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These startling statistics from the College Board show why your donation is so critical. Between 1975 and 2015, after accounting for inflation, college costs grew by more than 220 percent at private, nonprofit, four-year colleges and universities; by 294 percent at public four-year colleges and universities; and by 218 percent at the nation’s community colleges.
As a result, Americans owe nearly $1.3 trillion in student loan debt, spread out among about 43 million borrowers. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from the year before.
Colleges and universities have had to increase their tuition and fees for a variety of reasons:
1) reduced governmental support;
2) facility maintenance;
3) new facility construction (enrollment is increasing at a 1% rate per year);
4) faculty expense (to keep pace with the private sector), and
5) new equipment due to technological advances
College-related costs can still exceed $55,000 for a four-year degree even if the student lives at home with parents. While government grants and student loans are available, Federal Pell Grants are limited to $5,500 per year for a full time student, and student loans also have limits. In addition, student loans have to be paid back at a time when the student may have many other financial burdens and obligations.
Where Does My Contribution Go?
- Every contribution goes into our interest-bearing Master Scholarship Fund Account until the student scholarship winners are named.
- The funds remain on deposit at a major financial institution or brokerage firm in the student’s name until the student is accepted into an accredited college or university.
- Finally, the funds are distributed over a four-year period and are paid directly to the institution to cover tuition, books and educational supplies.