According to the Chronicle of Higher Education, there are 58 private colleges charging at least $50K for tuition, fees, room and board — up from “just” five colleges charging that much last year. Top of the list is the all-female Sarah Lawrence College, at $55,788/year.

To put that price tag in perspective, I liked this quote from the article:

Before the 1980s … people at private colleges had a rule of thumb: A year of private education should cost about the same as a new Chevrolet.

“You don’t have to pay $50,000 for a new Chevy these days,” Mr. Breneman says. “So somewhere in there we went off onto a different path.”

(In fact, I just did some Googling and it looks like a new Chevy Impala will cost you around $25k.)

Obviously the two-Chevy-cost is pricing a number of families out of private education. So what about public universities? Turns out they are raising their tuition rates even faster. The average in-state, four-year college degree now costs just under $16k/year, an increase of 5.9% over last year. Private schools, on average, raised their rates “just” 4.3%.

Also, bear in mind that many students at private schools receive grants and scholarships — an average of $13K/year at the 36 most expensive private schools in America, which knocks the average price tag down to $36,000/year (still more than twice the cost of an in-state college). In fact, one private college administrator said that of this year’s incoming freshmen class, two-thirds received financial aid, with an average grant of $30,000.

The Chronicle also interviewed a number of higher ed administrators, who weighed in on whether or not the ceiling has been reached — and what the high costs of private education mean to today’s students. While that $50K is obviously a benchmark of sorts, I’m thinking that for families earning the average yearly income — or even twice that — $50,000 is no less affordable than $45,000 or even $40,000. What do you think? How do these rising private school costs impact your decisions about college?

There are nine main categories, such as green building, food & recycling, student involvement, and transportation, by which schools are rated.  A compilation of these nine ratings is calculated and then each school is assigned a final grade.

My quick perusal of the website shows grades ranging from D- to A-. I have yet to find an A or an A+ yet…I guess when it comes to green, there’s always a little room for improvement.

Check out you campus and then leave me a comment to let us know how it ranks. I’ll start. My school (Tufts University) earned a B, which seems pretty standard for the other Boston universities I looked up (Brandeis, BC and BU.) The one exception was Harvard, which earned an A-. So how about your school?

Apparently this “diploma mill” of an online college received a check for $499 from Chester Ludlow — a pug — and sent in return a package containing a diploma and transcripts. Included as well were a certificate of distinction in finance for the pooch, and a letter documenting Chester’s participation in student council.

Here’s GetEducated.com’s video about the stunt, which they pulled to warn about the dangers of diploma mills (“Dog Earns Online MBA: A Cautionary Tail.”)

Are you thinking about getting your degree online? There are hundreds of reputable and worthwhile online institutions and hybrid schools (brick-and-mortar schools with an online presence), as well. Just be sure to do your homework before sending off your tuition fees. You don’t want to be stuck holding a diploma whose only value is lining the dog house!

If you are considering an online degree, be sure to check out some of our past posts on the subject, including:

Is an Online Degree Right for You?

Financial Aid for Online Degrees

To learn more, you can also research programs and colleges at the Online Degree Zone.

If you are currently suffering from college sticker shock, this series if perfect for you! Check out past posts on how to reduce the cost of college, including graduating in three years rather than four, and attending community college for up to two years before transferring to a four-year university.

This week’s idea for cutting college costs is to volunteer… specifically be an AmeriCorps volunteer. If you aren’t familiar with AmeriCorps, it is President Clinton’s public service initiative, similar to Peace Corps but for populations in need right here at home. A network of service programs across the country aims to meets critical needs in education, public safety, and health.

If you want to contribute positively to our country, you can actually earn a nearly $5000 stipend to help pay for your future college education (or to apply to college loans, if you decide to volunteer after you have already graduated).

Some of these programs also provide a small living allowance during the time the person is participating in the program.

