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After adjusting for inflation, the cost of college tuition and fees for a four-year degree at a public university has risen almost 51% over the last 10 years. The price of a college education has risen at a rate more than double the inflation rate and it seems that college costs will continue to rise. This is worrisome for parents and students, particularly during an economic recession.

According to the College Board, college costs have risen again this year. From the 2007-2008 school year to the 2008-2009 school year, the average cost of a four-year degree at a private college has risen 5.9%, a four-year public college course has gone up 6.4%, and a public two-year plan has risen 4.7%.

However, this does not mean a college education has to be inordinately expensive. Approximately 38% of students in a public four-year college program pay between $3,000 and $6,000 per year. Furthermore, 58% of four-year college students attend universities that charge less than $9,000 per year.

Increases on the average costs of a college education are based on the sticker price for a university. The majority of students do not pay the full, advertised cost for college expenses. Scholarships, grants, and financial aid can considerably lower the costs of college. Yet even when basing the increases on the net cost (after grants and financial aid), the costs of a college education continue to rise rapidly.

Records have shown that college tuition and fees increase as government funding and support is lessened. Without the support of government programs the cost of a college education will continue to rise at this alarming rate. The American Recovery and Reinvestment Act hopes to help by investing in education, including over $30 billion toward addressing the affordability, and accessibility, of higher education.

The current government has recognized the importance of education in strengthening our society and plans to do what it can to offset the costs of a college education and streamline the process of applying for financial aid. Some of these proposals, such as expanding the Pell Grant and shifting authority to the government through a Direct Loan program, have been met with controversy. However, even critics of the government's plans admit that the current, and rising, costs of a college education are unacceptable.

Earning a college degree is a goal for many, but the rising costs of a college education threaten to put higher education out of reach. Scholarships, grants, and financial aid programs help offset the rising costs, and tax-advantaged 529 college savings plans can help relatives save for a student's education. Remember, a college education is an investment toward future earnings and financial security.

Learn more about this author, Susan Quilty.
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