Tuition hikes take their toll

10.30.08
By Sarah Beldo

Attending college is an expensive endeavor - and the costs just seem to keep rising.

A new report released by the College Board on Wednesday reveals that tuition for a private four-year university increased by 5.9 percent to $25,143 for the upcoming school year. When room and board is taken into account, the total cost rises to $34,132.

Even if you choose a less pricey public college, you can still expect tuition to hover around $6,585 - or $14,333 with room and board included, the data indicated. The overall cost was 5.7 percent higher than last year.

How do you cope with these relentless tuition hikes? For some families, it has been difficult to keep pace.

The same report revealed that the average household income has risen more slowly than tuition over the past 30 years - which can leave students scrambling to make ends meet.

Troy Boquette, executive director for student services at Mott Community Colleges, told the Flint Journal he has noted that "families are struggling" to deal with rising costs.

"Students who are coming to me have zero out-of-pocket money to come to school and no money for books," he said.

One way to fill in the gaps to cover needed expenses at college is by taking out a student credit card.

However, be aware that there are some pros and cons involved with having such a tool at your fingertips. On the positive side, the earlier you start building a solid credit history, the better.

This means monitoring your spending carefully, paying bills on time and not carrying large balances for long periods of time.

The caveat is that it can be all too easy to let credit cards get out of hand. If you don't pay your balance in full each month, interest will soon start to accumulate - meaning that you will end up paying more in the end.

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More students are finding it difficult to cover college costs