Figuring out how to pay for college is often the most difficult part of the application process. Just as the need for a college education is rising, the cost of tuition is skyrocketing. Between 2003 and 2013 alone, the cost of tuition rose by 79% above inflation. Since 1982, the cost has increased by a total of 500%. As a result, about 40% of soon-to-be college students end up turning down their first-choice school and going for a cheaper option.
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Why has the cost gone up so much? One major reason for such drastic increases in college costs is a lack of funding from state and local governments. As more and more funding is being taken away from universities and colleges, upping tuition rates is an easy way to make up the difference. Other factors have also contributed to this, such as the ‘recreation parks arms race’ to attract students and rise up college rankings.
