George Washington University in Washington, D.C., recently set the record for the highest cost for a year of education. Classes and room and board now run over $50,000 a year.
Robert Siegel talks with Stephen Joel Trachtenberg, president of George Washington University, about the school's charges.
The median household income in 2005, according to the Census Bureau was: $46,326
In the 1986-1987 academic year at George Washington, the cost of tuition, room and board and fees was $12,795. If that figure had risen by the rate of inflation, today it would be about $23,000. Instead, it's more than twice that.
The number of full-time faculty now stands at 953, a 25-percent increase from 1988, and the number of endowed chairs for faculty has more than doubled, to 70 in 2007.
In the 2006-2007 school year, 62% of George Washington's undergraduate students receive financial assistance from the school. The average aid per student is nearly $20,000.