As the years go by, paying for college is becoming more and more of a tough task for students who have aspirations for a college degree. Whether it’s a private or public university, students are seeing an average increase in college tuition every year. The average increase in college tuition is not insignificant. The average annual increase in college tuition in the U.S. is about 8% per year. Public universities in California saw the 2011-2012 tuition increase by 21%, and there was an average 37% increase in tuition for Californian two-year public colleges.
Many students rely on some form of financial aid to assist them in dealing with the average increase in college tuition. Close to about 90% of students receive financial aid to pay for tuition costs, which must be repaid following graduation. Besides tuition costs, students must contend with paying for books, class materials, meals, and often a dorm or apartment.
The average increase in college tuition has kept many students from attending traditional four-year universities. Instead, many students opt to stay home and attend community or city colleges after they graduate from high school. These students can then transfer their credits to a four-year public or private university to obtain their bachelor’s degrees or simply find employment with their associate’s degrees.
Sixteen years from now, if the trajectory remains the same, the estimated total price for tuition for in-state residents at public universities is expected to be $95,000. Tuition at private colleges is estimated to be $340,000, and tuition for a combined four years of community and private college will be $196,000.
References: FinAid. (2012) .Tuition Inflation.