The cost of education has been
hitting national airways for some time. Tuition and boarding costs are
rising and parents are trying to find new ways of paying for their kid’s education.
Changes have occurred over the past decade indicating additional reliance on
tax benefits and grants. A 2013 report entitled Trends in Higher Education by
the College Advocacy and Policy Board helps highlight how parents and students
are paying for education and making ends meet.
The report outlines the results of a
study analyzing trends of how parents and students are paying for college. An
average of 2002/03 fees and tuition for full-time students were $8,760 and rose
to $11,960 in 2012/2013 marking a 37% increase. The addition of room and board raised
the cost from $16,480 to $21,030 respectively.
In 2012/1013 tax benefits and grants covered 36% of
total charges, 26% were covered from student loans, 38% of the costs were
covered from other sources. Over the past decade their out-of-pocket costs
raised $1,330 and loans covered an additional 2% of costs. The use of federal unsubsidized loans
increased while the use of private loans decreased.
The cost of public four-year public colleges
increased dramatically over the past decade. With 40% of students enrolling in
public four-year colleges the costs of tuition and fees raised $5,210 in
2002/2003 to $8,660 in 2012/2013 marking a 66% increase. Room and board costs
increased 45% over this period. The report indicated that public four-year
colleges had the largest increase in cost when compared to 2-year colleges,
private colleges and for-profit colleges.
The study summarizes its findings by indicating that
parents and students are relying more heavily on grant aid and tax benefits to
pay for most of their college expenses when compared to a decade ago. The use of loans increased slightly but was
not the main source of funding. By understanding the trends it helps to make
adjustments to ensure that college education is within affordable reach for
most students. It is this access to higher education and the use of that
knowledge in beneficial ways that help society create new knowledge for
advancement and growth.
You may Read the Report HERE
