There may be a saving grace. As fewer Americans can afford to pay the steep prices, universities will become more open to negotiating.
“The colleges may just discount more and increase the aid budget. It’s funny money. They want to attract kids who can raise the academic profile of the school. You get them in by letting them pay below the academic full price,” said Chany.
He’s also watching what public universities charge out-of-state residents. They’ll charge out-of-state students much more to keep the rates down for in-state students, according to Chany.
Greenberg Educational Group Director Eric Greenberg counsels families on the college application process. He finds college tuition has been doubling the rate of inflation . It’s a situation putting many families in a financial Bermuda triangle.
“You would be amazed at the number of people who have such a small amount saved,” said Greenberg.
That’s a path Irina Borovksy isn’t taking.
Borovsky, who has a seven-month-old, puts away a few hundred dollars from every paycheck. Both Borovsky and her partner plan to contribute larger sums of money as her son gets older.
“It’s important that my child goes to a good school. I do not believe, however, that going to a high ranking private school is absolutely necessary, thus would most likely not take ‘whatever is necessary’ measures,” said Borvosky. “However, this may change in the future.”