Students Set Sights Lower As Tuitions Rise

Public Colleges Now Cost Nearly $13,000 Per Year; Private Schools Cost More Than $30,000

(CBS)  Economics major Seth Anagnostis got a quick lesson in math when it came time to go to college, CBS News correspondent Jerry Bowen reports.

He got accepted at his top choice, Tufts. But he ended up at Rutgers. That made the most dollars and sense.

"It was frustrating getting into your No. 1 choice that you worked so hard to get into high school and then it is right there for you and it's just not a realistic possibility," Anagnostis says.

And he isn't alone, according to a UCLA nationwide survey of this year's college freshmen.

Nearly one-third of the 271,000 freshmen surveyed are attending schools that were not their first choice. That's the highest percentage since 1988.

Of those students who were accepted but didn't go to their first choice college, more than one-third said money was the issue: They couldn't afford it.

"Over the last 30 years, we've seen a precipitous increase in the number of students reporting that they have a major concern about how they're going to finance their college education," says Victor B. Saenz, with the Higher Education Research Institute.

The cost of a college education has soared 35 percent over the last five years, to an average of nearly $13,000 a year at public colleges, and more than $30,000 a year at private schools.

The survey results come as Congress is working on ways to make college more affordable. The House just passed a bill to cut student loan interest rates by half over the next five years. But it's unclear how much that will influence the choice of a school.

What is clear is that finding a way to pay for college is fast becoming an education in itself.

[tdivison]

Follow the money. Anyone who has had to pony up to paying tuition the last few years knows that tuition costs are spiraling out of control. But, where is the money going? College instructors and other staff have not recieved a 30% pay raise in the last 5 years so, where is the money? I have not been able to find anyone who can (or will) answer that question.

[fallngempire]

In 10 years when China starts passing us in most of the major scientific disciplines that affect the economy and military, while we're turning out record numbers of retail, factory, and food service workers, what will your excuse be?

[missamerica4]

You don't live in a socialist country. Who the h3ll told you that anybody else should pay for your education. You want one....you pay for it.
You are exactly what is wrong with this country... a bunch of pansy @ss rubber dummies begging for somebody else to cover your sorry bvtts. Whine , whine ,whine .
There is NOTHING about a Republic that says anyone else should pay for your education. You want the government to pay for you move to France or Russia.
In a Republic everyone takes responsibility for themselves. Out of the goodness of their hearts a certain amount of help is available for those temporarily down on their luck. That was never meant to take care of some sorry slob from the cradle to the grave.
You d@mm Demos and Repubs are the ruin of this country. Lazy toads.

[scully815]

I agree with skyk that education is a necessity for less fortunate people...they need it to get a better paying job. At 26 yrs. of age (and 3 kids later) I finally decided to go to a catholic college (hop, skip and a jump from home...location, location.) It is still expensive. I would say roughly 1/3 is covered by grants and the rest I have in loans that I will have to pay off afgter graduation. There is no reason why kids (and adults) can't go to a local college (cuts out room and board) instead of going to some place like harvard or yale. And to the wordengin who said "...instead of wasting your money on an overpriced useless piece of paper...", I would have to disagree with you. I suggest to you to try and get a job as CEO of even a small company without having an education and see what you will get, A BIG FAT NO. You need that 'useless piece of paper' to get the jobs that pay big bucks...and you need big bucks to live a decent life and not live in major debt like the majority of the county.

[kphx]

We don't need to make higher education affordable to everybody. We need to spend the money we have, on wars and invading other countries.

We need to spend more on military budget than education. Military might is what is going to take us to the next century. We have to make all the countires in this world quiver against our might. Not against our smartness and intelligence. We don't need good bains.

We do not want an educated and smart people in this country. Let higher education be reserved for the elite few. Others can go to war and be good christians.

[olebd]

How is this supossed to help encourge kids to pursue carreers in science as was the stated goal a few months back? How is th U.S. going to keep up with the rest of the world if we allow these rip-off universities to run amok with their fees and tuitions?

What a scam these institutions are pulling on everyone. There is no longer a desire for these people to teach...it's once again all about how much money they can make and how many benefits they cana get when they retire.

[oleander8]

How did it happen that our government came to believe that it's OK for children to start out in the world with the kind of debt that can take 20 years to repay - and for financial institutions to be the profiteers of that debt?

How many great ideas, discoveries and medical breakthroughs will never happen because of the unrealistic financial burden children are forced to accept just to get the education?

If taxpayers had a voice in the priority of where their dollars should be concentrated it would be education. And education should be immune from attempts by politicians to cut 'entitlements'. Education should be an 'entitlement'. It's in the best interest of our country.

[mh4cbs1]

Is America at War ?? NO !

America is at the Mall
America is watching "reality" TV
America is cashing in massive tax-cuts (if you are very wealthy of course)
America - 99.8% - is not sacrificing AT ALL

The TROOPS are at WAR.
The TROOPS - our middleclass kids - are maimed and are dying for the wealthy NeoCom War Profiteers

That is why there is a "volunteer" Army
That is why tuition has skyrocketed and student loans have dried up.
That is why we pay a few BILLION in military recruitment costs.

It is EASY to run an needless horrific WAR for power and profit, when you can isolate the real impact to 0.2% of the population

[wvce]

Pretty soon we'll return to the glory days of when only the children of rich people went to college and we kept out the riff-raff. Now if we could only reinstate the draft...

[acauble1]

We as a nation are coming closer to the 'Guilded Age' than I had ever imagined!

Tuition costs rising to the point where only the wealthier 5 to 10% can truly afford a 4-year college. And, the government loan programs for college age students are being cut to "balance the federal budget"!

Investing in our country's education system for all Americans would provide a greater long term gain for America than any tax cut could provide!

[thewordengine]

Every college/university does two things every year: raises tuition and buys land. The government extends "financial aid" to the working class in available student loans. Truly learn the lesson that the higher educational system is teaching: instead of wasting your money on an overpriced useless piece of paper, buy land. If you're stupid enough to go to college, than you'll get just what you paid for: nothing.

[bdemerchant]

"The cost of a college education has soared 35 percent over the last five years, to an average of nearly $13,000 a year at public colleges, and more than $30,000 a year at private schools"

That is simply not true- You really need to check your facts again because tuition alone is around $13,000 a year at a state school and $30,000 at private school but the last check I sent in also included room and board and a bunch of BS fees for an additional 10-12,000 a year bringing the total to well over $20,000 a year at a state school. Who are you paying to check your facts before the talking heads report it? Everyone on this story deserves a big fat F.

[skyk-2009]

If we do not do something about these cost to students and do it soon, we'll be back in the same situation we were in during the 50's. Education is an absolute NECESSITY for those less fortunate.