Colleges and universities are sending high school seniors fat and thin envelopes this week. Now parents must figure out how they are going to pay for their children’s education. Adding up tuition, books, and room and board, for the 2003-2004 year the average private college cost $29,500. For many schools, this number was closer to $40,000. Costs are far outpacing inflation, especially at public universities.

Guests:

Anthony Brooks, he covers higher education for National Public Radio.

Ronald Ehrenberg, director, Cornell Higher Education Research Institute. He is also professor of Industrial and Labor Relations and Economics. He is the editor of “Governing Academia” and “American Universities: National Treasure or Endangered Species?”

Sandy Baum, professor of economics, Skidmore College. She has spoken before Congress on the cost of higher education. She is also a consultant to the College Board.

Bill Witbrodt, director of student financial services, Washington University in Saint Louis. He overseas $60 million in financial awards that go to 3,600 undergrads

Jack Beatty, On Point news analyst