“Total costs at all 4-year institutions grew an average of 5.7 percent in the 2006-2007 school year, to $30,367, according to the College Board. The average bill for room and board increased 5 percent,” (CNNMoney).
Colleges have always had a pretty steady (and pretty high) rise in tuition fees. But this year, or at least in the next few years, might see a change in that trend.
Princeton University has announced that it is not raising its tuition fees this year, and the Chronicle of Higher Education speculates that other schools could follow suit. Even though room and board still went up, actual tuition costs didn’t.
Is it possible that we could finally see prices teeter off? Hey, it happened with real estate!
But Princeton can afford not to raise costs: “In its statement, Princeton acknowledged that strong investment returns on its endowment, the fifth largest in higher education last year, were one of the conditions that made its tuition freeze possible. The university’s endowment, now worth more than $13-billion, is also the largest per student among its peers, at nearly $2-million per student,” (Chronicle article)
Not every school can claim that. But still, it’s a step in the right direction.
*This article is taken from http://blog.studentprospector.com