College costs are skyrocketing, and it’s causing a lot of concern. Some top colleges are now charging almost $100,000 a year for tuition, fees, room, board, books, and other expenses. This huge price tag includes well-known schools like New York University, Tufts, Brown, Yale, and Washington University in St. Louis.
Why Are Prices Rising?
Each year, college costs go up by about 4%. If this trend continues, we could see colleges charging more than $100,000 a year by 2026. Bryan Alexander, a senior scholar at Georgetown University, predicts this increase based on current data.
The Impact on Students and Families
Such high costs can be discouraging for many students and families, especially those with lower or moderate incomes. Sameer Gadkaree, who leads the Institute for College Access and Success, points out that these prices are simply unaffordable for many families.
State funding for colleges has been cut significantly, leading to these rising costs. As public support for higher education shrinks, colleges have had to increase tuition and fees, pushing more of the financial burden onto students.
The Reality of College Costs
Despite these high sticker prices, most students and their families don’t end up paying the full amount. On average, families spent about $28,400 on college expenses in the 2023-24 school year, according to Sallie Mae. This figure is lower than the sticker price because of financial aid, scholarships, and loans.
The U.S. government provides around $120 billion a year in financial aid, including grants, loans, and work-study opportunities. However, many students are finding it harder to apply for this aid due to issues with the Free Application for Federal Student Aid (FAFSA) form. Submissions for FAFSA are down nearly 10% this year, which means fewer students are getting the help they need.
What Can Students Do?
Even with high tuition, many private colleges offer substantial financial aid. This means that while the sticker price might be eye-watering, many schools can help reduce the actual cost for students who qualify.
So, if you’re worried about the cost of college, remember that financial aid can make a big difference. It’s important to apply for all the help you can get, despite the challenges with forms and applications.
In summary, while the cost of attending college is rising rapidly, there are still ways to manage and afford higher education. Staying informed and applying for financial aid can help make the dream of going to college a reality, even with these increasing costs.
