Cost of college education going up
The cost of sending your children to college is going up. Wednesday night, trustees at Indiana University are going to vote on a tuition increase, while Ball State University will take up the issue Thursday.
Some students will feel a tuition increase, others a loan rate increase, but tens of thousands of students in Indiana, as well as across the nation, will likely have some sort of increase. At IUPUI, if trustees approve an increase, students will pay $151 more each year. That's on the lower end of the increases. At Indiana University right now, tuition is $10,033 next year. It would jump to $10,209. That's an increase of $176. At Ball State, current tuition is $8,980. That will go up to $9,160, which would be a rate hike of $180.
Last month, thousands of IU students made their final appearance on campus and graduated. For many, now is the time to start paying back those student loans. For new students, that could become more costly. If congress can't agree, the interest rate for subsidized Stafford loans would double, from 3.4 percent to 6.8 percent. That would mean a graduate would have to pay back, on average, about $1000 a year.
Some experts say even with the increase, it's still a good investment considering college graduates earns on average $15,000 more a year than non-college graduates. Of course, many students don't want any increase at all. They will rally in Washington on Wednesday, hoping something will happen before a July first deadline.