¹ Use of the term "tuition" as opposed to "fees" is arbitrary. The terms can be interchangeable to a large extent. Some institutions only charge tuition, some only fees, and some both. (return to text)

² Grants from "other sources" include employer tuition reimbursements, National Merit Scholarships, and grants from private sources such as religious, community, or professional organizations. (return to text)

³ Net price 1 is not meant to be analogous to net tuition 1. Net tuition 1 (tuition minus federal grants) is a measure typically used to show the purchasing power of Pell Grants. Net price 1 (price minus federal and state grants) is the amount institutions typically take into account in determining whether and how much institutional aid will be awarded. (return to text)

⁴ Work-study, which is awarded to about 5 percent of undergraduates, is not included in the net price calculations. Although work-study is officially financial aid, in practice work-study earnings are no different from the earnings received from any other job held while enrolled. (return to text)

⁵ Does not include federal loans taken out by undergraduates' parents, which are available only to dependent students' parents, among whom about 6 percent took out such loans (Berkner 2002). (return to text)

⁶ The analysis could not take into account tax credits enacted in the 1990s to assist middle-income students, which may have reduced the burden of the increase in price for certain middle-income students and their families. (return to text)