Seven in 10 college seniors have some sort of student debt. With the cost of a four-year college averaging between $22,000 and $30,000 a year, loans are the only way for most families to afford it.
It’s that time of year when many high school seniors are getting their acceptance letters from colleges. And, just as importantly, details on the financial aid they’ve qualified for, or scholarships they’ve won.
Hundreds of college students attended a leadership summit Saturday afternoon at the Bloomington Hilton with Governor Mark Dayton. The governor spoke about issues affecting higher education, including his efforts to make college more affordable for Minnesotans. “We invested most of that new money in education at all levels, from early childhood right through post-secondary,” Dayton said. “[We] increased higher education funding by $250 million.”
Here’s a tradeoff University of Minnesota President Eric Kaler is pitching to state lawmakers: Boost aid to the school and tuition for in-state undergraduates won’t go up.
Paying for a college education has never been harder and the debt load never higher.
The amount of financial aid flowing to students in the Minnesota State Colleges and Universities system shot up 25 percent from 2009 to 2010 to $1.2 billion.