Recently, I reported on MCO that while the economy is in shambles, student
loans are still available to those who need them. However, it turns out that
getting loans may not be the problem. According to The New York Times, the debt incurred from the loans may be too much for many American families to
handle.
A new report from the National Center for Public Policy and Higher Education found that while median family income has increased over the years, college costs have been rising several times
faster, and college may become unaffordable for many in the coming years. This
means while income is increasing, college costs are rising several times
faster, and college may become unaffordable for many.
The report also found that in the past decade, college enrollment has risen
while student borrowing for college has more than doubled, and the middle class
is going into major debt in the name of education. Even worse news is that it
appears college tuition costs will continue to rise, even at public
universities.
While this news may sound daunting, it doesn't mean college will be out of
reach. Here are a few ways to make college more affordable:
1. Consider a community college. The Times article says the average annual
community college cost is $3,200, whereas the average private research
universities can cost more than $33,000. Contrary to popular belief, community
colleges are not "the high school after high school". If community college is not for you, go to a public university instead
of a private
college. It will cost more than a community college, but much less than a
private school.
2. Start saving. Many students rely completely on their parents to pay for school.
If you really want to go to the college of your choice, consider saving some
money yourself. In high school, work during the summers and save for college
instead of wasting it on fast food and video games.
3. Attend college part-time and work part-time. If you have been dreaming of
attending a certain college or university but the price tag seems too high,
remember that many schools allow you to attend part-time. While it's certainly
possible to attend college full-time and have a job, it can be hard to find
time to study. Part-time school will give you more time to earn money, which
will help put you through school and leave you with less debt.