A College Board report released today showed that the average price of attending college rose more than 5% this fall, but education officials warned that the current economic crisis might cause sharply higher tuition bills next year...
Gov. Arnold Schwarzenegger told education leaders Tuesday that he would push for a tax hike and deep cuts to schools to help close the state's yawning budget gap, according to several participants in a meeting with him. The news, delivered in a conference room outside the governor's office, came as a shock to the educators, who were told to prepare for immediate cuts in the range of $2 billion to $4 billion...
Higher education has been a growth industry in the United States, evidenced by swelling enrollments, expanding campuses and growing endowments. But the global economic crisis has caught colleges and universities in a vice. With their endowments shrinking along with stock markets, some schools may raise tuition more than usual, even as students complain it is already too expensive and struggle to get loans...
After several years in which college costs rose more rapidly than other consumer goods, average costs for tuition and fees this year increased less than 1% for public and private institutions when adjusted for inflation, a report released Wednesday shows. They even declined at public two-year institutions. But context is everything: The 2008 inflation rate of 5.6% is more than double last year's rate (2.4%) and well over 1991's 4.4%. And while financial aid spending has increased, it is not keeping pace with tuition increases...
...But while panic isn’t the right call, there are a lot of good reasons to be thinking ahead. The other traditional method of funding college – student loans – has not been impervious to the credit freeze. While government-backed student loans are still out there, the Associated Press noted that the private student loan market is drying up, making it harder for many students to afford school. The other variable, of course, is simply picking a cheaper school. A new analysis has found that costs continue to be astronomical (it estimates it’ll cost you more than $50,000 to spend a year at George Washington, the school with the second-highest total cost in the country), making UVA or Maryland sound like a spectacular deal...
Tuition costs rose slightly faster than the Consumer Price Index last year, and students received record amounts of financial aid, according to the annual reports on college pricing and student aid released Wednesday by the College Board. But while financial aid is growing, average student borrowing is still going up, as well...
Costs rose 5.9 percent this year at private four-year colleges in the U.S., outpacing the biggest gain in inflation in 17 years and increasing the demand for financial aid. Tuition and fees rose 0.3 percentage point more than inflation at those schools, to an average of $25,143, according to a report today by the College Board, the New York-based publisher of the SAT exam for high school students. The increase means that students are likely to become even more dependent on financial assistance from the schools or from federal programs, according to the report...
College prices rose only slightly faster than inflation for the 2008-9 year, but that may say more about the steeper prices for everything in the American economy than it does about college costs. Tuition and fees rose 4.5 percent to 6.5 percent for various types of institutions, similar to previous years, but a 5.6-percent increase in the Consumer Price Index means that tuition growth was less than 1 percent in constant dollars. Meanwhile, more student aid is available than ever before. Even so, the volume of private loans declined before the onset of the credit crunch, according to two new reports...
Both tuition and financial aid are up for the current academic year — even as the economic uncertainty leaves many colleges and students with worries about next year’s charges...In some recent years, when the tuition increase averages have further exceeded the inflation rate, politicians and others have questioned why costs were going up so rapidly. Sandy Baum, a senior policy analyst for the College Board, said that “in nominal terms,” the increases aren’t that different from what they have been in recent years. But there may be a difference in the public perception because “the inflation rate turned out to be so high this year,” she said. At the same time, she acknowledged, while this may lessen Congressional or other criticism, it may provide little comfort to families...
...Stung by declines in manufacturing, textiles and tobacco but emboldened by the possibilities of newer, skills-based industries in biotechnology and pharmaceuticals, (North Carolina) tried a novel approach to encouraging low-income and minority students to apply to college: reaching out to them on the Web...It's no secret that African-American and Hispanic enrollments lag, proportionally, behind those of their white and Asian-American counterparts, or that educators believe that encouraging low-income and first-generation students to finish college would prepare workers for the service and information economies that many states depend on for their survival...
As Shenandoah University administrators contemplated salary increases for faculty and staff this year, compassion trumped conventional wisdom. Instead of awarding across-the-board raises based on a percentage of each employee’s pay, as history dictates at Shenandoah and many other universities, Shenandoah officials have opted to add $1,000 to every employee’s base pay. That means some of the university’s prized faculty and highest-paid administrators will see relatively small salary increases next month, while assistants and other lower-paid staff will get more help than usual during a period of national economic turmoil...