WASHINGTON, Oct. 21 (UPI) -- Tuition and fees at the nation's public 4-year colleges and universities increased by 9.6 percent and by 5.8 percent at private institutions, a report by the College Board showed Monday.
The increases for the 2002-2003 academic year were blamed on decreasing tax revenue, endowments and other donations, College Board President Gaston Caperton said.
The report also showed that a record $90 billion was available in student financial aid in 2001-2002.
"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," Caperton said. "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 more students who have the preparation and desire have access to higher education."
He pointed out that, "College is a great investment. Those with a college education statistically make about $1 million more than those with a high school education."
At 4-year public institutions tuition and fees average $4,081 or $356 more than last year's $3.725. At private schools, it's $18,273, up from $17,272.
Two-year private schools are $1,735, an increase of $127 and at private junior colleges it's 9,890, a $690 increase.
"As tax revenues decline, public colleges have searched for other sources of funding and for many, that has led to tuition increases," Caperton said. "But despite this year's increases, public colleges and universities are still a remarkable value."
Average room and board at public colleges and universities is $5,582, a 6.0 percent increase; and at private 4-year institutions it's $6,779, a 4.6 percent increase.
The $90 billion in financial aid last academic year is an increase of 11.5 percent over the preceding year. Over the past decade, total aid has increased by 117 percent.
For the second straight year, grant aid, including scholarships, grew more rapidly than loan aid to college students, although the 10-year trend finds growth in loans outpacing growth in grant aid.
In 1991-92, loans accounted for 47 percent of student aid, compared to 54 percent in 2001-02. Grants declined from 50 percent to 39 percent of total aid over the time period.
"I want to stress that no matter what the numbers say there are still very affordable options for college students," Caperton said.
