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?
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.
Most parents of prospective college students know what they’re in for when it comes to today’s hefty tuition and room-and-board bills – about $50,000 a year or more for most private universities – and they gird up for that whopper in numerous ways.
For those who, like Time magazine and its exhaustive treatise on soaring healthcare costs, are shocked and confused how it is possible that prices for some of the most rudimentary staples, among them basic medical care and college tuition, have exploded we have the answer.
At a time when college costs more than ever and we're facing a $1 trillion student debt bubble, it's no surprise the whole "Is College Even Worth It?" debate is still going strong. Take it from us –– you won't get far without a college degree and those who have managed to do so are the exceptions, not the rule.
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