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February 10, 2010

Amid rising tuition costs and heavy debt burdens, college marketplace lacks consumer focus

MassINC, C. Anthony Broh & Dana Ansel:

Rising college costs have Americans making greater sacrifices to get their degrees. In 2008, families took on more than $86 billion in college loans and the average undergraduate finished school with more than $23,000 in debt. Higher education is now one of the most important investment decisions middle class Americans make. But far too often they're lured to colleges with the most energetic tour guide, the biggest reputation for partying, or the highest ranking in the popular press.

These temptations win out because the choices are complicated and families aren't getting the information they needed to make truly informed decisions. Beyond choosing a school, families trying to find the best savings plan or the least expensive loan also face complicated choices with insufficient information.

According to the new MassINC report, "When you look at the tuition prices that middle class families are facing, together with the debt burdens graduates are taking on, it is astounding that there is such little transparency in the higher education marketplace," said Greg Torres, President of MassINC and Publisher of CommonWealth magazine. "By laying out a framework for how parents and students navigate this system, we hope to shed some light on what we can do to give more support to families making one of the biggest investments of their lives."

Read the complete report here. CTRL - click to download the 2.0MB PDF file.

Posted by Jim Zellmer at February 10, 2010 5:23 AM
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