Back in 1996, I graduated from high school with a good GPA. It seemed like the sky was the limit for my future, as I had several scholarships on the table. However, these scholarships only cover tuition and do not cover room and board. I decided to get a loan, and it was the best and worst decision of my life.
Everything was fine until it was time to pay back the loan. I had just graduated from college with a high GPA, but I could not find a job in my major. I was unemployed for a while, and when those loans came due, I was stuck and did not know what to do. Eventually, I did get a job and caught up on my loan payments, but it was hard.
My experience is not unlike millions of students each year. They find themselves graduating from college with no job and no way to repay the college loans that start repayment six months after graduation. We need to look at ways to make college affordable or create generations of college attendees and graduates saddled with huge loan debts. These debts make it hard for them to start families but homes or even care for their basic needs. Making college affordable has been a hotly debated topic for the last century, and I doubt that this will change anytime soon.
Since 2010, the number of students who struggle with college debt has more than doubled. In fact, the total loan debt of these students has increased from just over 800 million dollars to more than 1.7 trillion dollars. Because of this, many students cannot afford to study. However, there are a few ways to go about making college a more affordable experience.
College Students And Debt
As we have already mentioned, more and more students are being forced to struggle with student debt every year. Sadly, student debt is the most significant form of consumer debt in the United States, meaning that young adults are being put under pressure to pay back massive sums of money before they even finish their degrees.
For this reason, these students must make smart decisions to make college a more affordable experience. Even though loans may seem like a good idea initially, they often cost you thousands of additional dollars down the line.
There are a few ways in which you can go about making college a more affordable experience:
Attend an in-state Public University
A great way to save money on college fees is by studying at an institution in your home state. When you apply for one of these colleges, they will assume that you and your family pay taxes. This money is used for educational development, meaning that you technically help develop the college you are applying to. For this reason, in-state students often receive a financial discount – in fact, they sometimes end up paying two or three times less than out-of-state students. All you have to do is worry about making good grades and graduating.
Attend a Community College
Community colleges are much more affordable than four-year institutions. On average, a community college student pays roughly $3,700 for academic fees. But did you know that you can get a degree and vocational certificate for free at community colleges. However, if you were to attend a private college, you would pay more than ten times this rate.
Apply Early for Financial Aid
If your family earns less than $125,000 a year, you qualify for financial aid. More so, if you apply early, this aid may end up covering your entire tuition cost.
Concluding Thoughts
It is very easy for college students to fall into major debt. When you take out a student loan, you can end up having to pay thousands of dollars extra down the line. However, there are ways in which you can make college a more affordable experience.
For example, attending an in-state public university or community college is much cheaper. You should also apply early for financial aid, as the sooner you apply, the more money you will receive.
If you have any questions about this article or ideas on making college more affordable, please leave your comments below. We will get back to you promptly.
