Families of those who are in college just got hit with more debt.
Two annual reports released by the College Board reveal that prices rose faster than both the rate of inflation and the median increase in household incomes for higher education.
While the costs in college tuition is on the rise, financial aid has been less inclined to increase.
Tuition, fees, room and board have increased by 2.8% at two-year public institutions. In-state students at four-year public colleges saw a 3.1% increase, while private college students saw a 3.5% increase in expenses.
This means that for the sixth straight year, overall, college students and their families have had to come out-of-pocket more for post-secondary education needs.
“When grant aid was growing rapidly, many students were protected from the price increases,” coauthor Sandy Baum, who’s also a researcher at the Urban Institute, says in a press release accompanying the new reports—”but as the growth in federal and state grant aid has slowed, the average net prices students pay are rising.”
With the rising cost and the not-so-rising increase in financial aid, it’s no secret that families are struggling to pay. According to College Board, the average yearly increases in college have taken place during a time when the average annual increase in median family income was just a mere 0.3% a year.
Read more at TIME.
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