College Costs Rise Once Again

If it seems like it’s costing you more and more to send your kids to college, you are not wrong. According to a report issued Tuesday by the College Board in New York, the cost of four-year public colleges jumped 6.5 percent last year.

Facing steep cuts in state aid, public colleges around the country have been forced to slash costs and raise tuition and fees. In some systems, like the University of California, colleges are accepting a higher proportion of out-of-state students who pay full tuition.

At most state schools, in-state residents pay a fraction of what out-of-state students pay. In the University of California network, the tuition paid by out-of-state students covers their educational costs whereas the reduced tuition paid by California residents must be coupled with state aid to make ends meet.

Prices at private colleges also increased rapidly, rising 4.4 percent last year, according to the College Board’s report. This is despite a significant decline in the Consumer Price Index of 2.1 percent from July 2008 to July 2009.