College Students Facing Crippling Burden As Tuition Spikes
SACRAMENTO (CBS13) – With budget cuts forcing a sudden jump in the cost of a public college education, new students will face a startling financial burden compared to students who began college a decade ago.
A new student at a University of California campus will have to pay an extra 9.6 percent for tuition, adding to a previously approved 8 percent hike, beginning this fall, bring the estimated annual cost to $12,192.
California State University students are facing a shocking bill of their own after CSU trustees voted to raise tuition 12 percent to $6,422 each year.
Tuition at a UC campus was about $3,500 in 2001.
Most students take out loans to pay for tuition, and the financial pinch they will face when they graduate may prove to be unmanageable. If a UC graduate took out a loan to pay for all four years -- a total cost of more than $48,000 -- at 6.8 percent interest, the payment upon graduation will be $552 each month for 10 years.
CSU students would be saddled with a $248 bill every month for 10 years. The costs do not factor in expenses like campus fees, books, or room and board.
By comparison, a UC graduate 10 years ago would face a monthly payment of about $160 a month, and a CSU graduate would pay about $64 a month.
The decision to raise tuition repeatedly has drawn extreme ire from students, parents and faculty, but college officials said budget cuts left them no other option.
