Two recent studies released by the College Board found 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 7.5
percent at two-year public institutions.
A record $90 billion was available in student financial aid in 2001-2002,
with increases in grant aid outpacing load aid for the second consecutive year.
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," Caperton 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," 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 that more students who have
the preparation and desire, have access to higher education."
Source: The College Board.