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What You Need to Know About College Tuition Costs

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Introduction

Most university and college expenses revolve around five main elements. These include transportation, which depending on the transport type cost an average of $1,500 to $5,000. Room and board, consisting of both housing and nourishment expenditures, varying from a standard $5,000 to $12,000 total.

How/Why Tuition is Rising

Post-secondary education has become increasingly necessary in the past five years and the US Department of Education suggests that by 2020, two out of every three jobs will require this. Not only this but higher education has also become progressively higher in its costs. Tuition in public four years colleges’ expenses have more than doubled in the past three decades. Walsh has observed that average tuition fees for in-state admission not including room and board has increased 32 percent for two-year public colleges, 37 percent within four-year public colleges, and 26 percent in four-year private non-profit colleges. There is no wonder why families with students entering college interest in the Free College For All program

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Negative Effects on Millennials

The constant increases in tuition costs have made it all the more difficult for new generations especially those from low-income families to secure. Undergrads and their families are becoming solely reliant on borrowed money and for example student loans and institutional aid resulting in high college debts.

Graduation Rates

Four-year graduation rates among first-time freshmen in California State University dropped significantly to 19 percent, and were average students graduated in a six-year plus time frame, some do not graduate at all. Statistics done system-wide finds that only 59 percent of freshmen that entered in the year 2006 graduated within a six year period. This impediment costs both students in the form of deferred earnings and compounds costs of a degree. Taxpayers were imposed $8,800 per student to cover the cost of education at a California State University campus. This did not however include health-care benefits or interest on bonds which charged students another $5,472 in tuition fees. Walsh states that although it may appear relatively inexpensive, the costs do in fact proliferate. With more than 80 percent of students taking five years or longer to graduate, the current total cost for a bachelor’s degree at a California State University stands above $50,000.

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