Net tuition and fees at independent colleges, accounting for inflation, are lower than they were a decade ago.
The extra time it takes to graduate from a public college costs you not just a year's worth of tuition and education expenses, but a year's worth of additional income you forgo for not having completed your degree.
Ohio independent colleges have worked to hold down student costs over the last 25 years.
Despite the challenges facing today's college graduates, the value of a college degree has remained near its all-time high, while the time required to recoup the costs of the degree has remained near its all-time low.
Graph and quotation from Abel and Deitz, "The Value of a College Degre," on the Liberty Street Economics weblog published by the Federal Reserve Bank of New York.
The entire article is available here.
Despite recent reporting on the topic, mandatory fees charged to undergraduates at Ohio State University and four other Ohio public main campuses have gone up faster than their legislatively capped tuition.
The patterns of increases in undergraduate tuition and fees at Ohio's public and independent colleges have varied markedly over the recent past, especially as legislative caps on public campuses change.
In just three years, state policy changes have led to the out-of-pocket cost for the state's neediest students of attending an Ohio public university to nearly quadruple.
Ohio's independent colleges held the line on tuition increases this year, compared to their peers in the Midwest region.
While business officers at independent nonprofit colleges and universities worry about whether students will come and can afford to attend, at for-profit colleges the key concern is availability of tax money to support their businesses.
By redistributing its higher education funds to limit public-campus tuition increases and simulataneously slash need-based aid, the state of Ohio more than tripled the out-of-pocket tuition at the public baccalaureate campuses for its poorest citizens.
Ohio's independent colleges have worked to hold tuition levels down.
A major new study of graduations at public colleges and universities - including Ohio's - offers further evidence of targeting student aid rather than tuition level in helping needy students complete their degrees. While net cost of attendance has no measurable effect in the graduation rates of well-off students seeking bachelor's degrees in the public sector, it has a major, statistically significant effect on those with the least ability to pay and the greatest need for financial aid.
Although there are regional differences, the inflation rate of goods and services bought by colleges and universities for 2008-09 was half that of the previous year.
Ohio's independent colleges offer excellend value compared to their peers nationally.
Annual Rates of Change
Average Tuition and Fees at AICUO Member Institutions v. U.S. National Health Expenditures (1997 to 2007)
Sources: U.S. Department of Health and Human Services Office of the Actuary, National Health Statistics Group; AICUO Annual Tuition and Fees Survey
Broad-scale misunderstanding about higher education costs is one of the key problems colleges and universities face. In a Public Agenda/National Center on Public Policy on Higher Education survey, almost half of those polled thought that college prices were going up as fast as health care costs - a perception that is simply wrong.