This booklet lists and explains 12 facts about private colleges and universities in the United States. Most of the information in this report is based on data from the National Center for Education Statistics. The facts are: (1) most students pay less than the published tuition at private colleges and universities because of grants and scholarships; (2) even full tuition does not cover the instructional and other costs to the institution; (3) the average tuition students pay at private higher education institutions has actually declined over the past decade after adjustment for grants and inflation; (4) most financial aid received by students at private colleges and universities is based on financial need; (5) the proportion of students from racial and ethnic minorities is almost the same at private institutions as it is at 4-year state institutions; (6) the proportion of low- and middle-income students is almost the same at private and public institutions; (7) many working and part-time students attend private colleges and universities; (8) students who have dependents or support themselves attend private colleges and universities at about the same rate as at 4-year state institutions; (9) students who work full time, have a high school equivalency diploma, or face other challenges are more likely to graduate from a private institution than a state school; (10) all types of students are as likely to earn a degree in 4 years at a private college or university as they are in 6 years at a state institution; (11) regardless of academic preparation, students are as likely to earn a degree in 4 years at a private college or university as they are in 6 years at a state institution; and (12) students who earn bachelor's degrees are able to do so sooner at private colleges and universities than at state institutions. These facts dispute many of the misconceptions about private colleges and universities and highlight their important role in higher education. (Contains 21 figures.) (SLD)