Tuition Increases Due to Mortgage Crisis?

Posted on | November 30, 2008 | 2 Comments

Universities in the state of North Carolina may increase tuition as much as 6.5 % next year due to state budget cuts.  “Universities like ours in North Carolina are preparing for at least a five percent budget decrease, if not more, this year” states Kieth Nichols, the director of news communications at NC State.  NC State is located in Raleigh, NC which is one of the only major metropolitan areas that the mortgage crisis has yet to take affect.  In the last two years, the average home price has actually increased from $202,000 to $251,000.  If budget cuts are hitting this area, it is inevitable that the areas hard hit by the mortgage crisis are going to strongly increase tuition costs.

With less money in the economy due to unemployment and job cuts, it is obvious that education will struggle to find funding.  Many areas are struggling to pass bonds to build or upgrade schools.  The expenses are ultimately going to fall directly back to the students.  I hate to see this happen as I strongly support education and I have a personal allegiance because I got both of my degrees from North Carolina State University.  Hopefully this mortgage crisis will soon sort itself out because none of us want to see it be a detriment to education.  Sadly, it still seems it is going to get worse before it gets better.

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