According to the Consumer Financial Protection Bureau: Total outstanding student loan debt surpassed $1 trillion late last year.
Many folks blame rising tuition costs as the chief driving factor of massive student loan debt. According to the U.S. Department of Education, the inflation adjusted annual cost of undergraduate tuition, room, and board in 1980 was $7,685 and in 2010 it was $17,464. On average, tuition tends to increase about 8% per year – that means that the cost of college doubles every nine years.
But why are colleges and universities charging more for tuition? Continue reading….
