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College costs nearly double rate of inflation

A new survey has news that will come as no surprise to parents paying for higher education. It shows college costs this year are nearly double the rate of inflation. Getting a college education continues to costs students and families more. The college board released its annual survey of college costs on Monday and found that tuition and fees at four-year public schools increased by 6.6 percent this year. For in-state tuition the current average total is now $6,185, up $381 from last year. Room and board pushes the total cost to more than $13,500 for the year. Private school tuition rose more than $1,400 to nearly $24,000 for the year. To pay for college, about three-quarters of full-time undergraduates receive some financial aid, which totaled $97 billion in 2006 to 2007 but the large rise in tuition and fees -- greater even than the rate of inflation -- a bigger jump compared to financial aid offered to them. But with college costs rising for many who want to earn a bachelor's degree that could mean more borrowing.

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