The cost of a college education is growing pricier by the year.
According to the National Center for Education Statistics, the average student paid about $10.893 for tuition, fees, and room and board in the 1985-1986 school year. In 2017, that figure was up to $23,091 for tuition, fees, and room and board.
As tuition rates go up, many parents are struggling to decide whether they should - or even could - cover their child’s college expenses. If you’re wondering whether to spend thousands (or even tens of thousands) of dollars on education expenses, here are a few things to consider:
HOW TO COMPARE COLLEGE FINANCIAL AID OFFERS
Undergraduate students can apply for Federal Pell Grants and scholarships to help cover education expenses. Students don’t have to pay back Federal Pell grants or scholarships. There are thousands of scholarships for students from every walk of life. Some thorough research could reduce the cost of college substantially.
PARENTS CAN PAY FOR COLLEGE WITHOUT GOING INTO MASSIVE DEBT - HERE'S HOW
Since federal loans are income-based, they don’t consider employment or credit score, which means they may be easier to get. Further, federal student loans offer flexible repayment options that you may not find with a private lender.
COLLEGE DEGREES WITH THE WORST ROI
Remember, your child can always apply for a loan, get a job, or take classes part-time. Paying for your child’s college shouldn’t take away from your retirement or make it difficult for you to meet your monthly obligations.
Talk with your student as soon as possible, so they can participate in saving a
According to the National Center for Education Statistics, the average student paid about $10.893 for tuition, fees, and room and board in the 1985-1986 school year. In 2017, that figure was up to $23,091 for tuition, fees, and room and board.
As tuition rates go up, many parents are struggling to decide whether they should - or even could - cover their child’s college expenses. If you’re wondering whether to spend thousands (or even tens of thousands) of dollars on education expenses, here are a few things to consider:
Other options your student has
Understanding the options for paying for school could make your decision a little easier. There are many grants and scholarships that could help reduce many out-of-pocket expenses your student may have.HOW TO COMPARE COLLEGE FINANCIAL AID OFFERS
Undergraduate students can apply for Federal Pell Grants and scholarships to help cover education expenses. Students don’t have to pay back Federal Pell grants or scholarships. There are thousands of scholarships for students from every walk of life. Some thorough research could reduce the cost of college substantially.
Federal loans
Private loans typically require a cosigner if the applicant is under 21. If you cosign a loan and your student is unable to make payments, the lender can come after you for the money. Federal student loans don’t require a cosigner for students under the age of 21.PARENTS CAN PAY FOR COLLEGE WITHOUT GOING INTO MASSIVE DEBT - HERE'S HOW
Since federal loans are income-based, they don’t consider employment or credit score, which means they may be easier to get. Further, federal student loans offer flexible repayment options that you may not find with a private lender.
Private loans
Private student loans offer some benefits, especially if your student doesn’t qualify for a federal grant. There are many reliable private lenders, including:- Commonbond
- Earnest
- iHelp
- MPower Financing
- PNC
- SoFi
- Wells Fargo
COLLEGE DEGREES WITH THE WORST ROI
Remember, your child can always apply for a loan, get a job, or take classes part-time. Paying for your child’s college shouldn’t take away from your retirement or make it difficult for you to meet your monthly obligations.
Talk with your student as soon as possible, so they can participate in saving a
No comments:
Post a Comment