Being prepared for tuition increases

February 23, 2012

No matter how you look at it, pursuing a college degree can be an expensive endeavor.

According to the College Board, the average cost of tuition and fees for the 2011-2012 school year at a four-year, public college or university is $8,244 for in-state residents and $12,526 for those who live out-of-state. At private, four-year colleges and universities, the average tuition is higher - $28,500.

In addition, the Huffington Post reports that in recent years college tuition has gone up at roughly twice the rate of inflation, according to data from the U.S. Bureau of Labor Statistics.

Luckily, getting a bachelor's degree doesn't have to financially cripple you. Mothers who want to start or go back to school often qualify for various grants for parents, scholarships for mothers, single mother scholarships and other financial aid to help offset the cost of getting an education.

However, a recent blog in the New York Times encouraged those researching colleges to prepare themselves for annual tuition hikes.

"The students planned for college and got here on one set of financial assumptions, only to find out that the game changes every year," Shawn Whalen, deputy chief of staff of San Francisco State University, told the newspaper. "I think one of the biggest shocks is when students come in as freshmen and a semester later there's a fee increase."

These increases often mean students will have to make a choice between continuing their studies or not.

Officials say researching a school's history of tuition increases can help students of all ages better prepare themselves financially.

"See what kind of tuition increases they've experienced," Whalen suggested via the New York Times. "If you're looking at a state that has huge budget deficits in the coming years, you can expect that it's going to fall on the backs of students."

Making a financial plan that assumes an annual tuition hike is also a good idea. According to FinAid.org, tuition tends to increase about 8 percent per year on average.

While many feel that the rising cost of a college education is out of their hands, many say that voicing your concerns and frustrations to legislators and school officials can't hurt.

After all, it's a topic that has the attention of many in the political world, including President Obama.

"You can't assume you'll just jack up tuition every single year. If you can't stop tuition going up, your funding from taxpayers will go down," the president said during a recent speech at the University of Michigan.
 

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