Wednesday, November 6th, 2013
The cost of center-based child care exceeds the cost of tuition at state colleges in a number of states, due as much to rising child care costs as to slightly declining state college tuitions. More from CNN Money:
Last year, average center-based child care costs rose by nearly 3% nationwide, according to a report from the nonprofit Child Care Aware of America. Full-time care for an infant ranged from a high of $16,430 a year in Massachusetts to $4,863 in Mississippi. Meanwhile, center-based care for a four-year-old hit a high of $12,355 in Massachusetts and a low of $4,312 in Mississippi.
Why such huge price disparities? Blame it on differences in labor costs, state regulations and cost of living expenses, such as housing, food and utilities.
For example, Massachusetts has strict child care regulations that require one teacher for every three infants, compared to one teacher per five infants in Mississippi. Meanwhile, child care centers in New York City, among one of the most expensive places for child care in the country, pay significantly higher rents and also must meet strict state standards.
“In order to meet those (standards), it costs money,” said Jessica Klos Shapiro, public policy and communications coordinator at the nonprofit Early Care & Learning Council, which advocates for families across New York state.
The centers are also grappling with ballooning operational costs, ranging from rising insurance costs to higher food prices, said Lynette Fraga, Child Care Aware’s executive director.
As a result, child care costs grew by as much as eight times the rate of family incomes last year, the report said. And they continue to take a major chunk out of family budgets, often representing a household’s largest monthly expense.
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Image: Kids at day care, via Shutterstock
Monday, September 16th, 2013
A growing number of college students are buckling under the pressure of rising textbook costs–at a time when tuition and living expenses are already pushing many families’ finances to the limit. Textbook prices have been subject to triple-digit inflation, according to a new research report published by the US Public Interest Research Group. More from NBC News:
With the average student shelling out $1,200 a year just on books, students, professors and policy groups are searching for ways to circumvent the high cost of traditional textbooks.
It’s no simple multiple-choice question. Growing rental and e-book markets lower prices but come with a convenience cost. Budding open-source textbook programs hold promise but aren’t mainstream yet. Meanwhile, the U.S. Public Interest Research Group says 70 percent of students admit they just skip buying some books, saving money but often inflicting a high price on their academic success.
“It’s getting to the point where students can‘t afford them anymore,” said Nicole Allen, director of the open educational resources program at the Scholarly Publishing and Academic Resources Coalition. “It limits access they need to complete their education, which can undercut their ability to perform in class.”
The College Board found that the average student at a four-year public college spends $1,200 on “books and supplies,” or nearly $1,250 if they go to a private school. On the public policy blog of the American Enterprise Institute, where he is a fellow, University of Michigan-Flint economics professor Mark J. Perry highlighted a chart showing an 812 percent increase in the cost of college textbooks since 1978, a jump even higher than the percentage growth in the cost of health care.
“Students are, in essence, a captive market,” said Ethan Senack, higher education associate at the U.S. Public Interest Research Group. “The publishing industry is dominated by five companies that dominate upwards of 85 percent of the market.”
“I think part of it is the consolidation… There’s less competition now,” Perry said. “The other thing that irritates students and professors quite a bit is they’ve really sped up the publishing schedule,” with new editions coming out every couple of years.
Image: College textbooks, via Shutterstock
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Friday, April 26th, 2013
A growing number of American high school students are expanding their college searches to include Canadian universities that offer quality educations without the staggering pricetags many American colleges carry. NBC News has more:
About one in six people who owe money on their student loans is in default. Such a debt load is a harsh reality that is forcing a growing number of young people to look north to Canada for an education they can better afford.
Six percent of McGill’s student body is American, and the ranks are growing. The number of U.S. students at Canadian colleges rose 50 percent in a decade, and now about 10,000 Americans attend Canadian colleges, according to the Institute for College Access & Success.
That institute also says graduates from an American university can expect, on average, to carry more than $26,000 in debt. And about 9 percent of those grads default on student loans within two years.
The largest cost of going to school in the United States is the tuition, which is astronomical compared to Canada. At schools such as the University of Chicago and New York University, the annual tuition tops $40,000, far above their Canadian counterparts, which benefit from a tradition of robust government support.
Image: Canadian flag, via Shutterstock
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Thursday, August 2nd, 2012
The cost of college is a source of anxiety for virtually every family with children, and amid growing calls to stem the tide of skyrocketing tuition prices, a growing number of colleges and universities are taking steps to freeze or reduce the cost of attending their schools. From The Hechinger Report:
After three decades of tuition hikes that have outpaced inflation and increases in family income, students, families, legislators and governing boards are demanding a halt.
“Enough is enough,” says Anne Mariucci, a member of the Arizona Board of Regents, which for the first time in 20 years has frozen in-state tuition at the University of Arizona and Arizona State University after increases over the last five years of 84 and 96 percent, respectively.
Some private universities, too, have agreed to stop raising their tuition, or even cut it, after being alarmed to discover their enrollments starting to slip.
A proposed amendment to the California constitution would ban public universities from raising tuition for students who have already enrolled, and debates are under way in Texas and Massachusetts to take similar steps at their public universities.
Image: Graduate holding piggy bank, via Shutterstock.
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Monday, April 23rd, 2012
Half of recent college graduates are either unemployed or working at jobs that don’t fully use their skills and knowledge, an analysis of government data by The Associated Press has found. Young adults are, instead of putting their degrees to full use, increasingly parsing together lower-paying jobs in an attempt to keep up with student loan payments and cost of living. From the AP:
Opportunities for college graduates vary widely.
While there’s strong demand in science, education and health fields, arts and humanities flounder. Median wages for those with bachelor’s degrees are down from 2000, hit by technological changes that are eliminating midlevel jobs such as bank tellers. Most future job openings are projected to be in lower-skilled positions such as home health aides, who can provide personalized attention as the U.S. population ages.
Taking underemployment into consideration, the job prospects for bachelor’s degree holders fell last year to the lowest level in more than a decade.
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“I don’t even know what I’m looking for,” says Michael Bledsoe, who described months of fruitless job searches as he served customers at a Seattle coffeehouse. The 23-year-old graduated in 2010 with a creative writing degree.
Image: Graduation caps, via Shutterstock