U. has lowest "annual cost" of Ivy League, according to College Scorecard

The University has the lowest average annual cost of $8,413 out of the eight Ivy League schools, according to The College Scorecard.

Annual cost is defined by the College Scorecard website asthe average annual net price for federal financial aid recipients after aid from the school, state or federal government is taken into account. The website explained that for public schools, this cost is only the average cost for in-state students.

The College Scorecard is an online tool presenting cost and debt data of higher education institutions in the U.S. that was released by the White House on Sept. 12.

This is nearly half of the national average and less than a third of the costs at Dartmouth, which averages $29,597, and Cornell, which averages $26,484.

College Scorecard is an interactive online tool developed to help families determine the cost and value of higher education institutions. The tool compares factors such as costs, financial aid and debt, graduation and retention, earnings after school, SAT and ACT scores, student body and academic programs.

A February 2013 press release by the U.S. Department of Education noted that the College Scorecard, as part of President Barack Obama's continued efforts to hold colleges accountable for cost, value and quality, highlights key indicators about the cost and value of institutions across the country. These efforts, the press release added, will help students choose a school that is priced affordably and consistent with their needs and goals.

The purpose of the Scorecard is to help families “compare schools based on a simple criteria: where you can get the most bang for your educational buck,” President Obama said in his 2013 State of the Union Address.

Of all the Ivy League schools, only the University's and Harvard's average annual cost of $14,049are denoted less than the national average of $16,789, according to the College Scorecard, while Yale’s average annual cost is $16,743, which nearly aligns with the national average.

For former students who have received federal aid, the University's alumni have the third highest median salaryten years after entering the school making about $75,100, following Harvard with about $87,200 and University of Pennsylvania with $78,200.

Seventy-five percent of the University students graduate debt free, the University’s Financial Aid website says.

The University’s no loan policy, implemented in 2001, has made student aid packages entirely covered by University grants, so that students are not required to borrow loans.

The loan option is still available for students, though. The University’s Financial Aid website says that for students who choose to borrow, the average total indebtedness is about $5,000. This number differsfrom the College Scorecard’s estimate of $6,810.

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"The Scorecard is correct," Robin Moscato, Director of Undergraduate Financial Aid, said.

She also confirmed the U.S. News and World Report's Cost and Financial Aid sectionthat 17 percent of graduating seniors borrow loans, 83 percent graduate debt-free and the average cumulative value of debt is $6,600.The University has an excellent record of keeping debt low, she added.

Region II Communications Director Jacquelyn Pitta and Press Officer Jim Bradshaw of the U.S. Department of Education did not respond to multiple requests for comment.

According to the College Scorecard, 5 percent of University students receive federal loans.

Although Harvard’s average annual cost is higher than the University’s at $14,049, 3 percent of its students receive federal loans, and its graduates have a typical total debt of $6,000, which is slightly less than the figure for the University.

For the first income bracket defined by the College Scorecard, which is $0-$30,000, students at the University pay an average of $5,932 annually.

Brown, Harvard and Penn cost less for lower income families than the University, according to the College Scorecard. Students in this bracket pay $5,234 at Brown, $3,897 at Harvard and $3,847 at University of Pennsylvania, even though Penn graduates have the highest debt after graduation of $21,500, with 23 percent of their students receiving federal loans, according to the College Scorecard.

"We compare favorably in our peer groups," Moscato said.

The College Scorecard is still being developed. In the College Scorecard’s “Technical Paper,” administration officials acknowledge the limitations, variations and gaps in the measurements of their preliminary data, saying that further research by academics, discussions with stakeholders and consultations with the public can enable further progress in measuring college outcomes.

Update: This article has been updated to include comments fromRobin Moscato, Director of Undergraduate Financial Aid.