Dealing With a Rise in Tuition
Over the past decade, public schools across the country have increased tuition at 5.6 percent annually. At private schools, tuition is also on the rise at 3 percent annually. But the good news is that federal college grants are also on the rise for those students who qualify. The federal government reported that it increased grant aid by nearly 72 percent from 2009 to 2010, and spent nearly $41.3 billion in aid for students who qualify for grants. That's a big jump in federal aid, and a clear reason for the increase in financial aid help.
Why Financial Aid
For Pell Grants, total spending jumped from $17.9 billion to $28.2 billion from 2008 to 2010. Aid for military veterans more than doubled during the same time period—it went from $4.1 billion to $9.5 billion. The rise in federal grant money has helped several families deal with the rising cost of college tuition in public and private sectors. With a lack of grant money, fewer students would attend college because these people would be required to take out larger student loans in order to afford the cost of tuition. This huge increase in government grant money helps offset the tuition increases at public and private schools.
With the increase in grant money, more students also qualify for grants. The government reported that 7.7 million students received Pell Grants between 2009 and 2010. Apparently 6.2 million students received Pell Grants in 2008.
As Tuition Rises, So Does Financial Aid Registration
College tuition is also on the rise. The average price of tuition to attend a public college in state raised nearly $600 between 2009 and 2010 (or a 7.9 percent increase). Out-of-state students saw an increase of 6 percent, but these people pay an average of $19,595 in tuition for a four-year public college. The net price of tuition and fees at a four-year public college was $1,140 in 2009-10, down from $1,680 the year before.
Find a local financial aid office and you can find all sorts of information on financial applications and deadlines. You can find information online regarding the process for student loan renewal, FAFSA applications and everything else you need for financial aid help.