Have you ever wondered why student debt has increased to the point where post-grads can’t keep up on their payments. Perhaps it’s because since 2000, tuition has more than doubled. In 2000-01, tuition at the University of Iowa was $3,204 dollars for residents and $10,966 for nonresidents, according to the Office of the Registrar. Now, in the 2012-13 academic year, tuition has more than doubled to $8,057 for residents and $26,279 for nonresidents.
Click here for charts illustrating tuition growth at the University of Iowa for residents and nonresidents since 2000.
It is no wonder that people can’t keep up with their loan payments after college. A four-year college student racks up a debt of $32,228, and that’s just if they are a resident of the state. A nonresident student who spends four years in their undergrad ends up with a debt of $105,116!
Don’t ever let anyone tell you that education comes free…in fact, education doesn’t even come cheap when you look at the final outcome. These high debts are the reason why people can’t keep up with loan payments and take years and years to pay off their student loans.
If tuition continues to increase at the rate that it has, our kids will be paying somewhere around, or over, $20,000, and that’s only if they choose a school in the state that they reside in! Ouch, makes me rethink the whole kid idea.
IowaWorkingGirl 