Some Colleges Are Cutting Tuition, But Don't Rejoice Yet

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Photo: Flickr / Aka Hige

Some colleges are reducing their tuition by at least 10 per cent for next year, reports CNNMoney’s Blake Ellis.The University of Charleston cut its tuition by 22 per cent to $19,500 per year, while others are promising to keep theirs steady for the next four years. 

This is all well and good, but Mark Kantrowitz, publisher of Finaid.org, told Ellis students shouldn’t be so quick to celebrate for one simple reason:

Schools might be making tuition more affordable, but that doesn’t guarantee their financial aid will increase or stay the same. In fact, the University of Charleston will offer $5 million less in financial aid next year.

Luckily, there are ways students can offset tuition costs.

Colleges are required by federal law to provide tuition calculators on their websites, so all students need to do is plug in information about their college plans to receive an estimate.

Also, The Consumer Financial Protection Bureau recently rolled out a couple of tools to make it easier for students to shop for affordable colleges.

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