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College Costs Essay

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College Costs

Introduction

It's no secret that financing a college education is getting tougher. College costs have skyrocketed over the past decade or so, and there's no relief in sight. Average tuition at four-year colleges will increase 7 percent this school year, double the rate of inflation. Student aid is not increasing fast enough to plug the growing gap between tuition and family finances. In addition, there is a growing number of older students entering college today. These students have families that they need to support. I know, because I am a family man who has returned to school. I wish to finish my degree at the Rochester Institute of Technology. The only …show more content…

Still, $15700 is a lot of dollars for an unemployed family man or woman with little or no income.

The Cost Of Living Factor

Though the Cost Of Living is not directly related to tuition it is still a major player in the decision making process. Is it possible to maintain a family financial structure while paying for an education? The cost of a mortgage, or rent, and other bills that are associated with living adds up to many thousands of dollars per year. These costs in addition to what the tuition, books, and supplies total are expected, and have to be dealt with.

The financial burden alone can seem over-whelming to some. But let us consider what the total cost of living and attending a four year private institution are. The Bureau of Census statistics for the County of Monroe indicate "that the approximate average income for a family of four is $50964.
The poverty level for a family of four is approximately $15455". These are statistics calculated for the 1995 calendar year. No newer statistics were available. With these statistics in mind we can then determine the financial model we must follow. This model will determine what the total yearly outlay a family of four must shoulder in order to send a person to RIT.

The Financial Burden

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