College tuitions up for the academic year

10.22.09
By Nicholas Storie

A recent report shows that the cost of going to college is going up, which could mean more young people will need student loans to get an education.

The College Board reported that tuitions increased for the 2009-2010 academic year while endowments and state funding for schools fell. Gaston Caperton, president of the College Board, noted that though a college education is important for financial security in the future, many young people felt as though the associated costs make it "out of reach."

"States and institutions must increase their efforts to reduce costs and to prevent tuition from rising as rapidly as it has in the past," Caperton said, adding that families need to be made aware of the options available for funding college.

According to the report, the average 2009-2010 tuition for a private, nonprofit four-year college increased by 4.4 percent to $26,273.

Tuitions for public universities were divided to reflect in- and out-of-state tuitions. For a public, four-year school, the average in-state tuition increased by 6.5 percent to $7,020. Out-of-state tuition went up to $18,548, an increase of 6.2 percent.

Though costs for room and board were comparable for all full-time, four-year students, the fact these students may not be able to have a full-time job while in school makes it that much more difficult to pay these expenses.

According to a recent report from Sallie Mae, college students are increasing their use of credit card debt while attending school. For example, the average amount of credit card debt for graduating college seniors amounted to $4,100 in 2008, up from the $2,900 seen in 2004. Furthermore, almost one-third of students paid for some of their tuition through credit card debt.

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The cost of tuition is increasing, which means some young people may have to take out student loans.