Families with college bound students compare college reputations, faculty, locations, size, and campus atmosphere. Give highest priority to plans where students graduate with the lowest student debt, preferably zero. Higher tuition, lower grant awards, devastated 529 savings plans, and steep student loan debt make college degrees so expensive that their economic value is barely marginal in today’s economy. Obama’s administration may increase grants aid, but the other three are getting worse.
Cost estimates should include tuition, room and board, textbooks, materials, time-in-school (graduates take an average of five years), and interest costs. Costs vary by school. For example, MIT offers 85 percent of their course material online, saving students thousands of dollars in textbook costs. Of course students pay MIT plenty, but individual faculty at other schools are doing the same.
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