Auburn University senior Dylan Scilabro said his tuition has increased over his four years.
“I know my loan amount has gone up this year, which obviously means my tuition has gone up in turn,” said Scilabro.
Scilabro is right; Auburn’s tuition has increased over the years, due to inflation.
Something financial planner, Diana Simpson, says will keep driving the price of a college education higher and higher.
“It’ll inflate 5 to 7 percent over the next 10 or 20 years probably,” said Simpson.
Savingforcollege.com states the average cost of attending college has increased five percent annually over the last 10 years.
Simpson said the reason is as simple as supply and demand.
“We only have a certain number of colleges, so we have a demand that’s increasing and supply that is basically staying the same, and that’s driving the price up,” said Simpson.
Scilabro is noticing, this year is taking a little more financial aid money than previously.
“I would say this year it’s gone up a total of 4 to 5 thousand for the year,” said Scilabro.
Thousands more dollars, Scilabro will have to pay back after graduation, starting his professional career in debt.
Simpson said today’s costs are nothing compared to the sticker shock that face future college graduates.
“If you have a baby today, you’re going to end up spending close to 200,000 to send them to a public university,” said Simpson.