By Stephen Maiale
Anyone on the fence of considering whether to go to their local colleges and universities to obtain a high education will always have one concern on their mind: the cost. It is a right concern as well, since tuition and fees for these institutions of learning have been on the rise. According to the National Center for Education Statistics (https://nces.ed.gov/fastfacts/display.asp?id=76), prices for undergraduation tuition, fees, room and board at public institutions rose by 33 percent between 2004-5 and 2014-15 and rose by 26 percent for private nonprofit institutions. These trends over the past 10 years or so are significantly troubling for those applying for these institutions and for the necessary student loans that will be looming above their heads when graduation rolls around.
These trends are not set to stagnate or diminish either. Projections based on 2014-15 average tuition and fees reported by The College Board and assumed to increase 5 percent annually show that in the next 15 years, average tuition is expected to increase to more than double the present averages (see figure below). This is troubling news for future parents who may find themselves needing to help support their children in paying the possible $95,000 tuition for their local public university in 2033, not including additional fees, room and board. If you expect to give your children a college education in the future, the best possible time to save is now because the rise of tuition will not stop for you.
The Pig's Pen 