If you think attending a public college saves you money... think again. New data shows the cost of a public education has reached an all time high this year. The average sticker price of a public college rose by almost 4 percent, according to the latest College Board report. Tuition accounted for about half the increase. Higher dorm, cafeteria and book expenses were also to blame.
Meanwhile, financial aid budgets remained flat...which means students will likely have to swallow the difference. For many people, that likely means bigger student loans. And already, outstanding student loan debt has bypassed $1 trillion nationwide.
It's a trend that could be here to stay. The College Board expects tuition to continue outpacing inflation. States are giving colleges less money... cutting aid by 16 billion dollars since 2007. At the same time, student enrollment has been rising. It's a tough combination... and it means colleges are forced to raise tuition.
(source: CNN)
