Ask the experts: Ways to save and secure a scholarship, as cost of college soars

Summary

LOCAL NEWS
Ask the experts: Ways to save and secure a scholarship, as cost of college soars
newyork
BY JOHN DIAS

DECEMBER 7, 2023 / 8:32 AM EST / CBS NEW YORK

NEW YORK -- It's crunch time for high school students looking to go to college next year, with many applications due in the coming weeks.

While the cost of college continues to rise, there is at least one positive thing to consider.

CBS New York's John Dias has some tips when applying for scholarships.

You don't need a college degree to know it's expensive, and it's only going up in price.

"Salaries and costs and inflation have risen, so the universities are charging more," said business analyst Carl Gould, president of Seven Stage Advisors.

Gould told Dias demand from foreign students is also driving up the cost of American colleges.

The nonprofit The College Board says college tuition increased less than inflation this academic school year. While inflation rose 4.5% for the first eight months, average costs of colleges rose from 2.5 to 4%.

Average increase in college prices were:

2.5% at public four-year colleges (in-state students)
3.0% at public four-year colleges (out-of-state students)
4.0% at private nonprofit four-year colleges