Good news for the 5 public universities in Mississippi as their petition to increase their tuition fees have been approved by the College Board for the next two academic years. This was done after the petition has been approved in October.
But this is sad news for parents and students as they need to make a huge adjustment to their daily/monthly/annual budget for college education.
The average increase is expected to rise about 2.8 percent in fall of 2014. Then, in 2015, the average tuition fee could rise 3% to $6,703.
If you’re studying at the Delta State University, Mississippi University for Women or Mississippi Valley State University, you don’t have to worry about your college funds as these schools didn’t plan to increase their fees over the next two academic years.
However, the University of Mississippi and Mississippi State University are both raising their tuition fees by 5% or more every year. These two colleges and the University of Southern Mississippi could charge their students above $7,000 by the year 2015.
But the College Board encourages the government to come up with college savings account specific for low-income children. According to several studies, they found out that a family that focused on their kids’ education early could increase their chances of sending their kids to college. This proposal of the Board should be the goal of every family.
Even though you belong to the low-income family, you still have the right resources to save for your kids’ college tuition fees. Unfortunately, for some families in this category, they don’t save for said purpose. This is especially true for immigrant families who send back their money to their relatives in their home countries, instead of saving their income for their children’s education.
But this challenge by the College Board doesn’t go far enough as the control of the Pell Grant is in the hands of the government. Families aren’t able to add or withdraw from their accounts. Thus, they must open a savings account separately.
However, if your parents have saved enough for your college, the approval of the College Board wouldn’t greatly affect you.