Families need to get 'creative' to afford UNC tuition hikes

GREENVILLE, N.C. - Students and their parents will have to pay more money next year to get a college education.

The UNC Board of Governors voted to increase tuition and fees for the next school year by an average of 8-point-8 percent, Friday.

Students in Chapel Hill marched in protest, but this increase is half of a percent less than the increase seen last year.

East Carolina University students seeing a 9.3 percent increase.

"We only are covering $14 million of the $49 million that we were cut," said Rick Niswander, ECU Vice Chancellor of Administration and Finance.

It's 14 million dollars that equates to an additional $410 per year for instate, undereducated students.

Too much for sophomore Natalie Kidwell

“That 400 extra bucks is going to tighten my family up I think," said Kidwell.

With ECU having the largest numbers of students who qualify for financial aid, more than any campus in the u-n-c system, we asked Niswander where that money was going and if students would ever see it.

He told us 33 percent would go toward need and merit-based financial aid.

The remaining revenue will go toward rehiring staff and course sections lost from the state budget cuts.

"The most important thing for all of us is that when you get out of here you have an education that you can be proud of and is a quality education and we're not going to let those two things go," said Niswander.

"It's just a big financial struggle," said Lynn Bryant, ECU Freshman

For Bryant the 9.3 percent increase to her tuition and fees won't make things easier for her family, even if this is the third time around.

"I'm the last child my mom has put through college so she's already done this twice," she said.

Niswander says everyone is having to pay in one way or another.

"We are selling our product for less than it cost [to make]," he said.

With the cost continuing to rise with no end in sight, we sat down with financial expert Jonathan Powers to find out what families can do to stretch their dollar.

"It definitely poses its challenges; it's much better to start earlier even with small amounts," said Powers.

If started early, Powers says plans like a 529 or Coverdell IRA are perfect saving vehicles that can get you through the tough tuition hikes.

"If that's not the case, I definitely think you have to then include other things in your plan," said Powers.

They’re things that Powers calls “creative investing”, like spending the first two years of your college career at a community college for basic courses then transferring to a university for your degree.

"It's a bargain, it's a bargain.  I have had many clients that have gone that route that were concerned about college,” said Powers, “and I have watched these parents stretch those dollars."

Powers says if saving up is simply not an option, there are always grants and loans that are available for need based families but it's important to watch your debt because these increases in tuition are not going to stop.

So even if you can cover one year of tuition, it's better than nothing.

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CHAPEL HILL, N.C. - College students and parents across the UNC system will soon be paying more for an education.

Today, the UNC Board of Governors voted to increase tuition across the system of 16 university campuses by an average of nearly 9 percent.

This morning's vote in Chapel Hill took place in the midst of demonstrations by scores of student protesters angry at the increases.

For ECU, that means at least a 400-dollar increase for in-state undergraduates.

UNC officials say the increases are needed to partially offset over $400 million dollars in funds that were cut from their budget by the legislature last year.

But at what price do you start pricing students out of an education and how do you plan for these increases?

We'll have more on that on Eyewitness News 9 beginning at 5 o'clock.