Preparing For The Increasing Cost of College
Posted by
Kevin Park on Thu, Oct 13, 2011 @ 09:50 AM
In September, the U.S. Department of Education published a new report that raises important concerns as we think about the goal of preparing all students for college and their careers.
The findings from the Integrated Postsecondary Education Data System (IPEDS) fall 2010 data collection and examines the price of postsecondary attendance. This report shows a substantial increase over the past decade in average tuition; for example, the report cites a 47 percent increase for in-state students and 35 percent for out-of-state students at 4-year public postsecondary institutions. The average tuition and required fees for in-state students who attended these institutions in 2010-2011 is about $6,800 per year and $15,700 for out-of-state students. Factoring in housing costs (i.e., living on campus), the report cites an average price of attending a public institution of approximately $19,500 per year for in-state students and $28,900 for out-of-state students. (Tuition at nearly every other type of postsecondary institution increased substantially as well.)
To put these figures into context, the U.S. Census Bureau reports that the median household income in the United States was $49,445 in 2010. Indeed, median income is moving in the opposite direction of college costs; it declined 2.3 percent from the 2009 median. On the other hand, poverty rates have increased; there were 46.2 million people in poverty in 2010, up from 43.6 million in 2009. The Census Bureau reports that this is the fourth consecutive annual increase and the largest number in the 52 years for which poverty estimates have been published.
The bottom line is that the cost of attending college is getting higher at a time when family and state budgets are getting tighter. As we think about the goal of preparing all students for college and career, a critical question arises: How well prepared are students and their families to pay the price of college?