Choosing the right college is a significant decision, and understanding and comparing college costs is a crucial step in this process. Factors such as graduation rates are important when evaluating affordability, as completing a degree on time significantly impacts the overall expense.
Tools like the Tuition Tracker are invaluable resources for prospective students and their families. Launched in Fall 2019 and updated with historical data, the Tuition Tracker allows users to estimate the potential cost of attending various colleges for the 2024-25 academic year. This tool utilizes historical data to forecast tuition, fees, and other expenses, giving users a clearer picture of potential financial commitments. The latest updates, including retention and completion rates from April 2024, provide even more comprehensive insights into college performance and student success.
The Tuition Tracker, designed for optimal performance using cookies, relies on data from the U.S. Department of Education’s IPEDS (Integrated Postsecondary Education Data System). This system, managed by the National Center for Education Statistics, provides comprehensive data on U.S.-based, degree-granting colleges and universities with first-time, full-time undergraduates. It’s important to note that neither the Tuition Tracker nor The Hechinger Report collects personal data or income information beyond what is necessary for the tool’s functionality.
The projected costs within Tuition Tracker are calculated for first-time, first-year students. These projections are derived from the compound annual growth rate of college costs between 2012-13 and 2022-23, using raw IPEDS data. This growth rate is then applied to project costs from the 2022-23 sticker price to the 2024-25 academic year. Colleges lacking consistent historical data back to 2012-13 may not have projected prices available. Average net price projections are estimated by applying the discount rate for each income level from the most recent historical data available.
Graduation rates, retention rates, and the percentage of students paying the full sticker price are also sourced from IPEDS data for first-time, first-year students. Institutional characteristics, acceptance rates, and enrollment demographics by race/ethnicity and gender are presented as provided by IPEDS. It is worth noting that data from 2021-22 is considered provisional but has undergone rigorous quality control procedures by the NCES.
By utilizing tools like the Tuition Tracker and understanding the data sources behind them, families can effectively Compare College Costs and make informed decisions about higher education.
