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Why Is College So Expensive?
No one would argue that a college education is an unwise investment - but an investment it certainly is. A recent Consumer Affairs report says that tuition at state universities around the country now averages about $12,000 per year, and at private schools it hovers around $25,000. The College Board says that tuitions have risen steadily since 1958, at about twice the rate of general inflation.
Why is College So Expensive?
There are several reasons for such high tuition rates. First, most students don't actually pay the flat tuition rates, and in fact pay discounted rates through financial aid packages. When you consider what the average student actually pays - roughly $8,000 per year in tuition and fees - the rates haven't escalated that much in recent years.
Yet colleges raise tuition frequently because they can. There is a perception among many that the more expensive and elite the school, the better it is; high tuitions can actually be a boon to enrollment.
Plus, in their race to attract students and to make college ranking lists, they feel pressured to invest in new facilities, the latest technology, and the best athletic programs. Many are increasingly offering tenured faculty raises and benefits packages as well; salaries comprise nearly two-thirds of a college's budget.
The Silver Lining
There is good news: First, research shows that students with equivalent credentials earned the same salaries, no matter which college they've attended. Second, there are more options than ever before for financial aid and college savings.
Finally, the College Board reports that those with bachelor's degrees earned, on average, 62 percent more per year than their diploma-only cohorts in 2003. So clearly, although a college education can be expensive, it certainly pays to have one.
The following schools can provide you with more information about attending college:
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