College costs: The numbers keep getting bigger
College just keeps getting more expensive, said Justin Pope in the Associated Press.
A free daily digest of the biggest news stories of the day - and the best features from our website
Thank you for signing up to TheWeek. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.
College just keeps getting more expensive, said Justin Pope in the Associated Press. College costs rose faster than the inflation rate again this year, with the College Board finding that average tuition increased 6.6 percent, to $6,185, at public schools and 6.3 percent, to $23,712, at private schools. At George Washington University, in Washington, D.C., tuition and room and board now tip the scales at more than $50,000. Since financial aid can greatly reduce the sticker price of a college degree, these published prices are often meaningless. But financial aid, too, has failed to keep pace with the rise in college costs. “The net price for full-time students at four-year public universities” is actually up 6.2 percent this year, compared to about a 4.4 percent net increase faced by students at private universities. Prospects may not be much better for the future, and one reason is the stock market, said Alison Damast in BusinessWeek. Many schools use investment earnings from their endowments to bolster financial aid packages, and over the past several years, stellar investment returns have helped counteract higher education’s everincreasing costs. It’s not clear how much market fluctuations will affect college endowments, but “if those returns suffer, those relentless tuition bills could edge even higher.” Though public schools often have endowments, private schools “tend to have the lion’s share of endowment funds,” with assets averaging $82,700 per student. When selecting among schools, take a look at their investment portfolios. Some parents of college-age students have begun to seek professional financial help, said Elizabeth F. Farrell in The Chronicle of Higher Education. “Five years ago, the National Institute of Certified College Planners, an organization that licenses college- planning professionals, did not exist.” Now the group has 1,200 registered members, who help with everything from devising a savings plan to shopping for a school to applying for financial aid. Their clients typically have household incomes between $50,000 and $150,000. “Even though these families tend to be financially savvy, they have discovered that working with a specialized professional can mean the difference between qualifying for financial aid and being expected to pay the full sticker price.” For many families, that translates to thousands of dollars in savings.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Continue reading for free
We hope you're enjoying The Week's refreshingly open-minded journalism.
Subscribed to The Week? Register your account with the same email as your subscription.
Sign up to our 10 Things You Need to Know Today newsletter
A free daily digest of the biggest news stories of the day - and the best features from our website
-
5 tips to save on heating bills
The Explainer Follow these expert recommendations for a cozy and cheap winter
By Becca Stanek Published
-
Should you fire your financial adviser? 4 signs it's time to say goodbye.
The Explainer Breakups are never fun, but you have to protect your wallet
By Becca Stanek Published
-
The daily gossip: Man arrested in connection with shooting of Tupac Shakur, an OceanGate movie is in the works, and more
Feature The daily gossip: September 29, 2023
By Brendan Morrow Published