Word: tuitional
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These have been the best of times for many of the nation's top universities--and the worst of times for middle-income families struggling to afford them. Thanks to a robust stock market, school endowments have ballooned. Yet few institutions have held down steep increases in tuition. But that may be changing...
Williams College, a prestigious liberal-arts school in Massachusetts, announced last month that for the first time in 46 years, its tuition would remain steady at $31,520. Last week students at Princeton University learned that their annual $31,599 tuition, room and board will rise just 3.3%--the smallest hike in 30 years...
These shows of restraint may signal a turnaround from the whopping tuition increases of recent years, as some schools now consider using their endowments to control price hikes. Since 1980, college costs have more than doubled, after adjustment for inflation, while the median income of families with college-age children has increased only 12%. Last year tuition rose an average of 4.6%, the lowest jump in 12 years--but still more than twice the rate of inflation. "Remaining affordable for middle-class parents is the 800-lb. gorilla facing colleges and universities," says Terry Hartle, senior vice president...
...high cost of tuition has an intense personal impact on individual families," said Sen. Joseph Lieberman (D-Conn.), the ranking Democrat on the committee. "But if college becomes a luxury that an increasing percentage of the population cannot afford, the economic divide between the have and the have-nots could undercut the American dream and stunt the nation's economic growth...
This year, Harvard's tuition is $32,164, an increase of more than $1,000 over the previous year...