Colleges, year by year, are becoming more financially dependent on parents paying for out-of-pocket expenses than ever before! Endowments have taken a big hit, which has left even elite schools, including Harvard and Yale, facing steep cost-cutting. State universities are also facing steep slashes in government funding. All of which means it will be even harder for colleges to meet demands for financial assistance next time around.
The bottom line...parents and/or student are going to need to find money to pay for college some how!
The current aid crisis only underscores the never-ending problem of soaring tuition costs. As MONEY magazine and many other publications have frequently pointed out, colleges are jacking up tuition costs at twice the rate of inflation; education expenses have far outpaced inflation for more than two decades.
Meanwhile, most families are less prepared than ever to meet those bills. Numerous surveys have shown that few have the cash stashed away to pay the five-figure tuition amounts required by many schools. So expect aid applications to soar again!
If there is ever a time to seek the help of college funding professionals, it is now!
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