College costs jump, far outpace inflation

October 26, 2011|Eileen Ambrose

Not surprising to any parent receiving a tuition bill, but the College Board reports that the cost of college continues to dramatically increase. Worse, funding from cash-strapped states haven’t kept up with growing enrollments.

According to the College Board, an advocacy group promoting higher education,  in-state tuition, fees and room and board at public four-year schools averaged $17,131 for the current academic year, up 6 percent for the year before.

Out-of-state total costs at public institutions rose 5.2 percent to $29,657.

Tuition and fees at two-year public college rose 8.7 percent to $2,963.

Increases at private schools were less, the College Board found. The total cost for a private four year school this year averaged $38,589, an increase of 4.4 percent.

Students typically don’t pay the full sticker price, with the cost of college offset by aid and tax credits.

Thanks to the American Opportunity Tax Credit created in 2009, the College Board says,  education tax credits and tuition deductions per student increased by more than 80 percent.

Also, last year, full-time undergraduate students received an average of $12,455 in aid.

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