The number of universities in the US that offer scholarships for transferring to other universities is growing by the day, with the number of schools offering scholarships for transfer from colleges jumping by nearly 1,000 per year since 2020.
That’s according to a report from the National Association of College and University Business Officers (NCIBOU), which is composed of the country’s major college and university association.
“Our goal is to have at least 500 universities offering a scholarship for transferring, with a goal of 1,500 by 2025,” NCIBOU President and CEO Kevin Miller told CNBC’s “Power Lunch.”
“This is the highest number of transfer-only scholarships in the world, and the number is rising,” Miller said.NCIBou is not the only organization tracking the growth of college-transfer scholarships.
The National Association for College Admission Counseling (NACAC), a trade association for college admissions officers, reported in 2016 that the number for the first quarter of 2020 was nearly 1.3 million, a jump of nearly 400,000 from the same quarter a year earlier.
“This increase is in part due to the growing number of transferring students, and in part to a new generation of students entering college and continuing to earn a degree after graduation,” NACAC CEO and CEO Linda Zaglino told CNBC.
In the United States, the average cost of attending a four-year public institution in 2020 was $29,766, up from $27,904 in 2020.
A four- year public institution, by contrast, costs about $24,000 to attend for a single-semester student.
A study by the Pew Research Center last year found that more than 40 percent of American students in 2019 took out loans to pay for college.
This is an increase from 29 percent in 2020, according to Pew.
A survey of nearly 6,000 US undergraduates by the Wall Street Journal last month found that 18 percent of Americans said they planned to take out a federal student loan in the coming year, a rise of nearly 3 percent from last year.
The percentage of Americans who are planning to take a federal loan for the next 12 months has also risen from about 19 percent in 2019 to about 22 percent in 2021.
The percentage of US students who were currently in college in 2019 has remained fairly constant, with nearly half of all undergraduates enrolled in a four or five-year institution.
The next-highest percentage of students was 17 percent in 2010, according the WSJ survey.
A similar study by NACCA, meanwhile, reported that the median household income in the United Kingdom in 2019 was $40,857, up slightly from $40.942 in 2019.
That is a drop from $41,567 in 2019, which was in line with the US median household household income of $40-42,079 in 2019 (inflation adjusted).