The results of this study indicate a measurable increase in the average total tuition and average total price of college attendance between 1992–93 and 1999–2000 (after adjusting for inflation) across all institution types included. However, when all grants were subtracted from tuition (net tuition 2), no change could be detected in the average amount that full-time undergraduates paid between 1992–93 and 1999–2000. The same was not found for the net price of attendance. As reflected in net price 2, when living expenses and other nontuition costs were taken into account, all grants combined were not sufficient to offset the increase in price for those attending public or private not-for-profit 4-year research and doctoral institutions or public 2-year colleges. However, not all students were affected equally by the changes in price. The increase in all grants (combined federal, state, institutional, and other grant aid) appeared to be sufficient to offset increases in total price for those undergraduates who could least afford to pay an increase—low-income students. This finding was consistent across all institution types included in the study.

After loans and grants were subtracted from total price (net price 3), with two exceptions, no increases in net price were observed for any income group attending any institution type. The only students who paid a higher net price in 1999–2000 than in 1992–93, once borrowing was taken into account, were undergraduates in the highest income quartile who attended either private not-for-profit 4-year research and doctoral institutions or public 2-year colleges. However, increased borrowing by low- and middle-income students at public 4-year institutions reduced the average net price they paid. These students paid less out of pocket in 1999–2000 than in 1992–93, but increased their loan debt.