Dec 4, 2008 8:00 pm US/Eastern
Most States Charge Hefty Prices For College
BALTIMORE (WJZ) ―
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The cost of a top education is costing some students top dollar according to a new study released this week.
CBS
The cost of a top education is costing some students top dollar according to a new study released this week.
It gave 49 states a failing grade when it comes to affordability.
Gigi Barnett explains Maryland is one of them.
Parents and students know a college education isn't cheap, but a new study released this week found many families can't afford it.
"I actually have a little brother, and one of the things I'm nervous about is how much is college going to be when he's going to go," said Omani Guy, Loyola College student.
According to the report, 49 of 50 states received failing grades when it comes to affordability. Only California eked by a passing grade of C. Maryland didn't pass.
"I think it's suspect, and I think most of my colleagues in the financial aid community would agree with me because that's why our offices exist: to help families afford the cost," said Mark Lindenmeyer, Loyola College VP.
Lindenmeyer heads the financial aid department at Loyola College. He says about 66 percent of students at Loyola receive some assistance paying the $33,000 tuition every year.
Lindenmeyer says Loyola chips in where parents can't.
"We have a lot of loans, and they say we're going to have to work really hard when we get out of school. It's not going to be an easy life afterwards, but it's definitely worth it," said Liz Snow, student.
Students say it's the hidden costs of college that cause the price tag to increase.
"It is kind of costly 'cause it comes with a lot of extras like books and housing, and we have little lab fees, so it adds up," said Gigi Prensa, Morgan State student.
But the study also found that while most families are spending a large portion of their income on college, there are still some good buys, like community colleges and some highly ranked public universities.
Overall, students say it's a price worth paying.
"I really feel like the whole experience of college has opened up my eyes. It's helped me definitely become independent, even though I call my mom all the time," said Snow.
Only two states, New York and Tennessee, have made it cheaper in recent years to fund higher education
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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