College Costs Rising...

College Costs Rising at Double the Inflation Rate

Think you have saved up enough for college? Think again. With the price of college increasing at a faster rate than inflation, many are being forced to take out loans to pay for college. At what point is the opportunity cost of attending college too much?

"Tuition and other costs, not including room and board, rose to $6,185 at public four-year colleges this year, up 6.6 percent from last year, while tuition at private colleges hit $23,712, an increase of 6.3 percent. At public two-year institutions, average tuition and fees rose 4.2 percent to $2,361.
Last year, tuition and fees at public institution rose by 5.7 percent; at private ones, by 6.3 percent and at public two-year institutions, by 3.8 percent.
“The average price of college is continuing to rise more rapidly than the consumer price index, more rapidly than prices in the economy,” Sandy Baum, a co-author of the report who is a senior policy analyst for the College Board and a professor at Skidmore College, told reporters at a news conference this morning. She added that the prices “are probably higher than most of us want them to be.”"