The average price of a four-year in-state university in the 2018-2019 academic year, including tuition, fees, room, and board, is $21,370, and $37,430 for those who attend an out of state school. If you're looking to study at a private institution, that cost is $48,510, according to CollegeBoard. Those who do attend often leave with a burden of debt, which was around $37,172 in 2017, Debt.org reports.
While these exorbitant prices are the reason many students can't attend college, one man in Iowa made sure 33 people in his home state could get a higher education, debt-free.
Dale Schroeder, a carpenter from Ames who worked at the same company for 67 years, went to his lawyer and friend, Steve Nielsen, before he died in 2005 with specific instructions to use his money to help send small-town local students to college.
"He wanted to help kids that were like him, that probably wouldn't have an opportunity to go to college but for his gift," Nielsen told CBS News.
Schroeder, whom Nielsen describes as a "blue collar, lunch pail kind of guy" with only two pair of jeans, had enough money saved up to make a real impact.
"Finally, I was curious and I said, 'How much are we talking about, Dale?' And he said, 'Oh, just shy of $3 million.' I nearly fell out of my chair," Nielsen said.
With no descendants, Schroeder's secret fortune was enough to send 33 Iowans to college.
To read more of Michelle Gant's article, please click here.
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