A College Education Still Remains Within Reach

By Raymond S. Angeli

Recent stories in the newspapers and over the airwaves concerning college tuition increases have led some to believe that higher education is now beyond the means of their families. Individuals are also being alarmed by articles evoking the specter of loan burdens that follow graduates through most of their lives.

Such accounts may make good headlines, but they don’t by any means encompass the full story of attending college. The facts are simple: You can go to college and have a manageable financial future as well.

Higher education institutions, like the providers in most businesses and professions, come in many different sizes and types -- and in many different price ranges. Though some colleges may charge over $30,000 per year for tuition, others cost below $6,000. There are schools – quality institutions – available at all levels of price.

College tuition has gone up over time just as the general cost of living has. Such increases are shaped by a variety of factors, including the demands of technology and growth. Whereas a family may buy one or two computers in a year, a college will likely buy hundreds, as well as laboratory equipment, Smart Boards, ultrasound machines, library books, snow plows and elaborate security systems. Beyond that, there is the health insurance issue that faces every employer today.

Still, tuition increases at many colleges remain close to the general price index. The rate varies from institution to institution. For instance, Lackawanna College had an increase of 2.1 percent this year, just about the cost of living boost. (It will be slightly more next year.) In the present academic year, a full-time Lackawanna student paid $9,600 tuition – and more likely than not, actually didn’t pay that much out-of-pocket. Other readily affordable colleges locally include Penn State Worthington Scranton, Johnson College and Keystone College.

Though it costs money to go to college, it doesn’t all have to be the student’s money. Don’t be deterred by sticker shock; nobody really pays retail. Every college in the country provides substantial financial aid to help students meet tuition costs. For example, approximately 95 percent of Lackawanna College students receive some form of aid.

Federal Pell Grants and Pennsylvania Higher Education Assistance Agency (PHEAA) Grants are principal sources of aid and do not have to be repaid. For this academic year, the top Pell Grant was $4,050 and the PHEAA $3,900. For those with maximum eligibility, that $7,950 goes a long, long way toward covering Lackawanna’s tuition. Other sources of available funding include work-study jobs, scholarships and institutional aid, and company, community and fraternal-group grants and scholarships.

Even the expensive schools are doing their part by utilizing their massive endowments. At Harvard University, for example, families earning less than $60,000 a year no longer have to pay for their children to attend. The program also reduces the contributions of families with annual incomes between $60,000 and $80,000, and covers more than 1,500 students, nearly a quarter of the college.

Careful planning and intelligent budgeting are the way to provide for higher education. Small sums steadily saved can add up to a tidy nest egg when the time comes to attend college. If savings and financial aid are not enough, loans are available, some with low rates and/or a subsidized interest period.

Thanks to financial aid, most graduates come out of Lackawanna College without significant loan debt. Furthermore, after attaining their associate degrees, students can take advantage of our Academic Passport agreement with Pennsylvania’s State System of Higher Education and enter those universities as juniors. A Lackawanna student, therefore, can make a reasonable estimate of what a bachelor’s degree will cost before entering our doors.

Attending college is a major expense. But it’s worth it. Although the outlay for higher education may be great, the long-term rewards are greater. Research shows that individuals with college degrees earn approximately three times more during their working lives than those without such credentials. They also tend to be more satisfied with their careers and lives.

Think of college as a lifetime investment. People willingly undertake a 30-year mortgage to purchase a house to provide long-term shelter. The career made possible with a college degree enables you to pay for that house and make it a home.

So don’t be misled: You can afford to go to college. The real question should be: Can you afford not to?

RAYMOND ANGELI has been President of Lackawanna College since 1994.