NEW YORK (BankingMyWay) — The race for college funding for the 2013 academic year is on, and harried parents are looking into any nook and cranny that might contain a few shekels for Junior’s tuition bill.
The bill for college is growing larger every year. Here’s what the U.S. Department of Education has to say about the current costs for college, and its high rate of growth:
For the 2010-11 academic year, annual current dollar prices for undergraduate tuition, room and board were estimated to be $13,600 at public institutions, $36,300 at private not-for-profit institutions and $23,500 at private for-profit institutions. Between 2000-01 and 2010-11, prices for undergraduate tuition, room and board at public institutions rose 42%, and prices at private not-for-profit institutions rose 31%, after adjustment for inflation. The inflation-adjusted price for undergraduate tuition, room and board at private for-profit institutions was 5% higher in 2010–11 than in 2000–01.
More than 2 million collegians are just now applying to U.S. colleges and universities, and many millions more are already on campus and looking for more cash to keep the motor running until graduation day. That’s a lot of competition, and some savvy parents may already have a head start in what amounts to a “first come, first serve” college funding market.
How can you level the playing field?
Kaplan Test Prep offers three “key tips” for families looking to finance a college education or two:
The good news is that, the harder you work and the more creative you get you’ll increase the odds of a “yes” instead of “no” on college funding — but you have to act now, because that collegiate clock is certainly ticking.
—For more ways to save, spend, invest and borrow, visit MainStreet.com.