With the economy suffering, wallets have gotten thinner. This is especially true for high schools seniors and parents who are trying to figure out how to afford higher education.
Tuition hikes have become an annual event at many universities, making it harder for families to send one, let alone multiple, kids to college.
A study by collegeboard.com shows that 10 years ago, a private four-year university cost, on average, $19,825 per year, while a public four-year university cost an average of $4,376. Today, private tuition stands at $25,143, while public tuition averages $6,585.
Universities raised tuition by about 6 percent this year, according to the College Board. In fact, “tuition costs have risen steadily by about 6 percent or so for the last 10 years,” said David Bennett, administrative director at The Center for College Affordability and Productivity. Bennett said universities invest heavily in buildings, equipment and more to keep attracting students.
As a result, students have felt the impact.
“It used to be, ‘OK, how can I get into this or that college?’ ” said Jennifer Rucker, a counselor at Lincoln Park. “Now, students ask me how they can even afford the college of their choice.”
The 2008 “Measuring Up” study by the National Center for Public Policy and Higher Education, which investigates college affordability, shows the impact college costs have had on families. From 1997-98 to 2006-07, the amount students borrowed rose from $41 billion (adjusted for inflation) to $85 billion — more than double.
Many states have increased their spending on financial aid, but it hasn’t kept pace with tuition growth, according to the study. The average student from working and poor families must pay 40 percent of family income to enroll in public four-year colleges. Students from middle-income and upper-income families must pay 25 percent and 13 percent of family income, respectively.
In Illinois, the average cost of attending a public college jumped from 19 percent of a family’s income in 1999-2000 to 35 percent in 2007-2008, “Measuring Up” found.
Patrick Callan, author of “Measuring Up,” explains that families are willing to pay more for college. By law of supply and demand, he says, colleges realize that education is instrumental to students’ success, and that this year — for the first time — there are more graduating seniors than spaces available at colleges.
“The colleges steadily raise their tuition because they know that in the end, students will have no choice but to go to college,” Callan explained.
But students do have options. Recently, Lincoln Park’s Rucker held a workshop to help parents understand the process of federal aid — one of many workshops that CPS schools have started to assist students and parents.
According to the College Board, the federal government gave $143 billion last year to fund post-secondary education. Higher education experts agree that securing federal grants should be the first item on any student’s agenda.
“Most of the money are grants, which means you don’t have to pay it back,” Bennett said. “That’s really the most handsome way to pay for college.”
Students also have responded. Jack Huang, a sophomore at Whitney Young, started working at a local restaurant.
“I think if I work for the next two years, I will have a sizable chunk of money saved up for college,” he said.
Others, such as Curie senior Jimmy Lau, only applied to public, in-state colleges.
“Out-of-state is expensive, plus private colleges are even more expensive,” he said.
But according to collegeillinois.com, a financing Web site, the average cost of tuition at the state’s public universities is $9,452, significantly higher than the national average of $6,585. The “Measuring Up” study handed an “F” to Illinois in college affordability — only California received a passing grade.
Callan said that state tuition has risen significantly in the last five years, and financial aid is not keeping up.
“The state financial aid program has lagged behind, and that’s the primary reason Illinois got a failing grade,” he said.
However, Bennett recommends students search for local and national scholarships on FastWeb, a free scholarship Web site. Rucker also suggests students find scholarship books at school and apply to as many as possible.
Finance 101
Undergraduate students who took federal loans during the 2006-07 school year rose by two million since 1997-98 to 6.1 million.
55% of Americans say obtaining a college degree is the only way to succeed in America
39% of Americans are worried that financial aid is not easily available for students
53% of the public feels colleges could spend less and still have offer a high-quality education
67% feel that access to college is a problem
Source: Squeeze Play 2009: The Public’s Views on College Costs Today, a Report for the National Center for Public Policy and Higher Education
