Paying the Price: The Rising Cost of Tuition



You’ve heard it before: If you want to get ahead in America, it’s best to head off to college for a higher education. However, paying for college has become a huge problem for many Americans, and the problem with tuition is only becoming worse.

Paying the Price: The Rising Cost of Tuition

Back in the nation’s early days, there were only nine pre-revolutionary universities, the first of which was Harvard in 1636. William and Mary came later, in 1692, followed by the Collegiate School – later known as Yale – in 1701. By 1800, only .001 percent of the population was attending universities classes. At the time, around 5.3 million people were living in the United States, almost 900,000 of which were slaves.

What were typical college costs like in 1880? A student at Georgetown University paid around R3.000,85 ($300) a year for lodging, board, and tuition. When that amount is adjusted for inflation, it was equal to R69.279,73 ($6,926) in 2010 – a number equivalent to what community college students pay for about two years’ worth of their low priced tuition alone. Students who were brilliant enough to attend medical school paid R1.000,28 ($100) for their entire course of study. Law students forked overR1.500,43 ($150) for their two-year law studies. When 1900 rolled around, 300 universities had popped up and private school tuition costs were averaging betweenR750,21 ($75) and R3.000,85 ($300.).

How do these numbers compare to what students are paying today? Around 20 million modern Americans head off to college each year. Around 12 million of them are forced to take out loans to pay the costs of attending school. Students who attend four-year public universities pay around R86.574,65 ($8,655) for in-state tuition alone. Out-of-state students pay substantially higher fees for public university tuition, around R217.121,83 ($21,706) a year. A private four-year university can cost students around R290.642,77 ($29,056) a year in tuition fees alone.

At the moment, around 38.8 million former students still owe outstanding student loan debt. Unpaid student loans are thought to equal around R11 ($1.1) trillion – the largest form of consumer debt besides mortgages. It’s estimated that the Department of Education made around R1.018,29 ($101.8) billion profit from student borrowers over the past five years alone.

View Paying the Price The Rising Cost of Tuition Infographic

View Paying the Price The Rising Cost of Tuition Infographic

Source: NonprofitCollegesOnline.com

Author: SmartStudent

SmartStudent is an educational portal that provides information & advice to aspiring students. regarding applying to university, choosing a course, what to take to university, finding student accommodation and much more.

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