College Tuition is Rising Faster than Family Incomes

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The average cost for tuition, fees, and room and board for public colleges rose 10% and 12% at private institutions over the past five years, the College Board said in their annual report. Over that same time period, the median family income rose just 7%. The one positive takeaway is that the cost is no longer “skyrocketing” the way it did during the recession of the late 2000s, CNN Money reports.

For the current school year, the average price rose slightly less than the year before. It went up by 2.4% for in-state students at public colleges, and 3.6% at private schools. Latinos have shown added interest in educational matters, especially as their population has grown in the U.S. According to Pew Research, 89% of Latino young adults believe a college education is important for success in life. However, due to various financial concerns, less than 50% who took part in this national survey feel that they would ever be able to go to college.

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Research has shown that fewer students overall are choosing to enroll at public colleges. More are moving out of state or attending private colleges due to financial reasons. While many states drastically reduced their funding of public institutions during the recession, that trend has reversed in recent years. Many are adding money back into public university school systems; however, the total is still about 9% less in inflation-adjusted dollars from its peak in 2007.

The average “sticker price” for tuition, fees, room and board for a two-year community college is $11,580; for a for-profit college, it is $16,000 (this excludes room and board); for an in-state public college, $20,090; for an out-of-state public college, $35,370; and for a private college, the cost is $45,370. The prices explain why many students choose to go out of state where costs are lower, scholarships and/or grants are offered, and work-studies are more “lucrative.” Research has shown that young adults, especially Latinos, are less likely to accrue student loan debt in order to attend college.