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.
Add a Comment
Friday, March 30th, 2012
A growing number of American families are seeking loans for education long before their kids even apply to college. According to SmartMoney.com, families are applying for school loans when their children are as young as 5 years old:
Though data is scarce, private school experts and the small number of lenders who provide loans for kindergarten through 12th grade say pre-college loans are becoming more popular. Your Tuition Solution, one of the largest lenders in this space, says demand for the upcoming year is already up: This month, the total dollar amount of loans families requested rose 10% compared to a year ago; at that pace, the company expects its total funding to rise to $20 million for 2012-13. Separately, First Marblehead, which exited the market in 2008, reentered last year as demand for loans began to rise.
Much of this demand is coming from high-income families. Roughly 20% of families that applied for aid to pay for their children’s kindergarten through 12th grade private school education had incomes of $150,000 or more, according to 2010-11 data, the latest from the National Association of Independent Schools. That’s up from just 6% in 2002-03. Those who don’t get approved for free aid, like grants, increasingly turn to loans, experts say.
Image: Kindergarten class, via Shutterstock
Add a Comment