Price of College from the 2011–12 National Postsecondary Student Aid Study

Although total price of attendance is a commonly cited measure of the price of college, most undergraduates and their families actually pay less because students receive financial aid.

This report presents the average total price of attendance (tuition and living expenses), the average net price after grants (total price of attendance minus all grants), and the average out-of-pocket net price (total price of attendance minus all financial aid) by type of institution in the 2011-12 academic year.

Findings include:

• Among undergraduates enrolled full-time in 2011–12, students at public 2-year institutions had the lowest average total price of attendance, $15,000. The average total price of attendance was $23,200 at public 4-year institutions and $29,300 at for-profit institutions. Undergraduates at private nonprofit 4-year institutions had the highest average total price of attendance ($43,500).
• Most undergraduates enrolled full-time in 2011–12 received grant aid from federal, state, institutional, or private sources. After grants were taken into account, undergraduates' net price averaged $11,700 at public 2-year institutions, $18,000 at public 4-year institutions, $25,200 at for-profit institutions, and $27,900 at private nonprofit 4-year institutions.
• Many undergraduates also took out loans, participated in work-study, or received Veterans' benefits or other forms of aid to help pay the immediate expenses of postsecondary education. After accounting for all financial aid, the average out-of-pocket net price for full-time undergraduates was $9,900 at public 2-year institutions, $11,800 at public 4-year institutions, $15,000 at for-profit institutions, and $18,100 at private nonprofit 4-year institutions.