Today in the United States, total student loan debt tops $1 trillion. With the cost of a four-year college degree much higher than the average salary in the United States, many families wonder if college is even worth the cost.
A recent New
York Times article tells us college tuition in the
United States has risen almost 1,200 percent in the last 35 years, which is
drastically higher than the percentage of inflation.
And, it’s
not just tuition that’s costing students more in today’s world. A recent Huffington Post article discussed how college
textbook prices are rising faster than both tuition and inflation. University
of Michigan-Flint Economics Professor Mark Perry calculated on average, college
students in 2014 pay 864 percent more for textbooks than their parents would
have in 1978.
In our knowledge-based economy, obtaining a college degree can still be
worth the cost. Depending on the situation, not having a college degree could
end up costing individuals more in the long run. So how can students and
parents afford the cost of higher education? Some
popular ways include: grants, scholarships, loans, work-study programs or
attending a community college.
Scholarships are the most underutilized
source of financial aid for college. Many organizations end up keeping money
set aside for scholarships because they don’t receive any applications.
Parents and students should look for
scholarships in obscure places because chances are, they’re out there! You can
apply for scholarships for almost any reason- being left-handed, making a Duct
tape prom dress etc. Poke around the
Internet and you’ll be amazed at how many scholarships are out there. The key
to getting scholarships for college is to apply, and apply often!
High school students should spend time
at their school’s career center to see what scholarships and grants apply to
them. Many organizations and companies give grant money to students looking to
major in the same field they serve. Prospective college students should also
ask different local organizations if they give out college scholarships.
A great example of this is the Community Financial’s Scholarship Program! We give away thousands of dollars in college
scholarship money each year to students who embody our “People Helping People”
philosophy.
If Federal loans are not enough, or if they are unavailable to
cover your educational expenses, a Community Financial Private
Student Loan may help fill the void. Our private student loans do not have
a need based component so they are open to all members. Learn more by visiting
our Private Student Loans page.
Going to college for the first time or deciding to go back to school is
a big decision. Let our team members at Community Financial help you make a decision
that will help you achieve both your financial and educational goals.
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