The cost of getting a college education in the US has risen faster than inflation during the last thirty years. The average household now allots a fourth of its income for college education, and private and public school students share the same burden of rising costs. One major factor blamed for the high cost of college education today is the reduction of government support for higher education.
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The recent study shows that prospective students perhaps will not choose for-profit colleges (public or private) in future. Students of for-profit colleges are less motivated and less interested in getting their degrees as they earn less money than those of the same age of non-profit colleges.
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The Federal student loan interest will be doubled this year to 6.8 percent from 3.4 percent. Actually, no increase formally happened as it was just that previously the student loan interest rates were temporarily decreased for some time , set to come back in 2012.as set by the Congress. The plan was always to bring the original interest rate to the normal level by 2012. However, for students who are currently struggling with debts due to their educational finances this isn’t good news as it is a huge increase of what they were paying previously. Even with this fuss it is very surprising that it didn’t become controversial and wasn’t heavily reported. The Congress will surely find it complicated to retrace the interest rate as there is a great advantage in raising it in the student’s loans.
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