Since the late 70s, the average cost for a 4-year college degree has continued to rise while federal aid has simultaneously remained on the decline. Take for example the Pell Grant which was one of the most prevalent forms of federal aid in the early 70s.
Back in the day, this grant covered about two thirds of an individual’s tuition costs. Now, you would be lucky to receive enough aid to cover the fees let alone the tuition! Not to mention the interest rate hikes on other federally subsidized loans.
Just last year, Congress failed to stop an interest hike on the Federal Stafford Loans which doubled the number from 3.4 to 6.8 percent on all undergraduate loans.
With help from the financial counselors at ConsolidatedCredit.org, we’ve compiled a visual timeline dating as far back as the GI Bill.
Wondering how inflation will impact your kid’s college costs? Or how your grandparent’s education compares to yours?
Take a peek at the following infographic to find out.