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Rising Tuition Costs and Money Management for Students (Part I)

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published May 28, 2007

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( 22 votes, average: 4.1 out of 5)
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<<LawCrossing's sibling company, Law School Loans, recently looked into another rate hike affecting students: the rise in interest rates on student loans. As Law School Loans reported, Democrats responded to the interest rate hike by presenting a report on Capitol Hill. This report was called "The College Cost Crunch" and detailed the effects of rapidly increasing education costs, as well as the need to put a cap on the price paid for the nation's future success.

According to Law School Loans, the most recent increase in education costs can be traced back to February 2006, when President Bush signed the Deficit Reduction Act. The act, which increased interest rates by about 2% beginning July 1, was opposed by critics who believed that the budget cuts would do the exact opposite of what the president expected. (Supposedly, the cuts were meant to put more money into the pockets of all Americans.) The critics' fears were dead-on. As tuition and interest rates continue to rise, financial aid programs such as the Pell Grant Program are decreasing support for students, and the pockets of Americans seem even shallower than ever when it comes to meeting the rising costs of higher education.


One extremely enlightening source of information on rising college prices is the annual report put out by the College Board: Trends in College Pricing. The report documents data gathered by the Annual Survey of Colleges, which is also conducted by the College Board. As explained in the report, the survey gathers data "on enrollment, admissions, degrees and majors, tuition, financial aid, and other aspects of undergraduate education" from more than 3,000 postsecondary institutions across the United States. The report "confirms the widespread perception that college prices are rising much more rapidly than the prices of other goods and services" and explains that the 35% increase in inflation-adjusted average tuition and fees for in-state students at public four-year colleges since the 2001-2002 school year is "the largest for any five-year period over the 30 years" that the survey has been conducted.

Specifics reported in Trends in College Pricing 2006 include the increases in tuition and fees between the 2005-2006 school year and the 2006-2007 school year. As the report states, these costs have risen by 6.3% for public four-year colleges and universities and by 5.9% for private four-year colleges and universities. Even students at publicly funded two-year junior and city colleges have suffered from an average increase in tuition and fees of 4.1% over the last year.

The report also shows that prices have been steadily rising at similar rates since the 1980s. In the past decade alone, published tuition costs and fees have risen at an average rate of 5.5% per year for private four-year colleges and universities and 7% per year for public four-year universities and colleges. It is most expensive to attend public four-year colleges in Vermont, Ohio, New Jersey, New Hampshire, and Pennsylvania. The five places where it is most expensive to attend private four-year colleges are Massachusetts, California, Connecticut, the District of Columbia, and Colorado.

Grad students, including those attending law schools, are particularly affected by rising tuition costs. The Free Application for Federal Student Aid (FAFSA) considers students dependents of their parents until the age of 25. This means that, while many grad students are on their own in terms of funding their post-baccalaureate degrees, the financial aid they receive is still based on their parents' income tax information. Many students, therefore, will not receive crucial financial help from family or from the government. This dilemma, of course, is confounded by the fact that most grad students do not work while they are earning their degrees.

U.S. News & World Report's website states that J.D. degrees are most expensive at Columbia University, Yale University, New York Law School, Northwestern University, the University of Southern California, Cornell University, New York University, the University of Pennsylvania, Duke University, and the University of Chicago, in descending order. In contrast, the 10 colleges that dole out the largest shares of financial aid are Loyola Law School in California, Michigan State University, Ave Maria School of Law, Emory University, Wake Forest University, Hamline University, New York University, Mercer University, Northwestern University, and Yale University.

This means that only three of the 10 most expensive law schools are keeping their financial aid offerings consistent with their tuition prices. As for the rest of the schools, it follows that doors are closed to all but the wealthiest students, since financial aid fails to subsidize the costs of attendance.
  1. Legal Jobs
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  3. Law Students
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  6. Rising Tuition Costs and Money Management for Students (Part I)

published May 28, 2007

( 22 votes, average: 4.1 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.

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