Notes & Sources

Trends in College Pricing was authored by Jennifer Ma, senior policy research scientist at the College Board; Sandy Baum, nonresident fellow at the Urban Institute; Matea Pender, policy research scientist at the College Board; and CJ Libassi, senior policy research analyst at the College Board.

Contact Information for the Authors 

[email protected]

[email protected]

Trends in College Pricing and its companion report, Trends in Student Aid, are supplemented by a website that makes detailed data available for reference and downloading. The PDF versions of these reports, along with PowerPoint slides of all the graphs, are available on the web:

Hard copies may be requested by contacting [email protected].

Tables, graphs, and data in this report or excerpts thereof may be reproduced or cited, for noncommercial purposes only, provided that the following attribution is included:

Source: Ma, Jennifer, Sandy Baum, Matea Pender, and CJ Libassi (2018), Trends in College Pricing 2018, New York: The College Board.
© 2018 The College Board.


Anthony LaRosa and Edward Lu provided critical support for this publication. We also benefited from comments from Dean Bentley, Jessica Howell, Michael Hurwitz, and Melanie Storey. Sandy Alexander provided expert graphic design work . The publication would not have been possible without the cooperation and support of many individuals at the College Board, including Connie Betterton, Robert Gordon, Jennifer Hwang, Karen Lanning, Alejandro Leal, George Lilas, Robert Majoros, Kevin Morris, Jose Rios, Ashley Robinson-Spann, Michael Slevin, Kayla Tompkins, Matt Walsh, Joe Williams, and the Annual Survey of Colleges team.

We thank all of those who contributed to the data collection for this publication, including institutional research department staff and campus administrators who provided us with invaluable data through the Annual Survey of Colleges.

Defining Terms

Costs” refer to the expenditures associated with delivering instruction, including physical plant and salaries.
“Prices” are the expenses that students and parents face.
“Published price” is the price institutions charge for tuition and fees as well as room and board, in the case of students residing on campus. A full student expense budget also includes books, supplies, transportation, and other basic living costs.
“Net price” is what the student and/or family must cover after grant aid and savings from tax credits and deductions are subtracted.
“General subsidies” make it possible for institutions to charge less than the actual costs of instruction. State, federal, and local appropriations, as well as private philanthropy, reduce the prices faced by all students—whether or not they receive financial aid.

The Annual Survey of Colleges

Prices for the public two-year, public four-year, and private nonprofit four-year sectors in this report are based on data reported to the College Board in its Annual Survey of Colleges. Data for 2018-19 are from an online questionnaire distributed in October 2017, with data collected and reviewed through August 2018. Tuition and fee figures are based on charges to full-time first-year undergraduate students over the course of a nine-month academic year of 30 semester hours or 45 quarter hours.  

Enrollment-Weighted and Unweighted Data

This report provides enrolment-weighted average prices. Charges of institutions with larger full-time enrolments are weighted more heavily than those of institutions with smaller enrolments.
Enrolment-weighted and unweighted averages describe different phenomena. The weighted averages may be more helpful to students and families in anticipating future education expenses. Some researchers, policy analysts, and academic administrators find unweighted averages useful in studying longitudinal trends and evaluating a particular institution’s practices against a larger set. Thus, we compute both weighted and unweighted averages. Tables reporting unweighted tuition data can be found online at
Weighted averages for each price are based on relevant populations:

  • In-state tuition and fees are weighted by full-time undergraduate enrolment.
  • Out-of-state tuition and fees are calculated by adding the nonresident premium, weighted by full-time out-of-state enrolment, to average in-state tuition and fees. Data are not available on out-of-state students receiving a waiver of the full tuition premium or a portion of it.
  • Resident room and board charges are weighted by the number of undergraduates living in campus housing at each institution.
  • Estimated other student budget components are weighted as follows:
  • Books and supplies are weighted by full-time undergraduate enrollment.
  • Resident transportation and other expenses are weighted by the number of undergraduates living in campus housing.
  • Commuter room and board, transportation, and other expenses are weighted by the number of commuting undergraduates at each institution.

Revisions of Base-Year Values

The prices for 2017-18 used in this analysis differ somewhat from the 2017-18 averages reported last year because of revised price data and updated enrolment weighting. Prices for all years through 2016-17 are weighted by same-year full-time enrolments. 2017-18 and 2018-19 prices are weighted by fall 2016 full-time undergraduate enrolments.

Longitudinal Data

In online Table 2, tuition averages for years prior to 1987-88 are from the Integrated Postsecondary Education Data System (IPEDS). The two data sets, IPEDS and the College Board’s Annual Survey of Colleges, track very closely, but IPEDS averages are weighted by full-time equivalent enrolments, while the Annual Survey of Colleges prices are weighted by full-time enrolments. In addition, IPEDS tuition and fee data may be based on 24 semester hours while the Annual Survey of Colleges data are based on 30 semester hours. Annual historical data are available online at

Net Price Calculations

The calculations of average net price for full-time undergraduates in Figures 8, 9, and 10, as well as the calculations in online Table 7, are a best approximation and are based on the aggregate amounts of each type of aid reported in Trends in Student Aid 2018 and on the allocation of each type of aid across institution types and between part-time and full-time students reported in 1993, 1996, 2000, 2004, 2008, 2012, and 2016 National Postsecondary Student Aid Study (NPSAS) data and IPEDS Student Financial Aid data. Because financial aid data for 2018-19 are not yet available, amounts for that year are estimated based on past years. Total charges for public two-year students include an estimate of housing and food expenses for students not living with their parents, based on commuter room and board expenses reported by institutions when available and derived from public four-year room and board charges for earlier years in the analysis. The net price estimates reported here are not exactly comparable to those that appeared in 2017 because some figures have been updated.

Inflation Adjustment

We use the Consumer Price Index for all urban consumers (CPI-U) to adjust for inflation. We use the CPI-U in July of the year in which the academic year begins. See for changes in the CPI-U over time. Online Table A1 provides CPI data used to adjust for inflation.

Carnegie Classification 2015: Basic Classification

“Doctoral universities” include institutions that award at least 20 research/ scholarship doctoral degrees during the update year (excluding doctoral degrees that qualify recipients for entry into professional practice, such as the J.D., M.D., Pharm.D., DPT, etc.); “master’s colleges and universities” include institutions that award at least 50 master’s and fewer than 20 doctoral degrees during the update year; “bachelor’s colleges” include institutions where bachelor’s degrees represent at least 50% of all degrees but where fewer than 50 master’s or 20 doctoral degrees were awarded during the update year. All of the categories above exclude “special focus institutions” and “tribal colleges.”