More colleges enter $50k club

by Amanda Bankston

An increasing number of colleges and universities are charging more for annual tuition and fees than the average American makes in a year, according to a CNNMoney article.

Students at 123 schools in the U.S. are responsible for tuition and fees in excess of $50,000 this school year  – a number up from 100 schools last year.  The Social Security Administration puts the national average annual wage at about $42,000. 

 The number has doubled in two years according to the article – it reports only 58 schools charged more than $50,000 during the 2009-2010 school year. 

Of the schools on the list, 39 have experienced a tuition increase of more than 4 percent this year.

Though no public schools made the “$50k club” this year, tuition hikes have been felt by all, according to the article. California State University – for example – has experienced a 21 percent tuition hike.

With the loss of federal stimulus money and a 5 percent tuition hike, instate University of Minnesota students are paying 12.5 percent more this year, totaling to just over $13,000 for tuition and fees, according to a Daily article.