A number of reports out today paint a bleak picture of college affordability both now and in the future. The National Center for Public Policy and Higher Education released a study that showed that college tuition and fees (including housing) has increased 439 percent from 1982 to 2007 (adjusted for inflation). Compare that to a median family income increase of only 147 percent. When directly compared, a four-year private university (like NYU) costs 78 percent of median family income. And that number is calculated after subtracting out financial aid from the cost.

Additionally, as seen above, 49 states failed the college affordability test, which looks at the cost of community colleges, public and private universities, and the availability of need-based scholarships.

On top of all this, Harvard announced today that their endowment lost $8 billion (22%) in four months. Of course, NYU doesn’t have the kind of endowment Harvard does, but it makes you wonder how much our university has lost. Those 2031 plans might have to get put on hold.

A friend of mine went to the NYU financial aid office, looking for a way to increase his amount of aid or help obtaining a loan (which his parents aren’t willing to co-sign). The woman at the desk handed him a pamphlet with a list of possible loans and said, “Here are the loans you can apply for.” My friend tried to explain that the problem was that he was unable to even obtain a loan. She just repeated herself and brushed off his other questions.

So much for John Sexton’s pledge from his email about the economy: “There are limits to our resources, but the University will do whatever it can to help you finance your education and give you our candid counsel.”

Graphic courtesy of the Measuring Up 2008 report from the National Center for Public Policy and Higher Education.