Before we get into the nitti gritty, let's first define what we're talking about so that there is no confusion. First off, the word tuition according to dictionary.com is defined as "the charge or fee for instruction, as at a private school or a college or university," but to put it in layman's term, it's typically what your instructor gets paid for teaching you.
Another important detail is that universities use terms such as 'credits' or 'hours' to define the amount you will pay per class. For example, you might see that a class is worth three credits which basically means that if tuition is at $300 a credit, you will pay a total of $900 for that class alone.
Now that we've defined these terms let's look at some data that will reveal the rising college tuition costs that so many students, like you, will have to cope with and in the end, pay for.
According to the figures above, we see that over a ten year period from 2001-02 to 2011-12 the average tuition price at a private rose by about 2.6% each year. Private non-profit four-year institutions are typically the most expensive and because of this, they need to keep price controls so that students can afford to attend these colleges.
The public four-year have had the most dramatic increase of the three with a 5.6% increase per year over the ten year period as compared to the 2.8% by public two-year institutions. This increase is price had a striking impact on the problems students face today with student loans. If you're a student, you need to be concerned and better prepared to meet, what's unfortunately, a disaster in the making.
If you know you can't afford a high ticket school, it's best to attend school within your state because of cheaper college tuition costs and maybe even attend a university or college in your city to save on room and board. It might not be the college experience you're wanting but it's also not the huge debt many students end up with which on average is over $24,000 now.
As of today, student loan debt is at $950 billion dollars and will not disappear. Either the higher education system needs to make some changes or pretty soon; students won't be able to afford a degree and instead will have to look for alternatives such as online learning.
In many ways, students aren't prepared to meet this new challenge considering few even understand the many types of financial aid or even practical steps they can take with their ACT test and SAT test to curve the rising costs of tuition.
It's also a good idea for you to look at going to college like shopping for your favorite toy, shoes or clothes. Get familiar with the ins and outs as well as be able to determine which college will put you in the best financial and educational situation. You should look at the net price. This entails that you compare the overall price once you factor in financial aid from each college.
Although it's critical for you to take this serious, it's also important for colleges and universities to come up with new solutions to the crisis that will soon prevail if things don't change. Loans which are debt are never good when they can't be paid back and sooner or later college and universities will feel the sting once these federal programs fall through.
It's time to change and it's time for new solutions and it's time for leaders in higher education to once again be innovative and help contribute to America's future educational aspirations. What are your thoughts on the education system? Do you think there's a solution? If so, what should be done? Should colleges be doing more about college tuition costs?
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