Guide to the Price of College Over Time
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
How Much Has the Cost of College Increased?
1960s
1970s
1980s
1990s
2000s
2010s
Present
What Is Contributing to the Increased Cost of College?
More Student Support
Changes in Government Funding
In 2001, public colleges enrolled 8.7 million students and received $82.6 billion in general state aid ($9,547 per FTE student) In 2008, public colleges enrolled 10.2 million students and received $85.6 billion in general state aid ($8,377 per FTE student) In 2019, public colleges enrolled 10.9 million students and received $80.8 billion in general state aid ($7,388 per FTE student)
Increase in the Cost of Education Services
Increased Demand
5 Ideas to Afford College
1. Scholarships and Grants
2. Work
Work Study
Other Part-Time Work
Summer Work
3. Financial Aid
4. Student Loans
5. Tuition Reimbursement
The Takeaway
3 Student Loan Tips
Refinancing your student loan can lower your monthly payments and help you adjust your loan term. Compare student loan refinance rates to find a loan that works for you. Paying extra each month on your student loan can reduce the interest you pay and so lower your total loan cost over time. (The law prohibits prepayment penalties on federal or private student loans.) Depending on their income, qualified borrowers can deduct the interest they pay for student loans, both federal or private, up to $2,500 per year. The deduction phases out for modified adjusted gross incomes of $70,000 to $85,000 for single individuals and $145,000 to $175,000 for people married and filing jointly.
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