College Costs Go Through Roof

WASHINGTON: At this rate, only lottery winners will be able to send their kids to college. For the fifth year in a row, America's private and public schools have stuck it to Mom and Dad by hiking tuition nearly 5 percent — that's triple the rate of inflation. The increase adds between $136 and $670 per year onto tuition costs — making $3,000 the norm for public schools, while those who wish to be privately educated face a nose-bleedingly high $13,000 per year. Factor in room, board and expenses, and the total cost of college hits about $10,000 for public and $21,400 for private institutions.

What's fueling the increases? College officials say the reason is cuts in federal funding and increased operating costs. But critics claim extravagance has also contributed to the problem. Faced with mounting pressure from parents, a congressional committee (what else?) has begun to look into the issue. But until someone figures out how to control college costs, Mom and Dad might be advised to put in for some extra overtime.