Paying for higher education can be daunting. As I wrote in a piece recently regarding student loan repayment, the overall, long-term costs of an education must be consider by students carefully. College tuition is increasing on average much faster than normal inflation, causing a hurdle for those that are considering even in-state tuition.
In our state, not all colleges are created equally—and neither are their price tags. Here’s a comparison of the price of some of the Bluegrass’ top public colleges and universities for the 2010-2011 academic year:
University of Kentucky: $4,305
University of Louisville: $4,212
Western Kentucky University: $3,780
Nothern Kentucky University: $3,564
Eastern Kentucky University: $3,312
Morehead State University: $3,246
Murray State: $2,988
All data is for a full time undergraduate student, in state tuition, for one semester. This includes tuition only (no room and board).
FinAid, a website dedicated to providing students and parents with information on financial aid, estimates that tuition will continue to increase at a rate nearly twice of inflation. According to FinAid “During any 17-year period from 1958 to 2001, the average annual tuition inflation rate was between 6% and 9%…..For a baby born today, this means that college costs will be more than three times current rates when the child matriculates in college.”
Even though the cost of college education is increasing drastically, many would argue that the benefits associated with earning such a degree have not. Thus, each individual should do their own cost-benefit analysis to determine what type of degree (Bachelor’s, Associates, Technical) and what type of college (private, public, in-state) is appropriate for their situation.
The amount of student loans outstanding in this country could decrease, simply by high school graduates taking an honest and realistic evaluation of their potential future income, and planning college accordingly.
Any of these above mentioned schools will provide the education one needs to be almost any profession— a teacher, an attorney, a doctor. Yet, their price tags vary drastically, and that is something that all parents and students must take into consideration when making college plans.
