The Economy and Your Child’s Education
The recent economy has also impacted college admission. With budgets slashed and endowments drained, many colleges are being forced to take measures that will make the admissions process even more selective than anticipated by the growth in student population. Enrollment competition at state universities will be fierce this year as record highs continue to graduate from high school coupled with more people needing to apply to public universities for financial reasons. State universities will begin to admit fewer students, driving up the level of competition, while budget cuts affect the quality of education that they can offer. As a student applying to college, it is very important to know how particular colleges have been affected and how that impacts your application and potential for financial aid and/or merit money.
According to FinAid.com, tuition tends to increase about 8% per year which means that the cost of college doubles every nine years. If this trend continues, this means that for a child born in 2009, the cost of college will be more than three times the current rate eighteen years from now. The advice of a college consultant generally increases the likelihood that an investment in your child’s future will be well made.
The cost of a private college could be similar to the cost of a state university depending on your financial need. On average, the tuition at public universities has been going up more than twice the rate of inflation. Although state universities continue to be affordable for in-state students, for out-of-state students, the price tag can be far steeper and on par with the cost of many private universities.
The overall goal is to find the best fit so that this significant financial investment is sound.