The cost of a college degree rose to record levels in 2012 –– a staggering 8.3 percent increase from $4,793/year to $5,189/year at public universities. That exceeds the average 5 percent jumps that occurred over the last three years. Why the sudden jump?
Let’s face it. This isn’t exactly the most optimistic time to be a college applicant. By now, even MTV-obsessed teens probably have heard or read about the $1 trillion student debt bubble, the soaring cost of college tuition and the federal budget cuts that have likely made even their “safety schools” more expensive than ever.
The best educations can sometimes be the most expensive. It's common knowledge that college costs are on the rise. But you may be surprised to know that some schools currently charge over $60,000 to educate a student for just one year.
For those of you who have students preparing to go to, or currently attending college, the costs probably are daunting. The cost of a year in college runs right around $23.000/year. This is unaffordable for many, and painful for all but the most wealthy. Luckily, there are many things a parent and student can do to mitigate the costs of college. Most of these are well known options, including summer and school year jobs, financial aid, attending public vs.
President Barack Obama called for linking financial aid to college affordability when he addressed Congress last month, but even as costs keep rising, some experts say not to expect crucial changes this year.
Reforming how financial aid is distributed – with incentives to keep tuition down – probably won’t come until after Congress tackles equally thorny changes in primary and secondary school education, known as K-12 in the U.S.
For many pre-retirees, the prospect of life without a paycheck is scary. There are no more biweekly checks, raises, bonuses or promotions. Then experts from financial firms come along and stoke our anxiety with their sometimes unrealistic recommendations about how much money we need to have in our retirement plans (which they will be happy to manage, for a fee) to guarantee a comfortable retirement lifestyle.
Financial planners will give you a quick list of the things you must absolutely do to pay for your child's college (529s, Stafford loans, Coverdell savings accounts, savings Bonds, home equity loans) but sometimes their advice is hard to follow in the time frame you have—and often they involve piling on more deb