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Education

Funding a College Education
By Morton Tener

The ever rising cost of college tuition creates a financial challenge to families which results in an economic crisis. The exact reason for each individual family is not known, however, implications are well known such as trying to keep up with a fast paced society in which we live, the costs of living increases and the inability of family incomes and salaries to meet the challenge. Across the country, university tuition is spiraling faster than the cost of living.

The cost of a four year college education passed the $100,000 mark at many schools. Even state schools with excellent reputations have been raising the tuition as fast as the private colleges. For example, an out of state student will have to pay $25,000 to attend the University of Michigan. This has created a crisis in higher education. Many colleges have had to slash their budget, hire more adjunct professors, and eliminate whole departments. Even when you consider the new educational tax credits, the shrinking financial aid available and rising tuition have forced more parents to apply for tuition grants.

Given the lifelong benefits of a college degree (college graduates are to earn in a life time $1 million more than those with only a high school diploma), higher education is a worthwhile investment. The application process has had a traumatic affect upon students. Another group going through a similar ordeal all their own: the parents who are supposed to pay for all this.

Money saving advice: “ways to cut the high cost of attending college” (reference, Cooper Square Press):

1. Attend a community college beginning your education.

2. Study tuition rates.

3. Compare tuition increase patterns. Private colleges have a higher rate than publicly supported institutions.

4. Consider state with low-in-state rates. Most state systems are less expensive for in-state graduates.

5. Don’t pay unnecessary student fees.

6. Commute to college. Save money on room, board, and food. There are some social disadvantages.

7. Don’t attend a college far from home. Transportation savings and summer employments are to be considered.

8. Attend school all year round.

Parents must find the right school for the child and the right fit for their budget.

Morton Tener is a freelance writer and professor at Rowan University.