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College Tuitions Are Going Up

According to the USA Today report, college tuition rose more than any other consumer spending. Although he financial aid spending is also rising, but it is not keeping pace with tuition increases, according to a status on Wednesday by College Board. The 2008 inflation rate is 5.6%. Comparing to last year’s rate, 2.4%, it is more than doubled. It is also higher than 1991’s 4.4%. Michigan State University in East Lansing and Rhode Island's three public institutions had announced midyear tuition increases.

In The New York Times report, while financial aid is growing, average student borrowing is increasing at the same time. Many experts said that the result of the finding is outdated. The recent troubles in stock market may cause large increases of college tuition in the future. There are more than a dozen colleges announced to increase tuition due to state budget cuts. “College prices are doing what other prices are doing,? said Sandy Baum, a senior policy analyst for the College Board and a Skidmore College economics professor. “They’re not going up more rapidly; they’re just keeping pace. But then, we had an unusually high rate of inflation. And with the current economic crunch, we don’t know what will happen next year.?