Up, Up and Away Goes Tuition

Leaving the nest is no simple flight. Not only do freshmen potentials have to overcome the SAT, the nerve-racking applications, the freshmen 10 (or if we are being honest 15), family abandonment and early morning classes, but today’s college wannabes also face the threat of increased tuition.

According to College Board, an online membership organization that supervises Advanced Placement Tests, “Tuition for private, four-year universities for 2009-2010 increased by 6.6 percent, for an average of $26,273. Tuition for public, four-year universities increased by 8.8 percent for an average of $7,020.” Oh, and let’s not forget the cost of textbooks, which as of this year averages around $1000.

CB also reported that families across the US are already footing an extra $172 to $1096 in school bills. Next fall, these bills are expected to go even higher. The question is, how much higher?

And the Rates Go Up

As Pantagraph reports, schools all over are caving to the economic crunch. The University of Illinois increased their tuition by 9 percent, while the University of Washington boosted their rates by 14 percent. As for Sunny Florida, colleges could potentially charge students a yearly – yes, yearly –15 percent increase in fees until the tuition reaches the national average. Universities in Golden California are already imposing fees more than 30 percent of the regular tuition. Needless to say, parents are not obliged.

On the bright side, not every state’s tuition upsurge is crossing over into the double digits. The University of Colorado steadied at 3.9 percent, Pennsylvania settled at less than 5 percent, Ohio landed at 3.5 percent and Texas is expected to keep below 4 percent. For a few states, including Oklahoma and Missouri, the tuition rates have surprisingly remained unchanged.

It will get Better, Right?

Recently, a study lead by the University of California found that two-thirds of college freshmen are concerned about paying off their school bills. And there is good reason for that. With or without a job, most students are forced to depend on financial aid or student loans. According to CB, “Half of all full-time undergraduates in the United States take out federal student loans each year, adding up to about $57 billion.” What is more, the 2008 Project on Student Debt reported that the typical 4-year university graduate owed roughly $23,200 in student loans. But, there is good news.

On January 25, President Obama announced his student loan proposal, which many say, “…could not have come at a better time.” This plan seeks to:

“…improve IBR by lowering the cap on federal student loan payments from 15 to 10 percent of discretionary income, and forgiving any remaining debt after 20 years of payments, rather than the current 25 years…IBR is targeted to those with high student debt burdens relative to their income and can lower monthly payments by hundreds of dollars in many cases, helping borrowers avoid default and pay down their debt in a manageable way.”

What To Do?

Students should not discount financial aid. Coordinator of Student Financial Aid Twiana Collier said, “A lot of kids are nervous.” But, there are scholarships, grants and student loans available for everyone, even middle-class families. “Submitting it doesn’t guarantee you will get aid,” said Kristen Campbell, director of college prep programs at Kaplan Test Prep and Admissions. “But not submitting it guarantees you won’t.”

Others, taking a lesson from the 60s, are resorting to protests. Students at the University of Calgary took the role of student body literally, stripping down to their underwear – though some chose to model a hefty bag – and claiming, “They were too broke to afford clothes.” Whether this demonstration will influence the school to lower their tuition rates remains to be seen.