Oct 26th 09 Posted by Becky Morehouse in Featured Articles, Research

Interesting Stats on Graduate School Financing

In a recent report (200) by the Council of Graduate Schools’ Pressing Issues Survey, 49% of graduate deans reported that student financing is one of the most pressing issues they face. With the cost of graduate education rising and institutional budgets tightening, deans are concerned about how they will fund the increasing numbers of graduate students entering their universities.

While there are few sources of data on how graduate students fund their studies, the National Postsecondary Student Aid Study (NPSAS) provides some of the most detailed information available. Conducted by the NCES, the study provides national-level financial aid data for a randomly selected sample of graduate students. According to NPSAS data released in April 2009, nearly three-fourths of all master’s-level students and 86% of all doctoral students received some type of financial aid in 2007–08. The following figures are from this dataset.

Financing for Master’s-Level Students

The annual total price of attendance (tuition, fees, books, educational supplies, living expenses, and other education-related charges) for full-time/full-year students in master’s degree programs at public colleges and universities averaged $28,375. At private, not-for-profit institutions, the total price was about 36% higher, at $38,665. And at private, for-profit institutions, the total price was $34,674 on average.

Of the 73.5% of all master’s-level students who received some type of financial aid, the average amount received was $14,386. Student loans were the most common type of financial aid received at 43.6%. Among those who received loans, the average amount was $15,644.

Approximately 21.4% of students received financial support from their institution.

One-quarter (25.9%) of all master’s-level students received financial support from their employers in 2007–08, either in the form of tuition waivers or tuition reimbursements. The average amount of employer aid received was $5,245.

Implications

With 44% of all master’s-level students taking out loans, cumulative loan debt is a concern. According to the NPSAS data, more than half (53.2%) of all graduate students had graduate loan debt, with average cumulative debt among these students totaling $34,910. Even worse, 40.2% of graduate students still owed on undergraduate loans, with an average amount of $21,217 owed by these students.

Also concerning is the relatively small proportion of master’s students with institutional support and assistantships, forcing them to rely on loans and employer support (which are likely decreasing as well due to the economic situation) to fund their education.

These are important figures and issues to keep in mind as potentially increasing numbers of grad students find their way to your doors.

Join Becky at  Stamats Integrated Marketing: Graduate Student Marketing Conference in Boston this November to dive deeper into graduate student focused marketing issues. Register today at www.stamats.com/grads.

Photo by Tracy O