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Strollerderby
College Tuition Growing as Fast as Your Kid
It seems that higher education may be the only business that’s currently recession-proof. According to a survey released by the College Board, tuition at 4-year private colleges spiked 4.4% this year to over $26,000. Students at public institutions got an even bigger hit: up 6% for both in-state and out-of state students, to over $7,000 and $18,000 respectively.
Several factors come into play. For one, the Class of 2009 was the largest ever. Endowments to private schools have sunk, while public schools are suffering from a loss of state funding. Add that to a rising unemployment rate and not-so-rising household incomes and you’ve got a big mess of worry for students and their parents.
The only bright spot is that two-thirds of the students receive a bit of an educational freebie in the form of grants and/or tax deductions. So those yearly prices mentioned above? Round them down to $11,900 for a private school and $1,600 for state.
As for the third of the kids who don’t receive any help, Mom and Dad should start putting away those pennies before their munchkins are even potty-trained.
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e commented on Oct 21 09 at 8:38 pmI’m not sure how rising tuition costs indicate that higher education is recession proof. I work at a state university… and yes, tuition is going up. So is enrollment. But state dollars are way, WAY down. People are losing their jobs here, too. Departmental budgets are being cut across the board. Most colleges and universities are feeling the belt tighten, too.
PlumbLucky commented on Oct 22 09 at 7:22 amExactly e. Pay is notoriously low for most as well (granted, the benefits were pretty good when I worked at a major Big Ten school, but still…I could have earned more working at Taco Bell on campus, even with my degree!)
Still a little sad that we’ve been saving for our little dude since we got his SSN in the mail three weeks after he was born!
mommiedear commented on Oct 24 09 at 9:00 amExactly! i thought the plan was with the new administration to make education cost effective and put more people back to school and drive economic long term growth this way…Now with school so expensive and pay so low and cost of living on the rise even with a student loan we are all doomed to be paying that back for double and triple the time it take to pay them off 5 years ago! I guess people like me in my 30s have to either be made of money of contend with paying the loan back even as I qualify for an AARP card!Many on http://www.truuconfessions have gone back to school and have a lot to contribute on this subject. Check it out!
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