About the Episode
About the Episode:
In this episode of The EduData Podcast, Timothy Davis and Jamie Boggs take a closer look at recent data from the College Board’s "Trends in College Pricing and Student Aid" report. Is the cost of higher education really as overwhelming as we've been led to believe, or has inflation adjusted tuition actually declined over the years? They discuss the surprising insights about net tuition trends, rising non-tuition expenses, and how this shift could change the way students, parents, and institutions think about college affordability.
Key Takeaways
- Despite widespread beliefs, college costs have seen real decreases over time, especially in private and community colleges.
- The report reveals that net tuition and fees for public two-year institutions have been negative since 2008, meaning students receive more in grants and aid than they pay in tuition.
- Factors such as inflation-adjusted expenses, rising costs for room and board, and the changing media narrative around college costs were all highlighted.
- For enrollment marketers, communicating a college’s true cost with transparency could improve perceptions and align more closely with today’s cost-conscious students and parents.
Why is the Cost of College Lower than We Thought?
The episode begins with Timothy and Jamie sharing the surprising findings from the College Board's Trends in College Pricing and Student Aid Report. This comprehensive report, released annually, dives into college costs across private and public institutions, adjusted for inflation. Surprisingly, the report reveals that when inflation is considered, college costs have actually declined over time, especially within private nonprofit four-year institutions, where net tuition and fees dropped from $19,000 in 2006 to around $16,500 today. This unexpected shift goes against the common narrative of skyrocketing college expenses, sparking a conversation about how families and prospective students perceive college affordability.
How Can We Redefine the Narrative on College Costs?
A notable aspect of this discussion is how inflation adjustments change our understanding of costs. Jamie and Timothy dive into the media's portrayal of rising college prices, pointing out that public perceptions often don’t align with reality. They highlight Robert McGuire’s analysis of this report, noting his point about how college costs may have spiked in the early 2000s, but that trend has since reversed. This shift in college affordability is largely obscured by outdated views, leaving many unaware of the genuine progress made to make college more financially accessible. This shift offers enrollment marketers a unique opportunity to correct misconceptions and provide data-backed insights into real college costs.
How Can Enrollment Marketers Communicate the Real Cost of College?
For enrollment professionals, Timothy and Jamie stress the importance of transparent communication about college costs. Today’s prospective students and parents are increasingly cost-conscious, and universities can benefit from openly sharing net tuition and fees. By providing direct cost comparisons with similar institutions or using reliable data sources, colleges could build trust and appeal to students looking for affordable education options. For instance, including detailed cost breakdowns on their websites or in top-of-funnel communications can help families make more informed choices, while also dispelling myths about "runaway" college prices.
Connect With Our Co-Hosts:
About The Enrollify Podcast Network: The EduData Podcast is a part of the Enrollify Podcast Network. If you like this podcast, chances are you’ll like other Enrollify shows too!
Some of our favorites include Generation AI and The Higher Ed Geek.
Enrollify is produced by Element451 — the next-generation AI student engagement platform helping institutions create meaningful and personalized interactions with students. Learn more at element451.com.
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