Okay, maybe it’s not all your fault. The universities themselves have something to do with the high cost, but it’s definitely down to your choices. Are you one of those people who complain about the high cost of your college education? Are you a grad who gets depressed every time you have to make a ridiculously high student loan payment? If so, could you have done things differently and still receive a great higher education?
According to the College Board, the published average total charges for full-time college students by type for 2013-2014 are as follows: Public four-year in-state $18,391; Four-year out-of-state public $31,707; Four-year private non-profit $40,917. According to another study published by the Institute for College Access and Success (TICAS), the average student loan debt incurred had risen to $29,400 for the class of 2012. The 2013 figure increased nearly 10 percent compared to the estimate of the group of the year before $26,600. This shows an increase of an average of six percent each year from 2008 to 2012. When students and parents look for someone to blame for the high cost of their college education, they must first look at themselves and reflect on what they could have done. differently. Here are some things to consider.
1. You could have studied more.
As universities compete to attract the brightest students to their school, they are prepared to offer the best possible deals, including the entire trip. Many colleges will offer additional grants and scholarships to high school graduates with high GPA, SAT, ACT scores; these are called merit-based scholarships.
2. You could have gotten more involved.
Most college athletes attend school on a track scholarship, however if you are not athletically gifted there are many other extracurricular activities you could have evolved into. Some colleges and universities offer special grants and scholarships to students with particular talents. Music, journalism, theater and volunteering are some of the categories for which these awards are given. In addition to schools that provide scholarships for students with special interests, community and government organizations do as well.
3. You could have fought for more free help.
Simply completing the FAFSA is not enough; nor is it the only step to apply for financial aid. $150 billion in financial aid is awarded to college students each year and more than a million scholarships are awarded. There are scholarships based on athletic ability, academic merit, disability, race, national origin, religious affiliation, location, financial need, and more. With a little research and patience, you could have found a long list of scholarships you’re eligible for even within your own school and community.
4. You could have chosen a school and major that offered you the best financial aid incentives.
How did you choose the university to which you applied? The one with the best reputation, prestige, because your friends and family attended there or perhaps because you like their football tea? Maybe you went where your boyfriend/girlfriend goes. However, a more responsible way would have been to select the school that offered you the best financial aid package.
When it comes to choosing a specialization, there can be many factors to think about. Studies have shown that most people do not work in the field in which their degrees are located; I would have been financially savvy if I had chosen a major with the best financial aid incentive. Scholarships and grants vary by major, so with a little research you could have found a college and career field that needed people to fill them and offer various financial incentives to those seeking a major in those fields.
5. You could have stayed in state and off campus.
A state college or university charges lower fees to in-state residents. Since public institutions are subsidized by state revenue, their tuition costs are lower than the costs of private schools. Here are the facts: A student living in her house can save up to $6,000 per year. Some students choose to attend a community college for one or two years and then transfer to a four-year school. Tuition costs are substantially lower at community colleges than at four-year institutions.
6. You could have served in the US Armed Forces.
The military offers many educational benefits that service members can take advantage of during or after the service. Service members have access to benefits ranging from financial aid and college funds to programs that convert military training into college credit. Here are some of those programs: Tuition Assistance, Post-9/11 GI Bill, College Endowment Programs, Loan Repayment Programs, Service Member Opportunity (SOC) Colleges, Air Force Community College (CCAF), test programs and others.
7. You could have asked your employer and/or your parents’ employer for help.
Many employers offer Employer Tuition Assistance Programs to their employees and their families. Your employer may offer you up to $5,250 in employer educational assistance benefits for tax-free undergraduate or graduate courses each year under Internal Revenue Code section 127. Another smart strategy would have been to get a job at a university because many universities offer free education to their employees.
8. You could have been strategic with your FAFSA to maximize your rewards.
Studies have shown that one in seven FAFSA forms are filled out incorrectly, leaving students with money on the table. Also, many students never question their financial aid awards. Here are some things you could have done wrong: you waited too long to complete the FAFSA or, worse, didn’t complete it at all, kept assets in the student’s name, overstated assets and income, didn’t update the aid office finance when circumstances changed.
9. You could have saved on those expensive books.
You could have rented or bought used textbooks, sold your old book, and reinvested the money for the next game. You could have borrowed, traded, or partnered with classmates to share the books or the cost. If you did, it would have saved you thousands of dollars a year.
10. You could have kept your grades up.
Almost all of your college funding is tied to your grades, every time you dropped or failed a subject, it may have cost you to take it again, as well as staying in school longer, which cost you as well. If you did not meet your school’s Satisfactory Academic Progress (SAP) policy, you would have lost or risk losing your Federal Student Aid plus any other scholarships, military benefits, and even employer assistance benefits.