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How to Prepare for Student Loan Debt by Jacob Silverman
You’ve heard it before. Get good grades in high school so you can get into a good college. Get into a good college, so you can get into a good profession. It’s supposed to be a simple formula. That formula, though, has its flaws.
You’ve heard it before. Get good grades in high school so you can get into a good college. Get into a good college, so you can get into a good profession. It’s supposed to be a simple formula. That formula, though, has its flaws.
The cost and expenses of college are rising rapidly, and there’s no end in sight. According to the United States Department of Education and College Board, the cost of college and living expenses rose by 7.2% for public 4 Year in-state schools over the course of the last year (2017-2018) alone. Go back 5 years, and the cost of tuition and living expenses have increased by 16%. Go back 10 years, and they’ve increased by 65%. Go back 20 years, and they’ve increased by 238%.
What is causing the increase, you may ask? According to Coventry High School Director of Guidance Mrs. Beaudoin, the answer is linked to the economy. Beaudoin stated, “I would say that the nation’s economy is causing the rise in living expenses and tuition. Schools are charging more money as they have to improve facilities, pay professors, and accommodate living for those on campus. Our government funding for post secondary education is also a factor.”
This means that as the nation’s economy progresses, college costs will follow the same path. It also means that the schools and universities have more and more things to cover and higher and higher amounts to pay, therefore causing the rise in expenses. Perhaps one of the more startling things about the increase is just how fast it really is increasing.
According to CNN, the price of college education is rising faster than inflation. And although this correlates with larger grant and financial aid value increases, they aren’t rising enough to keep up with tuition costs. Outside of college and high school students, this is affecting the country as a whole. According to the report, American college students have begun moving to different countries scattered around Europe in search of lower tuition rates.
There are other options though. Yes, there will be debt from student loans no matter what, but there will always be plans you can put into place to help deal with this debt. According to Beaudoin, future college students can prepare for these debts by, “saving money from as early on possible, applying for scholarships when you’re a senior in high school, and seeking specific colleges who are looking for students who fit your profile.” She continued, “Colleges are willing to give good scholarships for students they are looking for.”
For high school students, the answer is straightforward. Continue to save as much as you can and you will absorb the “hit” that is student loan debt. “Every penny helps,” Beaudoin says. Additionally, there are still ways for students to save money and lower their college debts. “Doing work study will take some money off tuition,” says Beaudoin. She made sure that all students are aware that “most student loans that are available don’t have to be paid back until after graduation” and “sometimes, attending state schools can save students large amounts of money.”
As high school students draw closer and closer to adulthood, selecting a college becomes a major step in the process. There will always be loans, but wherever there’s a problem, there’s a solution.