Students pay more for college as public support drops

As if the financial aid funding cuts due to the sequestration weren’t bad enough, the 2012 annual report from the State Higher Education Executive Officers Association showed that public support for colleges and universities in 2012 dropped to the lowest level in at least 25 years when adjusted for inflation.

State and local governments dropped to just $5,896 per student, down 9% from the previous year. With cuts to federal financial aid programs coming, the burden falls even more on the shoulders of students and their families as tuition levels continue to rise every year.

With nearly a third of all student loan borrowers delinquent on their debt, the recent cuts to higher education and financial aid will make repayment even more difficult for students, as they may be forced to take out higher loans to make up the difference. It’s vital to explore all of your financing options, make sure you understand the terms of your loans, and seek outside assistance if needed.

If you’re struggling with the financial aid process or having trouble paying back your loans, we can help. Check out some of our tips on affording college, explore our blog, or tweet us @cfgcollege with questions and concerns.