In 2008–09, average tuition and fees, in constant 2009–10 dollars, at 4-year postsecondary institutions were $12,100. At public 4-year institutions, average tuition and fees were $6,400, compared with $15,300 at private for-profit institutions and $24,900 at private not-for-profit institutions.
In 2008–09, average tuition and fees, in constant 2009–10 dollars, at 4-year postsecondary degree-granting institutions were $12,100. At public 4-year institutions, average tuition and fees were $6,400, compared with $15,300 at private for-profit institutions and $24,900 at private not-for-profit institutions (see table A-49-1). Among first-time, full-time students attending 4-year institutions in 2008–09, the percentage who had student loans differed by institution control: 56 percent of all students had student loans, compared with 47 percent of students at public institutions, 61 percent of students at private not-for-profit institutions, and 81 percent of students at private for-profit institutions. In 2008–09, average per annum loan amounts, in constant dollars, were highest at private for-profit institutions ($9,800), followed by private not-for-profit institutions ($7,700) and public institutions ($6,000).
At 2-year postsecondary degree-granting institutions, average tuition and fees (in constant 2009–10 dollars) were $2,600 in 2008–09. At public 2-year institutions, average tuition and fees were $2,200; at private not-for-profit 2-year institutions, average tuition and fees were $12,700; and at private for-profit 2-year institutions, average tuition and fees were $13,900. Some 21 percent of first-time, full-time students attending public 2-year institutions had student loans, with an average loan amount of $4,200. At private not-for-profit 2-year institutions, 58 percent of students had student loans, with an average loan amount of $6,100. At private for-profit 2- year institutions, 78 percent of students had student loans, with an average loan amount of $7,800.
Approximately 3.2 million students entered the repayment phase of their student loans in fiscal year (FY) 2008, meaning their student loans became due between October 1, 2007, and September 30, 2008 (see table A-49-2). Of those students, 7 percent had defaulted on the payments on their student loans within 2 years (before FY 2009 ended on September 30, 2009). The percentage of students who enter repayment on their loans in a particular fiscal year and default prior to the end of the next fiscal year is the 2-year cohort default rate. The default rate for students in the FY 2008 cohort was 5 percent at 4-year degree-granting institutions and 11 percent at 2-year degree-granting institutions. Default rates for the FY 2008 cohort were highest at private for-profit 2-year institutions (12 percent) and private for-profit 4-year institutions (11 percent). The lowest default rates were for students at private not-for-profit and public 4-year institutions (4 percent each).
The 7 percent rate of default across all institutions for the FY 2008 cohort was higher than the rates for the FY 2007 (6 percent) and FY 2006 (5 percent) cohorts. The percentage increase in default rates from FY 2006 to FY 2008 was greatest at private for-profit 4-year institutions (from 8 percent to 11 percent). The smallest increases in default rates from FY 2006 to FY 2008 were at public 4-year institutions (from 3 to 4 percent) and private not-for-profit 2-year institutions (from 7 to 8 percent).
Degree-granting institutions grant associate's or higher degrees and participate in Title IV federal financial aid programs. Tuition and fees amounts for public institutions are the averages for in-state students. The repayment phase is the period when student loans must be repaid and generally begins 6 months after a student leaves an institution. The 2-year cohort default rate is the percentage of borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (a fiscal year runs from October 1 to September 30) and default or meet other specified conditions within the cohort default period. The cohort default period is the two-year period that begins on October 1 of the fiscal year when the borrower enters repayment and ends on September 30 of the following fiscal year. Default rates were calculated using student counts by institution from the Federal Student Aid Cohort Default Rate Database and the IPEDS classification of institution level and control. For more information on the Federal Student Aid (FSA) cohort default rate database or the Integrated Postsecondary Education Data System (IPEDS), see supplemental note 3. Institutions in this indicator are classified based on the highest degrees awarded. For more information on the classification of postsecondary institutions, see supplemental note 8. Data were adjusted to 2009–10 dollars using the Consumer Price Index for All Urban Consumers (CPI-U). For more information on the CPI-U, see supplemental note 10.
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