One answer: Because the colleges CAN charge so much. But where is that money going? Frequently, those tuition raises aren’t spent on anything beneficial to the students who are paying tuition. While cutting back funds for various departments, the college mentioned in this NY Post news article created a new post for a Vice Chancellorship in an area that was already heavily funded. In doing so, they lost two of their three cancer researchers to another college, because the cancer research funding was cut.
Is that type of college you want your child to attend? And if they are accepted into their school of choice, how are you going to pay for it? Start the process now. Start planning how to get your child into a better school, how to qualify for the most financial aid, and how to position your family’s tax situation and financial plan when your child is young.