With the recent increases in college tuition costs across the county, the government is looking at ways that that it can help reduce some of the financial toll that the price of education is taking on families.  Recently in Minnesota, taxpayers of the middle and lower brackets were allowed to claim a portion of their tuition costs as a deduction when calculating their tax write-offs.  Though this is just one minor example, the act is expected to provide qualified families with roughly $165 in savings, as stated by the House Taxes Committee (Star Tribune, January 11, 2007).  Considering the spiking prices of sending kids away today, this money can no doubt be allocated to other college fess like housing, books, and meal plans.

But just how much are parents paying today to provide their kids with a college education?  According to ABC News, the average tuition cost of a public college is $13,000, while attending a private college is a whopping $30,000.  Though private schools do tend to offer more academic and athletic scholarships, most parents are inclined to research the public universities first due to the fact that they usually get an in-state discount.  Numerous university administrators feel that the high costs are necessary, as they need to satisfy the demands of low teacher to student ratios in addition to maintaining the upkeep of the facilities.  Keep in mind that in today’s society a college education is practically a necessity, and some students must resort to loans and grants if they want to pursue a beneficial career.

Fortunately, the problem is being addressed in individual states, but any sort of national action is unlikely.  However, students can take some measures to try and offset the financial burden they are facing.  With the government aiming to reduce the interest rates on tuition loans for the upcoming academic years, students are encouraged to research and choose a plan most suitable for them.  In addition, students are encouraged to apply for private scholarships.  Websites such as fastweb.com and finaid.org offer hundreds of scholarship listings and are very easy to navigate, making it very simple for students to manage their selections.

Unfortunately, it seems that with the recent increases in college costs, federal loans are on the decline.  Factoring in inflation, this is making it more and more difficult each year for families to cough up the cash to suffice these pricy educations.  Over the past five years, it has been deduced that the average cost of attending a public college institution has risen an astounding 35% when considering inflation rates, according to the College Board.  In the past 25 years, the cost of college tuition has risen at rates much faster than those of personal income, consumer prices, and even health insurance.  Unfortunately, approximately two-thirds of college students graduate with some level of debt on their hands.  Evidently, the financial strain of receiving an education is a matter that will continue to impact families all across the country, and it doesn’t appear likely that there will be coupons or sales anytime soon.

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