In addition to a living allowance, all full time participants in an Americorp program are provided an award of $4,725 for each year of participation to pay educational expenses. If you want to give something to the country by joining one of these worthwhile programs, you can earn money for your future education. Here’s how:

In 1997, Congress established the National Service Trust to provide an AmeriCorps Education Award (recently renamed the Segal AmeriCorps Education Award) to everyone who successfully completes their AmeriCorps service. The award is $4,725 for a year of full-time service, and you can claim your award up to seven years after your service.

Plus, if you attend one of 86 “matching” institutions, you can double your AmeriCorps stipend with matching funds from your own college.  You can see a list of participating colleges and universities here.

Tip: If you are already past graduation and looking for ways to reduce your student loan debt, AmeriCorps service may be your answer. The 2007 College Cost Reduction and Access Act created a new Public Service Loan Forgiveness program, which AmeriCorps volunteers qualify for. Plus, you can apply your Education Award to the balance of your loans!

So last week we talked about how to save one-quarter of your tuition, room and board costs by graduating college in three years rather than four. This week I’m exploring how community college can help you keep your costs down.

One of the best ways to cut college costs is by enrolling in a local community college for the first two years, then transferring to a four-year school. Your diploma will be from the four-year institution, but your out of pocket expenses won’t be.

Take for example my neighbor, who just finished her freshmen year at Johnson County Community College (one of the top 10 2-year colleges in the nation, by the way). There she pays an average of $190 per class of four semester credit hours. At the University of Kansas, where she is planning to transfer at the end of next year, she will pay $900 for that same class. If she wanted to attend a private four-year college, her tuition savings would be even more dramatic.

Another way to take advantage of the lower cost of community college tuition is to enroll in one your senior year of high school. In fact, many schools offer this option for gifted students. But you don’t need to be a genius to avail yourself of major cost savings!  Here’s an article from the Boston Globe about one such program, known as STEP.

Most schools accept transfer students with up to four semesters worth of credit. Be sure to check with your future institution about their specific policies.

Tip: Get the transfer policy in writing, just in case it changes while you are earning your way to a less expensive degree.

1. Buy online. But be sure to choose a vendor that offers free expedited shipping. Choosing ground can cost you a few weeks at the beginning of the semester without your books! Some of the most reputable online vendors include textbooksRus.com, Alibris.com and AbeBooks.com.
2. Buy used. But be sure to check that the textbook is in good to excellent condition. You can save 30-50% of the cost by buying used, but a book that is missing key pages is obviously not much of a savings!
3. Check the local libraries. Your campus library may or may not carry an edition of the textbook you are looking for, so be sure to check with your local library as well. If you live in a good-sized community with a strong inter-library loan system, you will probably get lucky. And hey, there’s nothing less expensive than free!
4. Sell your books back. Help improve your cash flow by selling your textbooks back at the end of each semester. You may earn enough to fund the next lot entirely. Even if you don’t, you will surely save a bundle on the $1,000 yearly average!
5. Rent, instead. Some of you may really want to own a particular book, but if you don’t need to hang on to the tome long-term, renting is the way to go. Online vendors can save you as much as 80% over buying — even when you buy used. Of course, you can’t sell back the book at the end of the semester, but the savings of renting may still trump buying and reselling. Three of the biggest online renters are Chegg.com, Campusbookrentals.com, and Bookrenter.com. All of them work much like Netflicks — send back your book when you’re done, with free shipping!
6. One final tip: Be sure to note the edition. Whether you buy or rent, be sure you check what edition you are buying — and which one you are required to read. There can be huge differences between the first, third and fifth edition, which can significantly impair your studies.

For more tips on buying textbooks, be sure to check out my post on 5 Places to Buy Textbooks without Breaking the Bank.

The viability of financial aid is a major factor for many students in selecting a school, and online schools are no different.

In fact, a new study recently revealed that at least one in five college students in America is facing a shortfall in parental support due to job loss.

