Monday, November 8, 2010

The Cost of College

The College Board reports that the net price of college with tuition and fees is actually lower in 2010 than it was five years ago. The predominant causes of this drop are increased financial aid and lower inflation. In fact, the average price for a state school, including room and board, is about $10,000 per year. The average for private colleges is about $20,000. That is certainly reassuring.

Of course, the criticism I hear from my students is "OK, but what about the costs for a good school." Obviously, the prejudice against state schools will always be there, though many studies argue that the elite college prices are not always worth the excessive price tag. That has to be decided on an individual basis. The reality is higher education needs to be more affordable, and consumers need to be more practical about where they are choosing to invest their education dollars.

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