Soaring College Costs!

Dear Parent, 

As you know, the costs for a college education are soaring!  There was a time, (when we were younger) when many people worked their way through college.  Putting forth the effort and commitment that it takes to accomplish this was a valuable experience, and the cost of college was much more manageable and affordable. Making work and school a viable option for those who needed it. 

College inflation has been higher than regular inflation for the last 20 years, and there's no indication that this trend will stop.  In 2003, the average in-state tuition at a state college for four years of college was $76,245. In 2014, this is projected to be $128,701. For Ivy League Schools, four years of tuition is projected to be $325,839. It would be impossible for a student to pay these costs with a part-time job. 

In fact, the income a student earns from any job can reduce financial aid. The financial aid system strongly believes that the student should accept some responsibility for his or her own education.  This is why any income that can be attributed to the student is calculated into their financial aid equation at nearly 50 cents on the dollar.  Therefore, the more money a student makes, the less financial aid they are eligible for!  

On top of this, working can add semesters to the college experience. There aren't many students who can work full time and go to school full time as well. This could lead to lower grades or lighter course loads.  Consequently college can take 5 or 6 years or more.  That means additional tuition expenses.  It can become quite overwhelming. 

Today the college game is not the same as it once was.  The rising costs have shocked some parents who have not been keeping up with inflated college costs.  As their child approaches the college years, and they see the current “price tag”, many are also overwhelmed.  And often wonder themselves how they can afford these exorbitant prices.  

It is our goal to help you through this process as much as we can.  We are here with any questions that you may have.  Don’t hesitate to call! 

Until next month…Best Wishes! 

Randy Stoltz, President