I graduated in 1981 from a private college having paid $27k for tuition, room and board. That covered my son’s first year at the U of M after scholastic financial aid. Prices for college have multiplied at an insane rate.
It is crazy, I graduated HS in 2001 and here is my college financial journey. I got paid to go to Southwest State my freshmen year (athletic and academic scholarships), transferred to SCSU and wrote a check for $1300 for 12 credits fall semester, took a semester off, and then transferred to Gustavus which averaged $30k/year for the next 3 years and got no scholarships, grants or financial aid. Graduated with roughly $90k in debt, and thankfully my parents were adamant I make principal and interest payments right from the start and I paid it off in 10 years. My wife went to St Thomas at $30k+/year for all 4 years with no aid/grants/scholarships, and made interest only payments for 10 years, we adjusted that once we were engaged to principal and interest and we are finally nearing the end of her student loans as she is 37 years old. Both Gustavus and St. Thomas (and most MIAC schools) are over $60k a year now, and my sons will not be attending any of them unless they want to be Doctors/Lawyers AND get some aid/grants/scholarships!