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Between 2007–08 and 2017–18, published in-state tuition and fees at public four-year institutions increased at an average rate of 3.2% per year beyond inflation, compared with 4.0% between 1987–88 and 1997–98 and 4.4% between 1997–98 and 2007-08. [11]
A student attending a private four year university has an average yearly cost of $49,870. These costs factor in tuition, housing, food, university fees, and supplies such as textbooks, manuals, and uniforms. Two year public universities, such as a community college, factor in tuition and fees, and have an average yearly cost of $3,730.
[12] It is often the case that the lower the cost of the school, the more likely a student is to attend. Developed countries have adopted a dual scheme for education; while basic (i.e. high-school) education is supported by taxes rather than tuition, higher education usually requires tuition payments or fees.
The statewide average of spending per student came to an eye-popping $36,293, a 21% increase since the 2020-21 school year, the report by the budget watchdog group found.
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In 2017, a federal endowment tax was enacted in the Tax Cuts and Jobs Act of 2017 in the form of an excise tax of 1.4% on institutions that have at least 500 tuition-paying students and net assets of at least $500,000 per student. The $500,000 is not adjusted for inflation, so the threshold is effectively lowered over time.
Say you earn $2,500 after taxes but owe $15,000 on credit cards with an average 21% APR. According to the 50/30/20 rule, you’d allocate $500 each month to savings and debt repayment.
Currently, DOD TA funds servicemember's college tuition and fees, not to exceed $250 per semester credit hour or $166 per quarter credit hour and not to exceed $4,500 per fiscal year, Oct. 1 through Sept. 30. In 2019, DOD spent more than $492 million on the program that year and about 220,000 troops used the benefits. [17]