If you have a son or daughter entering college this fall and experienced sticker shock over the cost of tuition, you aren't alone. For the most recent school year, the average tuition bill per student reached a record $5,445 in 2013. That was 3.5 percent higher than the previous year.
That number alone may not raise an eyebrow. However, the fact that student tuition accounted for 47.4 percent of all educational revenue for the average public university in 2013 should give pause. That number is based on data from the State Higher Education Executive Officers Association (SHEEO). Just 25 years ago, tuition dollars covered a mere 23.8 percent of public university education revenue.
The mounting question for students and parents . . . just how much can one afford to pay for a college education? The $5,445 tuition cost does not count room, board, books and other student fees.
Of course, public universities have been ratcheting up tuition costs as state support for public instruction has waned. Just two years ago, state funding per student fell 9 percent, the steepest drop since SHEEO began collecting the data in 1980. Last year, state support for higher learning at public colleges rose 0.7 percent, the first upward movement since the economic recovery began from the Great Recession in 2008.
The trend towards student tuition funding more and more university costs shows no sign of slowing. As a result, students and parents alike should make financial plans to pay for educational costs beyond high school. Without a solid plan, students will be faced with mounting debt that can burden them for many years beyond graduation.
The tuition costs at our nation's leading dairy schools were detailed in our August 25, 2013, issue. Unfortunately, the in-state tuition for the top dairy schools trend higher than the $5,445 average. Among public-funded schools, Georgia was the most affordable at $4,014, with the University of Connecticut being the high-end at $18,000. In all, 13 of the 37 schools were over $10,000 for in-state tuition. Additionally, three other dairy schools that are partially public financed had tuition over $25,000.
To read more on this topic, go to: www.sheeo.org
