CFMC Brief: College Costs On the Rise

ENDOWMENT SCHOLARSHIPS CAN HELP OFFSET INCREASING COLLEGE COSTS

If you’re the parent of a college-bound student, more than likely you’re feeling overwhelmed by the fact tuition and fees for many Indiana public and private universities continue to go up while your pocketbook shrinks. It’s a trend that’s been occurring for the past three decades across the United States.

To help offset some of these costs the Community Foundation of Morgan County (CFMC) offers a series of scholarship opportunities including the Kendrick Foundation and Lilly Endowment. You can learn more about these scholarships and how to apply at the Morgan County Scholarship Fair on December 3, Martinsville High School, from 6-8 p.m.

Hosted by CFMC, this event is open to all Morgan County high school students and their parents/guardians. You’ll be able to ask questions and learn about the application process, including how to write a top-notch essay.

“We’re here to help parents and students easily navigate through the scholarship process and be a valuable resource when it comes to finding ways to pay for college,” said CFMC President Ed Kominowski. “They don’t just have to worry about tuition and fees, but they must also figure out how they’re going to pay for books, housing, transportation, etc. Our past scholarship recipients have told us the money they received definitely helped them stay focused on their studies.”

Kominowski believes scholarship endowment funds are highly effective in helping students achieve their academic goals. An endowed scholarship is a permanent fund in which the principal remains intact and invested at all times. The scholarship is awarded from the allocated income earned on the principal investment. These funds can also be established to honor someone’s memory and ensure their legacy has lasting impact. You can set up an endowment fund at CFMC.

“It used to be a scholarship of $500 or so would help a student pay for books,” said Kominowski. “However, along with tuition, the cost of books increases every year and $500 doesn’t have the impact it once did.”

According to the College Board, students enrolled in public, four-year universities paid an average of $3,190 in tuition for the 1987-1988 school year. Thirty years later, that average rose to $9,970 for 2017-2018 – a 213% increase.

In 1988, the average tuition price for a private, four-year college was $15,160. Jump ahead to the 2017-2018 school year and the cost was $34,740 – a 129% increase.

In a recent U.S. News and Report article, “See the Average Costs of Attending College in 2018-2019,” tuition rose again in most public universities for the current school year. Here are the tuition and room/board fees for several Indiana universities and colleges (public and private):

Currently, applications are being accepted for both CFMC and Kendrick Foundation Scholarships. The application process is online at www.cfmconline.org/donors/scholarships. The deadline is January 7, 2019, at 4 p.m.

“Students should give themselves plenty of time to fill out the application,” said CFMC Finance and Scholarship Manager Christine Arnold. “Although the student is the applicant, they will rely on others to provide critical parts of the application such as the transcript, references and financial details. Allow them the courtesy of ample notice to meet the deadline as well.”

Regardless of where a student attends college, the cost of a quality education continues to rise and creates tremendous stress for families.

CFMC is here to help families find a way to offset these costs through scholarships. As a community, we can impact students’ academic dreams by setting up endowment funds. Contact CFMC today at info@cfmconline.org or call (765) 813-0003 for more information.