College Costs for Middle Income Students

by Christopher Howard

Richard Perez-Pena of the NY Times writes that the average private college student pays about 57 percent of the sticker price. Additionally, colleges with the higher sticker price are the ones that tend to give out the most financial aid. These facts particularly affect people who have somewhat above average incomes. These people do not qualify for need-based aid and are not able to pay out of pocket either. They are in the middle pack and are the ones that are really being affected by college tuition costs. According to Perez-Pena, a federal government study stated that families in the second highest quartile in earnings had a net cost percentage rise by eight percent since 2004, which is more than the people in the first quartile. This is disconcerting news for parents and students that fall into that middle quartile. They are the ones taking in the brunt of the debt and it is going to be hard for them to pay off all of their future loans. This not only affects them but their children and grandchildren causing a domino effect.

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