For the families of college students, there are three certainties in this world: death, taxes and tuition increases.
One of those three — tuition hikes — has been in the news a lot recently.
The University of California made headlines recently with its approval of a tuition hike that could reach 5 percent per year through the 2019-2020 academic year — and the student pushback that followed.
Mississippi’s state college board has given its preliminary approval to raise tuition by an average of 3.2 percent next fall. The Texas A&M University system has approved a tuition and fee increase for 2015-2016. Brigham Young University plans to raise its tuition for next year’s students by 3 percent.
And more schools are certain to announce increased tuition charges in the coming months. “We usually announce in February or early March,” says James Kaster, director of financial aid at Washington and Lee University in Virginia.
“There’s not one thing that drives tuition increases, but many different factors,” says Megan McClean, director of policy and federal relations at the National Association of Student Financial Aid Administrators.
In the University of California’s case, it was partially due to a loss in state funding, said UC President Janet Napolitano in a meeting of state regents last month.
“In the course of just the last few years, the University of California has experienced massive state disinvestment. Nearly $1 billion in state funding was slashed from the university’s budget,” she said.
But budgeting shortfalls don’t mean students can’t anticipate and cope with a tuition hike. Here are four ways to survive a tuition increase.
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1. Be prepared: That students will experience tuition hikes during their college tenures shouldn’t come as a surprise to families.
Of full-time undergraduates at private nonprofit institutions, 94 percent saw a tuition increase of some amount in the 2014-2015 academic year, according to the College Board. At public universities, about 88 percent of full-time students saw an increase.
Families should be aware of the possibility of an increase and factor it into their college search process, say experts.
“When students and families are considering a college or university upfront, they should consider what would happen and how they’d handle any tuition increases,” says McClean.
She suggests looking into a university’s history of tuition increases to get a sense of what they typically look like. Plus, if public university tuition increases are being discussed in the state legislature, “schools tend to be transparent about that,” she says.
An annual price tag that stretches a family’s budget to the maximum, with no room for possible increases, isn’t the right financial fit.
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2. Tap financial aid: When a school announces a tuition hike, a family should stop by the financial aid office to discuss their options, says McClean.
Some families qualifying for need-based aid may find that higher tuition is met with an increase in need-based grants or loans, say experts.
That’s what the University of California system plans to accomplish by funneling one-third of tuition dollars to financial aid, helping eligible families tackle the increased costs.
“The important things to remember are applying for aid on time and completing the FAFSA by the priority deadline,” says Deborah Agee, director of financial aid and scholarships at the University of California–Davis, which would be affected by the system’s planned tuition hike.
Applying on time assures that the students won’t miss out on any aid for which they are eligible.
Those who don’t score an increase in need-based grants can look to federal loans, say experts.
While some federal loans, such as subsidized and unsubsidized direct loans, have annual maximums, Grad and Parent PLUS loans can cover up to the full cost of tuition.
The university may offer the option for students to pay in installments, which can also help soften the blow of a cost increase, says Agee.
3. Work more: Most students can’t cover the entire cost of college with a summer of work like their parents did.
But they can probably earn enough extra cash to cover a 3 percent increase, say experts.
Students can look into summer employment or consider working during the school year on or off-campus or through a federally funded work-study program.
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“Work-study can make up the difference in a $2,000 or $3,000 increase,” says Kaster.
Agee agrees. “Campus employment is always a good idea.”
4. Don’t let it slow you down: Students shouldn’t let the cost of college delay their plans to graduate on time. Working long hours or reducing their course load can cost students more in the long run.
“Graduate in four years,” says Agee. “The longer you’re in school the more expensive it is.”
Trying to fund your education? Get tips and more in the U.S. News Paying for College center.
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4 Strategies for Surviving a College Tuition Increase originally appeared on usnews.com
