions was incorrectly reported in an earlier version of this press release dated October 21, 2002. In 2002-2003, tuition and fees at two-year public institutions increased an average of 7.9 percent.
WASHINGTON, D.C. -- In two studies released October 21, 2002, the College Board reports that in 2002-2003 college tuition and fees increased an average of 5.8 percent at four-year private institutions, 9.6 percent at four-year public institutions, and 7.9 percent at two-year public institutions, and that a record $90 billion was available in student financial aid in 2001-2002, with increases in grant aid outpacing loan aid for the second consecutive year.1
The increase in student aid is particularly important in light of the recent economic downturn, according to College Board President Gaston Caperton. "Many college-bound students and their families are affected by the struggling economy," he said. "As the cost of college rises, the availability of student aid becomes increasingly critical to a student's ability to attend college and pursue academic goals. Today's announcement of a record amount of financial aid is promising for America's students, but we must do more to ensure that college remains affordable, and that more students who have the preparation and desire, have access to higher education."
1 - Trends in College Pricing 2002 reports tuition and fees for the current academic year, 2002-2003. Trends in Student Aid 2002 provides the most complete data available on federal, state, and institutional aid to students and parents through the most recently completed academic year, 2001-2002. Trends in Student Aid 2002 does not include projections of aid to students in 2002-2003.
For further press inquiries, contact the College Board Public Affairs Department at 212-713-8052.