Share of Students Receiving Federal Aid Climbs, Especially at for-Profit Colleges
As college costs and student-loan debt continue to be hot-button political issues, a new report from the U.S. Department of Education lays out how much students borrow and where they borrow the most: at four-year for-profit institutions.
The Education Department released “The Condition of Education: 2012,” this year’s edition of its annual report, on Thursday, with most data current through the 2009-10 academic year. The report provides comprehensive information on postsecondary education, with figures related to enrollment, graduation rates, financial aid, fields of study, institutional expenses and revenues, and faculty compensation.
Despite rising costs at public four-year colleges, the total cost of attendance for in-state students living on campus was $20,100 in 2010-11, compared with $39,800 at private, nonprofit colleges and $30,100 at for-profit institutions. Community colleges remained the cheapest option for students, especially for those who lived with their families. Those students paid, on average, $7,900.
As the economy has shrunk and the cost of college has increased, financial aid has gone up as well. Between 2006-7 and 2009-10, the percentage of first-time, full-time undergraduates receiving financial aid increased from 75 percent to 85 percent at all four-year colleges.