Considering that schools cost around $50k, including room, board, books, etc., it’s not suprising that many families are taking a hard look at whether they can still afford for junior to do beer bongs at Phi Delt for next few months.
WSJ: Many students are already making painful adjustments, including dropping out, borrowing more to stay in school, transferring to cheaper schools or taking on part-time jobs. A third of parents expect the economic downturn to affect their ability to pay for college this year, according to a survey of 7,000 parents of newly enrolled freshmen by Eduventures, a Boston-based research firm.
And even if they do keep them in school many families can’t pay for room & board and tuition so are sending the kids to live with relatives in the area of the college
Those, however, are the lucky ones…
…Community colleges, where tuition is a fraction of what private universities charge, say more students are looking to transfer from more-expensive schools. At Brookdale Community College in Lincroft, N.J., where tuition is about $1,700 a semester, “we are getting heavy phone volume from people looking to transfer midyear,” says Michael Bennett, director of financial aid. Brookdale has also seen “a dramatic increase” in financial-aid applications for spring, he says.