3.5% Tuition Increase
For over 10 years, the average tuition increase at INDEX schools has hovered around 3.5%, and this year was no exception. This is especially good news in a pandemic year — highlighting the strength of schools’ value proposition and brand.
18.2% Tuition Discount – Average for All INDEX Schools
On the other hand, the average tuition discount (need-based financial aid, tuition remission, no-need awards) climbed to a record 18.2% this year, representing a year-over-year increase of 3.4%. However, although 3.4% is a hefty jump, it pales in comparison to the 24% increase shouldered by schools in 2007-08, at the depth of the financial crisis.
16% – 25% Tuition Discount – Range of Discounts by School Type
You just read that the average tuition discount for All INDEX Schools is 18.2%, but this masks the different rates typified by different types of schools. PK12 Schools with fewer than 750 students have an average discount rate of 25%, Middle/Upper Schools have an average discount rate of 18.5%, PK12 Schools with more than 750 students have an average discount rate of 17.5%, and Elementary Schools have an average discount rate of 15.6%.
6.3% Plunge in Annual Giving Parent Participation
By the end of the 2019-20 school year, and weighed down by the coronavirus, average Parent Participation in Annual Giving dropped a record 6.3%. Parent Participation now stands at its lowest point since INDEX started collecting data in the early 2000’s.
5.3% Jump in Annual Giving Parent Gift Size
Fortunately, Annual Giving has been buoyed by a 5.3% increase in the size of the average Parent Gift, resulting in steady average year-over-year Total Annual Fund Income.