These days, many students and parents are asking a simple question: How can college costs continue to rise even when families like ours face lower incomes and less job security?
Unfortunately, the answer isn’t an easy one: The combination of state funding declines, plummeting college endowment valuations, and record student enrollments has put upward pressure on tuition prices, even in the midst of economic recession.
The result: According to a recent report by the College Board, tuition and fees at 4-year private colleges rose 4.4% to $26,273 per year, while tuition and fees at 4-year public colleges rose 6% to $7,020 per year (in-state students) and $18,548 (out-of-state students).