The Formations Institute of Cosmetology & Barbering reported a 10.5% tuition hike for the 2022-23 school year, based on the latest figures released, according to the latest disclosure from the National Center for Education Statistics.
Students enrolled at the private, for-profit institution paid $15,750 this year, which is $1,500 higher than the $14,250 charged during the 2021-22 academic year.
All undergraduates attending the school are residents of Oklahoma.
Data indicates that 90% of full-time undergraduates who began studies at the Formations Institute of Cosmetology & Barbering in 2022-23 received some form of student financial aid. Seventeen students were awarded grants or scholarships totaling $80,763, while 16 students borrowed more than $113,364 in student loans.
Across the entire undergraduate population, 50 students benefited from grants or scholarships amounting to $178,853. Additionally, 44 students took out federal student loans totaling $244,428.
Undergraduate education costs have seen a significant increase over the past few decades. Data shows a 169% rise in the average total cost, including tuition, fees, room, and board, between 1980 and 2020.
According to a 2023 College Board report, in-state students at public universities paid an average of $11,260, while out-of-state students paid $29,150 in the 2023-24 academic year.
Meanwhile, student loan debt has steadily increased over the last 30 years, reaching $1.75 trillion in 2024, averaging a total of $28,950 per borrower. Federal loans make up 92% of the debt, with over half of students at both public and private four-year colleges graduating with student loans.
Available data sometimes exceeds 100% due to rounding and administrative calculations.
| Type of Aid | Number of students awarded aid | Percent awarded aid | Total amount of aid awarded | Average amount of aid per student |
|---|---|---|---|---|
| Federal grants | 16 | 80% | $79,863 | $4,991 |
| State / local grant or scholarship | 0 | 0% | $0 | $0 |
| Institutional grants or scholarships | 0 | 15% | $0 | $0 |
| Grant or scholarship aid total | 17 | 85% | $80,763 | $4,751 |
| Federal student loans | 16 | 80% | $113,364 | $7,085 |
| Other student loans | 0 | 0% | $0 | $0 |
| Student loan aid | 16 | 80% | $113,364 | $7,085 |
| Total student aid | 18 | 90% | $194,127 | $10,784 |