Until 2006, U.S. law denied federal financial aid to any student who attended a college that enrolled more than 50 percent of its students at a distance. Fortunately, Congress saw fit to change that law and now online students at accredited schools are eligible for all forms of federal financial aid, including student loans, grants and work-study — assuming their school participates in the program. Here is a quick run-down on what you need to do to qualify for federal loans and grants, plus some tips on winning scholarships for online learning:

Student Loans
If you have been reading this blog for a while, you already know that the only way to qualify for federal student aid, including student loans, is by completing the FAFSA — that’s the Free Application for Federal Student Aid. (Review FAFSA FAQs, Common FAFSA Errors and an Essential Document Checklist). If you haven’t yet completed your FAFSA, the federal deadline is June 30, 2009 — so get cracking! Also, be sure to check with your financial aid officer (yes, even online schools have offices of financial aid!) to make sure that your school is part of the Stafford and Perkins loan program.

Federal Grants
Just like student loans, qualifying for federal grants like the Pell Grant or the SMART Grant requires you to have completed the FAFSA. You may also be eligible for state grants, including support for former military members (did you know that more military vets are going online to get their degrees more than ever before?) Again, check with your financial aid officer to find out which federal and state grant programs you may be eligible for.

Scholarships
Wondering whether or not you can qualify for scholarships as an online learner? The answer is yes, most of the time. Some scholarships do unfortunately exclude students enrolled at online schools, but most scholarship opportunities are open to distance learners as long as their school is accredited. (Here’s more information on accreditation of online degrees.) And, there are even scholarships designed just for online learners, like the $1,000 Excellence in Online Education Scholarship from GetEducated.com. To learn more about winning free money to pay for your online degree, be sure to visit us every Friday when we feature three scholarships with upcoming deadlines.

And even those with secure jobs are buttressing their resumes with advanced degrees or certifications that they can earn online. The number of distance learners has climbed 20% since 2002, with more than 3.5 million Americans currently estimated to be taking at least one online class.

Are you thinking about pursuing a degree online? Distance learning is increasingly viewed as equally reputable with studying at a brick-and-mortar school. (Here are two recent articles from HR professionals and job recruiters that verify this.) Even still, studying online still isn’t for everyone. How do you know if elearning is right for you? Start by answering these five questions.

1) Are you currently employed and/or parenting full-time?
Online learners are master multi-taskers. Most e-students work full-time and many are also moms or dads. In fact, one of the major plusses of pursuing an online degree is that you can still work full-time while doing it.

2) Do you want or need to take breaks in your learning schedule?
Traditional colleges try to get their students in and out in five years or less. Masters degrees are typically completed in 18-24 months. Online degrees, however, are better suited to those students who need to take some breaks in their learning schedule. If you think you will need to start and stop a few times before you finish your degree, an online school could be a good choice for you. You will likely find that breaks are more common and less distracting from your overall educational success that at a traditional school.

3) How do you learn best?
To be a good online learner, you will need strong visual learning skills. If you learn better by hearing (auditory) or doing (kinesthetic), you may struggle in an online situation. Look for classes in which professors stream their lectures or that require a field study component.

4) Are you self-motivated?
At traditional schools, students interact not only with their professors, but with other students, all the time. Whether through group projects or just group discussion, that interaction is key for keeping some students motivated. On the other hand, if you are highly self-motivated, you will do well in an online environment.

5) Are you tech savvy?
You don’t need to be the next Bill Gates to be a successful distance learning, but you do need a desktop or laptop computer with high speed Internet access. Some classes will also require you to purchase or download special programs to interact with other class members.

How did you know online learning was right for you?

It’s a good idea to schedule your trips to a wide variety of campuses — large and small, urban and suburban, private liberal arts colleges and public research institutions. The more places you visit, the better you will be able to assess what you really want in a college or university.

As you plan your college visit schedule, you may not be sure what to expect. Here are five tips for making the most out of your college visits.

