At one time in this country, you could get by without a higher education. Many didn’t even finish high school. Some entered the workforce through a local factory, mill or farm where they could learn right on the job. Others may have learned a trade over time by working skilled positions in their family business

These people maintained their occupations for decades and until they retired. They earned promotions and advanced in their company, working for years for the necessary experience. Those days have passed. Today, you need a high school education just to get your foot in the door of a position that may lead to a lucrative career. For meaningful promotion, you need a college education. But will this automatically secure you a better managed and less stressful financial future?

It is no secret college tuition has been rising for years. A college education can top $200,000, so it is important to find a school worth it. According to this study, in 2007 private colleges, where 20 percent of full-time undergraduates study, had greater tuition increases. The total published, or sticker, price hit $47,831, up $1,560 or 3.4 percent. Community colleges, accounting for 26 percent of all full-time undergraduate study, remained much more affordable, costing commuter students on average $3,400 in annual tuition and fees, up 3 percent.

For the 2013-2014 academic year, annual current dollar prices for undergraduate tuition, fees, room and board were estimated $15,640 at public institutions, $40,614 at private non-profit institutions and $23,135 at private for-profit institutions. Between the 2003-2004 and 2013-2014 school years, undergraduate tuition, fees, room and board at public institutions rose 34 percent, and prices at private nonprofit institutions rose 25 percent, adjusting for inflation. Undergraduate tuition, fees, room and board at private for-profit institutions decreased 16 percent between the 2003-2004 and 2013-2014, adjusting for inflation.

Why is college tuition rising? For a few reasons. First is falling appropriations, or funds set aside by governments for specific causes. As state and local governments cut appropriations for higher education, tuition rises to meet the difference. Second is falling institutional subsidies, or the costs paid by institutional sources. Community colleges typically receive these from state and local appropriations. At private institutions, they come from private gifts, investment returns or endowment income, but these sources of income have taken hits during recent recessions.

While most institutions have tried to keep costs down, some take advantage of the perception that higher tuition means better education. Even at low-tuition colleges, costs soar when students stay longer than four years, lose scholarships or experience a dramatic change in their financial situation.