ATLANTA — ATLANTA – Colleges across the country have responded to the COVID-19 pandemic by waiving some fees, but many students still struggle with the cost of a college education.
Prabhdeep Rai’s acceptance letter from UCLA came with a heavy price tag.
“It’s around thirty grand for in-state students,” says Rai “Thirty grand is around what each of my parents make.”
According to the College Board, the average cost of four years at a public university has tripled over the past 20 years, growing much faster than the median income.
Let’s explore why.
Mark Kantrowitz of Saving for College.com tells us schools offer grants and scholarships on average, they’re getting about half of the advertised sticker price.
Meanwhile, schools are dealing with expenses that often grow faster than inflation.
“Faculty salaries are competing with industry salaries which are much higher which puts a lot of pressure on colleges to increase those faculty salaries,” says Kantrowitz. “You have a lot of equipment costs, not just computers but more specialized equipment.”
Public schools depend on funding from the state. It’s money that is often cut during challenging economic times.
Georgia has been able to keep tuition increases less than 1 percent at state-supported schools over the last five years. In fact, there is no increase this year.
Kantrowitz says parents need to be diligent about applying for financial aid and appealing if the aid is not enough, especially during this pandemic.
“You lost your job, you’ve been furloughed, you can appeal to the college to take that change into account,” says Kantrowitz.
Searching for financial aid made UCLA affordable for Prabhdeep Rie.
“It’s an investment of time I made and I got a lot of money out of it,” says Rie.
It’s how she got her Ph.D. in EASING sticker shock.