With college tuition rates constantly increasing every year, the concern for an affordable higher education becomes a daunting thought for many prospective college students. Over the past 30 years, the average tuition rate for colleges has managed to skyrocket and more than triple in cost.
Even worse, the average household income for families has remained relatively the same over this period. Inevitably, these two factors force students to take out student loans just to afford tuition. Unfortunately, in most cases this means graduating with a substantial amount of debt that can potentially take decades to pay back. Luckily, many colleges have begun to realize the tremendous financial burden that high tuition rates places on students and have commenced cutting their tuition rates in order to help minimize the amount of debt that students will graduate with.
In Minnesota, Concordia University reduced its tuition fee from $29,700 to $19,700, while Ashland University also reduced its tuition 38% to a more affordable $18,908. Other schools such as Converse College in South Carolina and the York College of Pennsylvania are also beginning to experiment with reducing tuition rates in hopes that these tuition reforms will help combat the issue of graduating with substantial debt.
Additionally, President Obama has addressed the concern for students with high debt by ensuring affordable monthly income based debt payments that will not exceed 10% of your income, increasing Pell Grant awards, and implementing new tax credits that will aid families in affording the various costs of a higher education. Hopefully, with all of these reforms toward higher education and the reduction of tuition costs by various schools, more colleges will soon follow suit.
Image from Tax Credits via Flickr.
Is Affordable College Tuition Coming In 2016?