Affordable Education for All

AFFORDABLE EDUCATION FOR ALL In order to succeed in today's economy, it is important to have a degree. However, the decision to go to college can be a difficult one considering rising college costs and inflation. Take a look at these statistics: Governor Rick Perry is proposing to make higher education more affordable. He hopes to make a 4-year college degree cost a mere $10,000. EDUCATION COST (by state) Average undergraduate tuition, fees and room and board rates charged for full-time students in degree-granting institutions: PUBLIC 4-YEAR COLLEGE FOR 2008- 2009 $10,500 to $12,500 $12,500 to $14,500 $14,500 to $16,500 $18,500 and up Under $16,500 to $10,500 18,500 HIGHLIGHTS: New Jersey public 4-year institutions are most costly, averaging $20,735 Utah public 4-year institutions are the least costly, averaging $10,352 Public colleges are funded by the state government which allows tuition to be much lower and affordable. Public colleges provide students with many choices in terms of degree programs and student activities. They have large enrollments with access to a variety of academic programs, resources, and organizations. PRIVATE 4-YEAR COLLEGE FOR 2008- 2009 Under $10,500 $10,500 to $15,500 $15.500 to $20,500 $20,500 to $25,500 $25,500 to $30,500 to $35,500 to $40,500 and up 30,500 35,500 40,500 HIGHLIGHTS: Massachusetts private 4-year institutions are the most costly, averaging $43,522 Idaho private 4-year institutions are the least costly, averaging $11,724 A private college is privately funded and sets its own policies and goals. Private colleges are usually smaller than public or private universities. There are several types of private colleges including liberal arts, fine arts, technology, business, or medi- cal fields. A private college may be affiliated with a particular religious denomination or gender. 2 EDUCATION COST (by year and type of institution) + INCREASED COST OVER THE YEARS Key: Public institutions Private institutions * Reflects constant 2008-2009 dollars Public 1980s COE O@@G) 1990s CDOCOOOOGD 2000s Today CDCOOOO OO Private 1980s 1990s 2000s Today Within a decade, prices for undergraduate tuition, room, and board at public institutions rose 37%, and prices at private institutions rose 25%, after adjustment for inflation. For the 2009-10 academic year, annual prices for undergraduate tuition, room, and board were estimated to be $12,804 at public colleges and $32,184 CO =$1,000 private colleges. How much does college really cost? Nearly half of all full-time undergraduate college students attend a four-year college that has published charges of less than $9,000 per year for tuition and fees. However, private four-year colleges cost $35,000 or more yearly in tuition and fees. 3 BREAK DOWN THE BILL TUITION COMPARISON Among private and public 4-year U.S. institutions Tuition and fees $27,293 Highest tuition Lowest tuition Bates College Haskell Indian Nations U Transportation BREAK DOWN $430 $862 BY CATEGORY FOR PRIVATE NONPROFIT Connecticut College Dine College Personal Expenses O $51,115 $805 FOUR-YEAR ON-CAMPUS Total $40,476 $1,440 Middlebury College Brazosport College Including: • Apparel • Health care • Entertainment $50,780 $1,542 Union College Palm Beach State Room and Board $50,439 $1,990 Books and Supplies $9,700 Colby College College of Southern NV $1,181 O $50,320 $2,010 Tuition and fees constitute 67% of the average total budget for full-time students at private nonprofit four-year colleges and universities. 4 BEST VALUE COLLEGES According to The U.S. News Best Colleges ranking, these colleges and universities offer students the best value. The higher the quality of the program and the lower the cost, the better the deal. Mass. CA Cornell University University Harvard Yale Princeton Stanford Columbia Dartmouth Duke Institute of Technology Institute of University University University University Technology University College 61% 57% 59% 51% 63% 50% 52% 53% 43% 48% 73% 73% 68% 70% 66% 68% 65% 59% 64% 64% 5 RICK PERRY'S PLAN HOW IT COULD IMPACT EDUCATION: Student loan debt has surpassed credit card debt, and the job market for recent college graduates is bleak. Even the cost of college in Texas has raced 10% ahead of inflation over the last 15 years. It makes one wonder if a college degree is worth it. Currently, the cheapest online bachelor's degrees, offered by the Western Governors' Association, cost $20,0o00. Harvard offers $240,000 degrees. While some institutions could reevaluate their tuition and find As Rick Perry becomes a candidate for the Republican presidential field, he has proposed a plan for reducing the costs of higher education. Rick Perry's proposal for a $10,000 degree could relieve the burden of higher education debt on families. Is this a feasible idea that can lower the cost of a college education? ways to cut costs, many could not afford to offer a $10,000 education. Some professors and skeptics do not believe colleges could deliver the same quality of education at the $10,000 price point. Academic quality and prestige would be sacrificed. Tracking may occur as high-income students seek out the nation's top institutions and low-income students attend "discount" colleges. World-class faculty may avoid working at institutions that offer $10,000 degrees for other, more prestigious institutions. Petersons | US News | College Board | NY Times | Chronicle | National Center for Education Statistics | U.S. Department of Education | Information provided by: http://www.onlinecollege.org SOURCES: OnlineQCollege.org Discount