Tuition at the Innovate Salon Academy increased by 17.7% for the 2022-23 school year, based on the latest available information, according to the latest disclosure from the National Center for Education Statistics.
Students enrolled at the private for-profit institution paid $12,726 this year, which is $1,918 higher than the $10,808 tuition charged during the 2021-22 academic year.
Approximately 98% of the academy’s undergraduate students are residents of New Jersey, while about 2% come from other states.
Data indicates that 81% of full-time undergraduates who began their studies at the Innovate Salon Academy in 2022-23 received some form of student financial aid. Specifically, 57 students were awarded grants or scholarships totaling $279,454, and 75 students secured student loans amounting to more than $496,470.
Among all undergraduates, 184 students received grants or scholarships totaling $824,466, while 219 students borrowed a combined $1.3 million in federal student loans.
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.
The following data includes only full-time students who began an undergraduate program at the the Innovate Salon Academy in the 2022-23 school year.
| Type of Aid | Number of students awarded aid | Percent awarded aid | Total amount of aid awarded | Average amount of aid per student |
|---|---|---|---|---|
| Federal grants | 57 | 59% | $279,354 | $4,901 |
| State / local grant or scholarship | 0 | 0% | $0 | $0 |
| Institutional grants or scholarships | 0 | 1% | $0 | $0 |
| Grant or scholarship aid total | 57 | 59% | $279,454 | $4,903 |
| Federal student loans | 75 | 78% | $483,560 | $6,447 |
| Other student loans | 0 | 1% | $0 | $0 |
| Student loan aid | 75 | 78% | $496,470 | $6,620 |
| Total student aid | 78 | 81% | $775,924 | $9,947 |
Information in this story was obtained from the National Center for Education Statistics. The source data can be found here.
