My husband and I don’t yet have children, don’t know if we want any, but I am sure of one thing: college funds for these hypothetical offspring need to be opened immediately.

The College Board said this week that the yearly cost of in-state tuition for a four-year public college jumped 6.6% from the 2006-2007 school year hitting $6,185. This follows a 5.7% increase last year from the 2005-2006 period. Private universities saw the annual tally for tuition and fees rise 5.5% to $16,640. The most affordable education can still be found at public two-year institutions, where costs rose just 4.2% from last year to $2,351 per year.

And that’s just tuition and various fees. For students who live on campus (40% at public schools; 64% at private), the cost of room and board jumped 5.9% at public schools to $13,589. To live, eat, and learn on a private-school campus, it will cost $32,307 per year, also a 5.9% increase from last year.Worse news for those counting on a higher education is that financial aid isn’t keeping pace with rising costs. Last year, undergraduates received more than $97 billion in state, institutional, and federal aid, a 3.1% drop from two years ago. Funding for need-based Pell Grants also declined for the second year in a row. Representative George Miller (D-Calif.) responded to the news in a statement, noting that the “college cost crisis” is draining families and negatively affecting the USA’s position in the global economy.

Students are also increasing reliant on private student loans, which carry higher interest rates. New graduates may emerge with their 4-year degree already tens of thousands of dollars in the hole, unable to recover until middle age. Every time I read statistics like this I feel the need to again thank my parents for financing my (public, but out-of-state) education, which was certainly pricey, even 15 years ago.

–bloggingstocks.com