The College Fund Statistics

Did you know that 66% of students must have student loans to get through college? Here are some other important-to-know facts about college and what it costs:

1. What is the average tuition for a post-secondary education?

• 4-year public university $12,000.

• Total Cost of Education(COE) including fees, books, room & board, etc. = $20,000.

• 4-year private university $28,000.

• Total COE = $40,000.

• State Community College = $1,200.

• Total COE = $6,000.

2. What percentage of students qualifies for federal aid?

• 63% of all undergraduates received some type of financial aid.
• 40.5% of all undergraduates received federal aid.
• 36.8% of all undergraduates received nonfederal aid.
• 23.1% of all undergraduates received federal grants.
• 34% of all undergraduates received nonfederal grants.
• 27.9% of all undergraduates received federal loans.
• 3.9% of all undergraduates received nonfederal loans.
• 5.4% of all undergraduates received work-study.

3. What is the average length of time it takes to graduate?

• 51% of 4-year college students earn a degree within 5 years.

(They are more likely if attending private school.)

• 37% of 2-year college students earn a degree within 3 years.

(They are twice as likely if attending private school.)

4. How many times does a typical student transfer school?

• 26% of 4-year college students transfer to another school for their sophomore years.
• 46% of 2-year college students transfer for their sophomore year.

• Students attending private schools are more likely to transfer.

• 59% of bachelor degree recipients attend more than one school during undergraduate education.

5. What is the average debt of a graduating student?

• 65.6% of undergraduates graduate with some debt.
• Average federal student loan debt among graduating seniors is $19,202.
• When including PLUS loans in the total, the average cumulative debt incurred is $21,814.

6. How much credit card debt does the average student have?

• 56% of undergraduates said they obtained their first credit card as freshmen.

• The primary source of the cards is direct mail solicitation.

• 74% of undergraduates using these cards reported using them for school supplies.
• 71% of undergraduates using these cards reported using them for textbooks and food.
• A full 25% of undergraduates using these cards reported using them for tuition.
• Only 21% of undergraduates with credit cards say they pay off all cards each month.
• A full 11% of undergraduates with credit cards say they make less than the minimum required payment.
• The average outstanding balance on undergraduate credit cards was $2,169.
• 56% of college seniors carry 4 or more cards.

7. Which 5 states have the largest # of colleges?

California, New York, Pennsylvania, Texas, Illinois

*Data researched January 2006.