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Private Education May Cost Less Than Public
It's widely believed that attending a public university will cost less than a private institution, but a new report shows that's not necessarily true anymore.
The cost for you or your kids to attend a public college has jumped to a record high. Tuition rose more than 8% last year and that's not the only statistic that's hurting college student's budgets. A new report from The State Higher Education Executive Officer's Foundation shows students are paying more as public institutions struggle to educate them with less money.
The report shows state colleges are raising tuition to offset losses of public funding, which averaged to about 9% per student in 2012. The cut in school funding means less money for students to finance their education, but, some states have it worse than others.
In Georgia, public school tuition has jumped nearly 78% since 2007. Tuition is up almost 55% in New Mexico. Minnesota saw tuition shoot up almost 46% in that time.
There is some good news for college-bound students. Thirty-one states have increased funding for the current school year. A rise in federal student aid, including tax credits and deductions, is also helping families cope with the tuition increases. The report shows about two-thirds of undergraduates receive grant aid. About 80% of the nation's undergraduates attend public institutions.
To see the full report, go to http://www.sheeo.org/sites/default/files/publications/SHEF-FY12.pdf
By Deeda Payton