Higher Education Costs Continue to Escalate

Scarsdale Tax Preparers at Herman & Company CPA’s have all the answers to your personal finance questions!

The choice to attend college is inevitable for most people. College graduates have been statistically proven to earn substantially more than non-college graduates over the course of their lifetimes and report a greater overall satisfaction with life.

Many more students will be feeling like this with the increasing cost of college.

However, it is important to understand that the cost of attending college also continues to increase. The College Board reports that 2012-2013 tuition and fees have risen significantly. Private four-year colleges are up 4.2% (to an average of $29,056) from 2011-2012 for tuition and fees.

Public four-year colleges are up 4.8% (to an average of $8,655) from last year for in-state tuition and fees. Public four-year colleges are up 4.2% (to an average of $21,706) from last year for out-of-state tuition and fees. Even public two-year schools are up 5.8% (to an average of $3,131). The report indicates that the subsidies provided to full-time undergraduates at public universities through the combination of grant aid and federal tax benefits averaged $5,750 in 2012-2013.

While the cost of attending college may seem daunting, there are plenty of options available for financing your education. Contact us to discuss your options in a free consultation!

Herman and Company CPA’s proudly serves Scarsdale NY, Purchase NY, Larchmont NY, Mamaroneck NY, Katonah NY and beyond.

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