College costs have risen dramatically during the past ten years. Over a lifetime, though, people with bachelor’s degrees earn on average $1 million more than those who have only a high school diploma. That fact alone is the foremost reason for attending college or university and earning a marketable degree.
There are many factors that play a role in a student’s decision about which college or university to attend. The three foremost criteria used by students to select a school are:
- Cost of higher education (tuition, room & board, fees),
- Availability of financial aid.
- School’s academic reputation.
Financing higher education and earning a degree that is highly marketable are two guiding factors in choosing a college or university for more than 80% of incoming freshmen and transfer students.
My Dual ReVu provides optimal preparation for the ACT and New SAT; test scores are of paramount importance in awarding merit scholarships. MyCSF and MyCCN provide students sound guidance in making significant life’s decisions concerning choice of college and major.
An abundance of data depicts financial trends associated with higher education in the USA. This adds even more importance to making an intelligent decision about which school to attend.
- Since 1975, tuition rates have risen by more than 1,000%.
- Since 1985, the price of a college education has increased by more than 500%.
- During the past 30 years, state funding of public universities has declined by about 40%.
- Two-thirds of all students (who attended American colleges and universities) graduate with some form of debt.
- As of 2017, the total student loan debt was approaching $1.3 trillion; about $ 1 trillion of that was federal loan debt.
- The average student loan debt for Class of 2017 graduates was $ 39,400.
- As of 2017, 25 % of graduates had accumulated more than $ 43,000 in debt.
Student loan borrowers cannot get rid of those loans in bankruptcy (which is possible with other forms of debt). If they default on student loans, the interest that accrues for that period of default is added to the principal and the entire loan grows at an exponential rate.
In spite of the costs, a college degree is still the critical key to most good-paying jobs. Target college funds to make the most of your education – turn to MyTC for guidance with your personal college cost optimization.