WASHINGTON, Oct. 27 (UPI) — The cost of attending a four-year college, including tuition, books and living expenses, hit another record high in 2016, while overall student loan borrowing continues to decrease, the College Board said.
Continued increases in tuition and fees — between 2.2 percent and 3.6 percent — have outpaced the growth in financial aid, family incomes and the average price of goods and services, the New York-based non-profit found. The average in-state student in a public four-year school pays $20,090 for tuition, fees and room and board. That’s up 2.7 percent from $19,570 in 2015-16. Private school tuition increased 3.4 percent to $45,370 this year from the previous academic year.
The College Board, which administers the SAT, also found borrowing for a college education was down for the fifth consecutive year. In the 2015-16 school year, students and parents borrowed some $106.8 billion, down from a peak of $124.2 billion in 2010-11.
“Despite improvements in the economy, significant financial strains remain for students and families, for colleges and universities, and for the federal and state budgets on which we rely to fund significant portions of the cost of higher education,” the College Board said.
The reports come as the presidential election enters its final days and many are looking for solutions for rising college costs. Democratic candidate Hillary Clintonand Republican candidate Donald Trump have both floated plans to help struggling students and families.
In July, Clinton unveiled plans to offer free in-state tuition at public colleges and universities to students whose families earn up to $85,000 a year. Trump has called for lowering college costs by removing “administrative bloat” from federal regulations on schools and allowing students to repay loans based on future earnings.
