From the News You Can Use Archives 10/31/06
October News Digest
Ian Crawford, Editor
This week, we provide a roundup of some financial aid and higher education news highlights for October:
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Definitive College Board Statistics Released
The College Board has released the 2006 editions of three important reports. We offer links to the full PDF versions of the reports at the end of this story but we also offer some highlights:
Trends in Student Aid 2006
- Federal loans make up 51 percent of total aid to graduate and undergraduate students
- Graduate student borrowing is increasing more rapidly than undergraduate student borrowing
- PLUS loan volume grew more rapidly than Stafford loan volume in the last ten years
- Private education loans constitute 25 percent of federal loans provided through the student aid system; in 1994-1995 the figure was 5 percent
- The proportion of undergraduate funding in the form of grant aid has declined each year since 2001-02
Trends in College Pricing 2006
Two-year public $2,272 4.1 percent Four-year public $5,836 6.3 percent Four-year private $22,218 5.9 percent
- The proportion of students enrolled in private institutions is growing
- Public college students take an average of 6.2 years to earn a bachelor's degree compared to 5.3 years for private college students
Education Pays, 2006 Supplement
- The gap between the median earnings of college graduates and the median earnings of high school graduates has increased significantly over the past 30 years
- College enrollment rates are lower for men than for women and lower for blacks and Hispanics than for whites and Asian Americans
Trends in Student Aid 2006
—The College Board
Trends in College Pricing 2006
Education Pays, 2006 Supplement
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West Coast, East Coast Contrasts in Financial Aid
Students in New York are more likely to receive financial aid and at higher amounts than their peers in California. This is one statistic gleaned from the new report Undergraduate Financial Aid Estimates for 12 States: 2003-04 by the National Center for Education Statistics (NCES).
For the first time, NCES has provided estimates of the average financial aid received by undergraduates and the price of tuition in 12 states including New York and California.
- In New York, around three quarters of in-state undergraduates received financial aid in 2003-04 compared to just 39 percent of undergraduates in California. The nationwide average is about 60 percent.
- In New York, undergraduates received an average of $8,300 in financial aid compared to $6,100 in California. The nationwide average is about $6,600.
Undergraduate Financial Aid Estimates for 12 States: 2003-04
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EDFUND's New Workbook Outlook Helps Graduate Students Manage Student Loans
EDFUND is pleased to announce Outlook™, a magazine-style entrance guide for graduate students. It is designed to offer graduate and professional students a comprehensive education on student loan basics in an informative and engaging format.An EDFUND News You Can Use article this month highlighted some of the interactive tools:
- Budget worksheet
- Borrower quiz
- Repayment calculator
- In-school interest calculator
Complete Article — EDFUND's New Workbook Outlook Helps Graduate Students Manage Student Loans
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Parents Failing to Save Enough for College
Only 27 percent of parents in a recent survey believed they will meet their goal for college savings for their offspring. This is one conclusion from a report Failing Grades? American Families and Their College Savings Efforts by Alliance Bernstein, an investment company that works with state college savings plans.
The survey of 1,358 parents with pre-college age children and a household income of at least $50,000 included the following:
- 58 percent say that they spent more on dining out or take-out food in the last year than on saving for college
- 49 percent report that they spent more on vacations
- 38 percent more on electronics
- 31 percent more on their children's allowance than on saving for college
Failing Grades? American Families and Their College Savings Efforts
Story posted October 31, 2006.
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