Two-for-one sales at the grocery store are a pretty good deal, right?
So naturally, with nationwide tuition costs climbing as state higher education funding dries up, locking in and paying one price for all four years of college sounds like a great deal. But thatâ€™s where youâ€™d be wrong.
CU-Boulder is currently considering a policy that would guarantee each class of incoming freshman a predetermined rate for the next four years. The tuition rate would then increase for each subsequent class to compensate for inflation.
CSU is right to stay off the lock-in wagon because, as its officials have said, the pros of an unchanging budget for students and universities do not outweigh the potential downfalls.
If CU budgets for an unwavering revenue stream, generated by these locked tuition rates, there is a potential for financial chaos in the case that state funding drops below the anticipated amount. Without many other means to make money, the Buffs will be pulling from empty pockets to cover their bills.
But in the case that Colorado pays out more money to higher education than expected (when hell freezes over) and tuition rates either remain constant or decrease as a result, students could pay more than their peers for the same education.
On top of that, several CSU administrators said universities and colleges that have adopted locked-in tuition policies also experienced drastic increases in tuition in the first year of implementation.
So while a secure financial plan sounds practical, itâ€™s best not to sign the contract in this case.