Applying to colleges might be stressful, but paying for it once you get in is when the real nightmare begins.
The hefty tuition fee along with other fees and charges takes a big chunk out of you and your family’s savings. Despite part time jobs, trusts funds and student loans, college tuition fee continues to eat away at you even after you have graduated.
“From fiscal years 2003 through 2012, state funding for all public colleges decreased, while tuition and out-of pocket costs for students increased,” the report reads. “Specifically, state funding decreased by 12 percent overall while median tuition rose 55 percent across all public colleges.”
According to the report, tuition revenue for the public universities increased from 17 percent to 25 percent through the years, finally surpassing state funds by the fiscal year 2012. Meanwhile, average net tuition also increased by 19 percent during this time period.
Also, revenue from state sources shrunk from 32 percent of total revenue to 23 percent.
The document also exclaims that attending college is becoming unaffordable for many students and their families.
The report was submitted to Sen. Tom Harkins, the chair of Committee on Health, Education, Labor, and Pensions, in December.
Take a look at the charts below to find out the statistics of state funding and tuition fees over the years.