Education should be objective of the young as one can achieve wonders with the educated mind. As the masses are becoming aware that education is essential for success and achievements in life so are the education providers. So virtually there is a race for quality education. So as the authorities are getting ready to suck more and more money for providing education, the masses are getting ready to pay more money to get good education. In this tussle the poor uneducated is in big trouble. He is not able to provide for the high cost of education to his children, so his children due to lack of education do not become able to lead a successful life.
How Much Does It Cost To Go To College?
Over the years it has been observed that the cost of education is increasing in leaps and bounds. Education providers exploit the fact that everybody is in a rush to get education, so the take advantage of it and go on increasing its cost. The failure of the government in controlling the rising costs of education also has something to do with these powerful education providers.
Whatever may be the scenario, a normal citizen of the country must get educated so as to be able to think logically, rationally and live a good successful life. Although the cost of education is sky rocketing one has to find ways to get funded for education. For this awareness is required. Careful studying of all options, exploring about the choices and understanding their impacts can help one in deciding about the educational system and its costs.
Recently it has been reported that a moderate college budget for 2015 -16 academic averaged as $24061 (in state public colleges) and $47,831 (in private colleges).
The colleges charge so much because of the tuitions and other facilities they provide like library, campus transportation, student government, athletic facilities, housing and meals etc. In addition to these expenses there can also be expenditure on several other heads like notebooks, pens and pencils etc.
Cost of education also varies on factors like whether you are a state resident or outsider. It is no rocket science to know that education cost will be far higher for foreign students. You would be really lucky if you happen to be the resident of the state as you have to pay less for your education and you are also entitled for various other facilities.
Unfortunately no one has a perfect formula for finding out the cost of education. It depends on a lot of factors. Careful observation of such factors may give you an idea of the cost of education. To get a sense of education cost you have to bear it is advisable that you consult your seniors or relatives who have been into education in that particular institution at which you aim. You can also give a visit the place to get a proper idea and enquire with them about the detailed costs of education.
Fortunately the actual amount of money you need can be less that this if you qualify for certain scholarships or grants etc. Another way is pay for your own education by working after college hours on time basis. This is a good way of earning while learning. Also you can start saving earlier if you have plans to go for further education in future.
One way of funding your education costs is to borrow money from parents, relatives or close friends who can give loan you. Various other ways by which you can opt to afford your education includes financial aids, installment plans etc. In financial aids search for the various grants and scholarships that are available for bright students. See if you fit in any of them and then apply for it if you do. It is always wise to calculate your overall budget before enrolling for any course clubbed with a financial grant as some of the financial aids give only a partial amount of total cost. So it is really important that you understand the scheme in detail before applying for it. Opting for installment plans is also a choice but they may charge you little extra for this and in case of default, the penalty amount can be high. One can also opt for the study loans as the banks always encourage the bright students to go for higher studies. Before opting for any sort of bank loan one must clearly understand the details of it like repayment periods, terms, and rates of interest.
Need based financial aid eligibility is an option which one can think of. There is no cost for applying to federal student aid. For that purpose you have to visit www.fafsa.ed.gov. The student has to pick up the college names whose information he wants. Then both the student and parent can complete the FAFSA (Free Application for Federal Student Aid) online. After that the processing will be done and you will get information about the Expected Family Contribution (EFC) toward the cost of college. Then a Student Aid Report is generated which will be sent to various colleges, The Student Aid Repot also contains information about your Expected Family Contribution (EFC).
Each college then compares your EFC to their cost of attendance (COA), and if your EFC is lower than their cost of attendance then the child gets a Need for financial aid. As it is free to apply for federal student aid one should do it. If a student qualifies for the need based financial aid he has a chance of getting grants and scholarships, or student study loans or work-study options. Even if a child fails to qualify for the need based financial aid he still has a chance to get merit aid where he has to have academic, athletic or musical merits.
Ultimately going for higher education is one of the biggest decisions of life. It is a type of investment. As they say the investment in education pays the best. So one has to look for all the pros and cons and take an informed decision on where to study and how to pay for it.