1. Take the Guided Tour
When you call the Admissions Office to set up your campus visit, be sure to schedule a guided tour of the campus. Typically, these tours are led by an undergraduate volunteer, who takes groups of students and parents through the main parts of the campus. You will see the major buildings, including the library, campus center and academic buildings, visit a dorm room and maybe even pop in a dining hall. All the while, you will be hearing about campus life, academic requirements, and university history.

2. Meet with the Office of Financial Aid
If you plan to apply for financial aid, it’s a good idea to schedule a meeting with a financial aid counselor. Be sure to ask about financial aid application deadlines and any special scholarship opportunities you might be eligible for.  It’s also just a good idea to have a name and number of someone in the financial aid with whom you can speak about any questions or problems that come up in the future.

3. Sit In on a Class
Whether you know what you want to major in or not, it’s probably a good idea to sit in on a freshman class — especially if you can choose one you might want to take yourself. Are classes taught by professors or by graduate students? Does that matter to you? How many students are in the class? If it’s a large lecture hall, does the instructor engage the students despite the class size? Yes, this is only one class from one teacher, but the experience might be helpful to you in gauging whether or not the teaching dynamic is a good fit.

4. Spend the Night
If you are planning to live on campus, you might want to schedule an overnight visit for the top two or three colleges on your list. (It might be worthwhile to wait until you have received your acceptance letters and then schedule your overnight.) Staying in the residence halls will not only show you what dorm living is like, it will also teach you a lot about campus life in general. Be sure to ask your hosts questions about the pros and cons of living on campus vs. off campus, the differences between coed vs. single gender dormitories, etc.

5. Eat a meal
Visit a dining hall or the campus center, and share a meal with a college student. Again, you will not only see what the food is like on campus (which may, or may not, be an important factor for you), but you will also get a sense of how students interact with each other. Be sure to take the opportunity to ask your host about life on campus beyond the meal plan: What do they think of the classes? Do they like their professors — and what do they like about them? Are they glad they chose this school and why?

What tips do you have for making the most of your campus visits? Share your thoughts in the comments section!

(And, if you need even more help with getting organized, be sure to keep your eyes peeled for the Fall Action Plan for High School Seniors coming in September!)

1. Take the ACT or SAT
Hopefully you already did this last spring, but if not, there is still time. Sign up now, and start studying. The next SAT test is October 10, 2009, but you must register by September 9. The next ACT test is September 12, with a registration deadline of August 7.  If you’re not sure which test to take (or whether you need to take both of them), check out Kaplan for a good run down on the ACT vs. SAT.

2. Make a list of colleges
Even if you already know where you want to go to college, it’s a good idea to keep your options open — at least until you have an acceptance letter (and a financial aid award letter) in hand. Start with a 15-20 possibilities, and be sure to include a number of different types of schools — small liberal arts, large research universities, private and public schools, local and long-distance options as well. Request application packets from the schools on your list and review the requirements for admission.

3. Set up college visits.
Get a feel for the different schools on your list by visiting as many of them in person as possible. Don’t rely on your best friend’s opinion — or your impression of the school’s website. The best way to know if you jibe with a particular college is by being there, in the flesh.

4. Prepare for AP Exams
Scoring well on AP exams is an easy way to receive advanced placement — which can save you a bundle by letting you graduate a semester or more early. (For more on how AP classes can help you to save money, see this article on 7 Creative Ways to Pay for College). The summer is the perfect time to start studying for your AP exams.

5. Review your resume & fill in any gaps
University admission offices are interested in your academic achievements, but they also want to know what kind of person you are. One way to assess this is by the activities you are involved in. Consider volunteering this summer or next fall, or explore some new extra curricular activities.

6. Research scholarships and grants
Unless if you have an extremely well-padded 529 Savings Plan for college, financial aid will likely be an important factor in your choice of school. Don’t plan to rely just on federal and university aid, however. Take charge of your own destiny by applying for as many scholarships and private grants as possible. You can learn more about scholarships for the Finder’s new Student Scholarship Search and our weekly Scholarship Announcement post every Friday.

Tell me, what are you doing this summer to get ready for college in 2010?