The rapid rate at which tuition at state colleges and universities has gone up in recent years has made it difficult for students and their parents to pay for college.
Ironically, the increase of 14 percent a year has also pinched the state-sponsored Guaranteed Education Tuition program, which lets parents buy credits for future tuition at today's prices. The money collected by the state isn't enough to cover future tuition. GET is now underfunded by $631 million.
Parents who saved for college over the last decade are in the same situation. The returns on investments have lagged in the midst of the Great Recession while tuition has increased well beyond what anybody could have imagined just a few years ago.
Parents and students have had to take out much larger loans than they anticipated.