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 in which you can 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 degree.
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.
Ways To Make College A More Affordable Experience
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.
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. 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.
