The cost of a college education is on the rise according to findings by the College Board, but what does this mean to Saint Xavier’s students?
The calculated average cost of attending Saint Xavier University is $29,280 dollars an academic year according to Saint Xavier University’s undergraduate admission webpage.
This amount is actually below the national average for private non-profit four year institutions, the average for these institutions is listed at $31,231 an academic year.
“I was not shocked honestly when I heard national tuition prices have gone up,” said Senior Education Major Marissa Melvan.
“There is always going to be a rise in cost because of inflation, but I find it difficult to understand why students are forced to fit more of the bill and less help is given to us to help fund our education,” said Melvan.
Funding an education has become a large issue for many as the increases to higher education costs have steepened over the past year according to the not for profit College Board who published their findings on Nov. 13.
The study found that both public and private institutions have seen an increase in costs for students, but these increases are not all being paid di-rectly out of students pockets.
A key finding by the College Board states, “In 2014-15, full-time students receive an average of about $6,110 in grant aid and education tax benefits at public four-year institutions, $5,090 at public two-year colleges, and $18,870 at private nonprofit four-year institutions to help them pay the published prices.”
These numbers represent a clear benefit students are receiving to help pay for their college costs, however students are still being forced to take out loans to pay for their college educa-tion as well.
Total educational borrowing has dropped by 8% the past year from the findings in 2012-2013 in comparison with 2013-2014 according to the College Board.
This means that the funding for students to pay for their tuition is shifting more towards their own personal funds, rather than through loans taken out from the government or private lenders.
The College Board believes these trends are not necessarily grim, but instead show an adjusting collegiate economy adapting to the United States’ recovering national economy.
The numbers also paint a picture that education is becoming more affordable for students in the United States.
The reason being that despite the rising cost of a college tuition, financial aid is helping to pave the way towards fitting the bill for students.
Pell Grants meant for lower income students have shown increases in the number of stu-dents who are receiving the grants.
Today according to the College Board assessment, 9.2 million students receive the Pell Grant. This makes up almost 38% of undergraduate students in the United States.
This trend as well shows that the burden of the cost of higher education is now becoming slightly easier for some students when government financial aid is made available.
With this data in mind it is clear that published prices of universities are not truly the av-erage net prices that students are paying.
Of particular interest to Saint Xavier University students would be the College Board findings in regards to average net prices of private non-profit four year institutions.
The findings show that published prices over the past decade have in-creased by 24%, however net prices paid by students over the past decade have dropped by 13%.
This certainly is good news for students of private institutions such as Saint Xavier University who are experiencing the downward trend of average net prices.
While the cost of education for students is often beyond their control, it seems that for now trends are showing that the hefty price tag for higher education is actually becoming more affordable.
The reason for this is that students are being given help from government grants, loans, and institutional scholarships.
For full information on the findings of the College Board’s assessment, you can view the information on the official College Board website at collegeboard.org.
In addition, for the latest news and information on tuition costs and financial aid news, continue to read the Xavierite for more stories.
Jake Alleruzzo
Senior News Editor