MIAMI (CBSMiami.com) – Going to college is the dream of most parents for their children. But, as the recession continues to pinch pocketbooks and college costs continue to increase, the debt load students face now is rising to an almost unmanageable position.
According to motherjones.com, tuition at private and public colleges has continually climbed in the last decade. Private school costs have risen from roughly $16,000 in 2000 to just over $25,000 in 2009. Public colleges have seen tuition rise from around $4,000 to now over $6,000 in the last decade.
At the same time, wages for most Americans have stagnated or their jobs have simply disappeared. This has contributed to the amount of student loan debt quintupling between 2000 and 2011, according to the College Board.
In addition, student loan debt has become so out of control that according to the College Board, for the first time in history, student loan debt is now exceeding the total credit card debt for the average American.
All of it is pushing the dream of college further and further away from students, unless scholarships and grants are won. But, with the recession ongoing, the opportunities for scholarships and grants are shrinking, again making the college dream that much harder to attain without significant debt.