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The other day, a friend told me an interesting story. Her daughter had just gotten into her pick of colleges, but her top-choice school wasn't offering as much financial aid as the schools that ...
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Due to the high price of college tuition, about 43 percent of students reject their first choice of schools. [8] Tuition and fees do not include the cost of housing and food. For most students in the US, the cost of living away from home, whether in a dorm room or by renting an apartment, would exceed the cost of tuition and fees.
Between 1982 and 2007, college tuition and fees rose three times as fast as median family income, in constant dollars. [52] In the 2012 fiscal year, state and local financing declined to $81.2 billion, a drop in funding compared to record-high funding in 2008 of $88 billion in a pre-recession economy.
More than half of public research universities charge students differential tuition based primarily on their major and their year in college, increasing normal tuition by up to 40 percent. [10] Most students or their families who pay for tuition and other education costs do not have enough savings to pay in full while they are in school. [11]
First-time college students may be surprised when bills for their first semester roll in. To avoid unexpected costs, create a budget in advance that accounts for all of the costs of college.
Colleges are incentivized to admit students who are able to pay full tuition without aid. Additionally, college rankings, which have an effect on the students applying each year, penalize poor average standardized testing scores; colleges therefore admit students with higher scores, [235] who are typically also richer. [236] [237]