College Price Tag Rises Faster Than Inflation Rates
Tuesday, October 23rd, 2007According to the figures released by the College Board and highlighted in the New York Times, the price tag on colleges rose at more than double the rate of inflation in the last year.
Interestingly, public colleges lead the pack with a 6.6% rate hike to $6,185 a year. Private colleges are close behind, with an average annual cost of $23,712.
With room and board amounts added to tuition and fees, the public and private college costs average $13,589 and $32,307 respectively.
As these costs go up, parents and students are forced to shoulder a tremendous amount of debt — including federal financial aid and private loans. If something does not change, thousands of students could find themselves priced out of a college education.
Online school students are able to save money because there are no room and board fees; and there are no costs associated with transportation to a college campus. Also, junior colleges continue to be a great bargain for the first two years at an average annual tuition & fees cost of only $2,361.
Future college students may need to be creative in finding ways to afford the expensive cost of higher education.
online schools, college, junior college, education, higher education, private colleges, public colleges, inflation, financial aid, College Board, New York Times, college students
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