As state funding for public universities dwindles, students are paying the price

Public university systems have for a long time been considered one of the best options for cash-strapped students looking for a premium college experience. Perhaps in no state has this been more true historically than in California, where the university system was able to offer a quality education from highly regarded staff at a generally affordable rate due to ample funding from the state.

However, across the nation, state funding for flagship public universities has dwindled over the past several decades, resulting in massive tuition hikes at once affordable institutions. This is perhaps most evident at the University of California at Berkeley, where in-state students saw tuition rise 68 percent over the course of the 2011-2012 school year alone. Including student fees, state residents now are forced to pay roughly $15,000 a year annually, while out-of-state undergraduates are must fork over almost $40,000 over the same period to attend the school.

State funding for the 10 school university system dropped 20 percent from 2011-2012 to $2.6 billion for the 2012-2013 school year, representing only 18 percent of the total budget

Voters recently approved a tax increase that will directly affect state funding for the University of California system, which saw drastic cuts over the past decade as the state faced one of its largest budget deficits on record.

This phenomena doesn't just plague the University of California system, as state universities across the nation have taken a hit. Flagship schools in Michigan, New Hampshire and Virginia all receive less than 14 percent of their funding from the state and instead rely heavily on tuition to cover their colleges costs, according to a November 28 report from Newsday.

Students considering an education at a state school should make sure they are eyeing colleges with the best financial aid options available. College Financing Group can provide financial aid counseling to parents and students interested in getting a quality education at a reasonable price.