Wednesday, October 20, 2004

College Costs Rising Faster Than Inflation

Higher And Higher
The Seattle Post-Intelligencer is telling us that the cost of going to college is still going up. That is not news to parents that have been feeling the bite in the pocketbook for years.

The sad news is that tuition alone rose an average of 10.5% in public four-year schools, and 6% at private institutions.

Including room and board, the overall cost of going to a public school increased 8% to a total of $11,354. Attending a private school is now a staggering $27,516. (That is more than the starting salary of public school teachers in several states.)

In contrast, the official rate of inflation for the last 12 months (as determined by the Federal Government) was a relatively modest 2.7% overall. (To the EdWonk, there is no such thing as "modest inflation," as he has had no pay increase in three years.)

What about financial aid? Well grants have decreased, but loans have increased. The net-net is that a typical student's degree now has a very large I.O.U. attached to it. According to the study, that debt is now a whopping $20,000 on average.

What is a mystery to us here at The Education Wonks is this: With so many teachers getting pay increases that are less than inflation, (If they get any at all. See above.) where is all the money going?