The Rising Cost of Higher Education

Posted by on November 24, 2006

[posted from Public Education Network newsblast]

PAYING FOR COLLEGE: THE RISING COST OF HIGHER EDUCATION

At the same time that a college education has become the ticket to the middle class, college has become less affordable. The situation in New England is worse than it is nationally. Even though incomes are higher in the region, families are likely spending a higher share of their income to pay for college. In 2003-04, families with students attending a community college in New England spent 17 percent of their annual income to cover the costs of college. Families are stretching even more to attend a public four-year college in the region, spending 21 percent of their income. Private colleges are the most expensive, requiring that families spend a stunning 33 percent of their income. Although family incomes and grant aid have increased over the past decade, they have not increased enough to offset the increases in tuition prices. As a consequence, more students and parents are taking out loans to finance their college education, and the amount of debt that students are carrying has increased significantly during the past ten years. The increase in loans has shifted a greater amount of risk to students and their families, and the consequences of this shift deserve more public discussion. While the long-term value of a college degree may well justify the cost and accompanying debt, there are a substantial number of students who start college leave without earning a degree. Many, if not most, college dropouts have debt that still must be repaid, without the advantages of a college degree. Thus, a renewed focus on getting students through college and not just into college is needed.

http://www.massinc.org/index.php?id=216&pub_id=1828