Although it is far from breaking news, college tuition is costing students a pretty penny, and it seems as though there’s no end in sight.
In a recent report released by the College Board, tuition and fees at public and private universities throughout the country rose at more than double the rate of inflation. An article by the US News ‘ World Report puts the increase at $500 out of pocket for each student.
Not counting room and board, tuition and fees at private colleges increased 6.3 percent, while public four-year colleges saw an increase of 6.6 percent, according to the report.
“The average price of college is continuing to rise more rapidly than the consumer price index,” said Sandy Baum, co-author of the College Board report and a senior policy analyst for the College Board, in the report.
The increase is surpassing the rate of family incomes and prices for other consumer goods; consumer prices have risen less than 3 percent a year, while the net tuition at colleges and universities has risen at an average of 5.6 percent, according to a recent New York Times article.
Compared to similar institutions, such as Fordham, Boston College and Villanova, Fairfield’s tuition including fees has increased 6.1 percent, as opposed to 8.11, 6.47 and 3.96 percent respectively, according to a chart assembled by the Finance and Administration office.
Fairfield Vice President of Finance and Administration William Lucas said that in order to determine how Fairfield is doing with regard to tuition increase, it’s important to look at these “peer institutions.”
“The operating costs are higher in New England than in a place like Idaho, for example,” he said. “And against these schools we’ve had a lower average increase the last two years.”
However, this doesn’t make the sticker shock any less of a problem for students. Brianna Cohoon ’10 said she has felt the effects of college tuition skyrocketing.
“I didn’t realize it was going to increase so much,” she said. “It’s hard for the aid to match [the increase].”
Stephanie Stadig ’10 said: “In the tough economic times we’re in now, colleges shouldn’t be raising tuition. But if they have to, they should increase aid and scholarships to prevent students from borrowing more.”
Lucas said that Fairfield is doing all it can to help students with regard to aid.
“We’ve made significant increases in financial aid,” he said. “When tuition went up $6 million, financial aid increased by $3.3 million.”
Erin Chiaro, director of Financial Aid, supports Lucas, and said in an e-mail that “Fairfield has a deep commitment to providing students with financial access to a Fairfield education, assisting over 60 percent of our students with the cost of college. To keep up with the cost of tuition, Fairfield has increased its financial aid budget by 33 percent in the past three years. Fairfield financial aid increased 11 percent over last year compared with 8 percent nationally.”
Students who are receiving financial aid, either through scholarships or grants, aren’t getting as much for their money.
Chiaro said that while the percentage of students who have borrowed through any of these loans has remained relatively consistent over the past several years.
“Fairfield far exceeds [the national average] with 44 percent of aid awarded as institutional grant aid, which students are not required to repay.”
According to Chiaro, nationwide, grants from institutions make up 21 percent of the total aid package. Baum also pointed out in her report that “the grants for low-income students haven’t been growing fast enough.”
For example, the Pell Grant, a government need-based grant given to students, declined for the second year in a row, after calculating the effects of inflation.
“Students shouldn’t have to worry about being in debt,” Stadig said. “You can’t start a career owing that much debt; it’s too much.”
This may start to affect the types of students who are applying and attending colleges. In a situation like Fairfield’s, with the goal of increasing student diversity, the extra expenses might stunt that initiative.
“By raising the price of tuition, they can’t diversify the school,” said Laura Zakreski ’09. “Some people aren’t going to be able to afford it.”
Cohoon agreed.
“I think people are going to start deciding where to go to school based on money, and not what schools they like,” she said. “Also, it’s going to be a lot harder for poor people to go to college, unless there’s a better match in aid.”
Stadig also supports the argument, saying that “an increase in tuition costs will cut out many talented applicants who just can’t afford it.”
“Financial aid becomes a crucial element in fulfilling the strategic goal,” Lucas said. “We’re increasing our commitment to this initiative, and are making a conscious effort to recruit all kinds.”
The College Board isn’t exactly sure why college tuition is increasing so rapidly, but one possible explanation is the declining government funding of public universities. Although state appropriations on higher education have been rising, they haven’t been keeping up with booming enrollment, causing the contribution per student to be lower than it was 20 years ago, said Baum.
The tuition increase is now partnered with a longer enrollment for students. The College Board says that now it takes the average public university student six years to complete a degree, and five years for a student at a private school. They estimate that parents should budget at least $79,000 to get today’s freshmen through graduation.
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