Here's a staggering statistic for ya...In the last 28 years, the cost of a college education has incresed by a whopping 538 percent.
So it's newsworthy when one school, albeit a small all-girls college in Spartansburg, South Carolina has announced they're dropping their tuition rates by 43 percent starting in 2014.
Beginning next fall, tuition at Converse College will drop from just over $29,000 a year to about 16-5. How is this possible without sacrificing the quality of education? Well here's the little insider secret about private college costs most people don't know. Many private schools utilize what's known as the high tuition/high discount model which means they charge outrageously high tuition rates, then offer scholarships and/or financial aid to approximately 87% of their students.
What Converse plans to do is reduce the amount of scholarship and aid money while offering all students overall lower rates. Officials at Converse believe families no longer equate higher tuition rates with higher quality education, so they're cutting costs for everyone.
So, parents, if you have girls heading off to a higher education next year, perhaps you should look into Converse College. That is if you can convince you daughter she doesn't require a co-ed school.