Posts Tagged Student Loan
Online Education – The Best Education Option in a Recession
The credit crunch and stock market crash will have an impact on households’ income and their ability to pay for college. The tuition fee, room, books, travel and other college expenses are continuing to soar while the economy has worsened. With today’s economy situation, it will be much more difficult to obtain a student loan. Parents are looking for alternative education options for their children and online education has came out to be the best education option that meets the tight education budget of the parents.
Prior to this economy crisis, students who choose to pursue their degree online are mainly enjoying the benefits of online education that give them flexibility study environment, but with economy downturn that leads to a recession, cost effectiveness of online degrees may become the key factor that divert many of pro campus-based parents and students to opt for online education.
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Increases in Scholarship and Financial Aid Amounts!
Tuition increases and Scholarships
It is amazing how much is going on in the world of college education. States are cutting budgets college are losing faculty at an alarming rate. What that means in terms of college finances is an increase in tuition prices. Even though most colleges are raising their tuition, every student won’t be negatively affected.
Effects tuition has on scholarships
In schools that raise tuition, scholarships and financial aid won’t necessarily be negatively affected. If you are receiving federal funding for example a Pell Grant, the amount of that award will be significantly higher to compensate for tuition increases. The bad news is if you are using a student loan or scholarships that come from contest or are awarded for specified amounts, then that amount will remain unchanged. Another positive thing from tuition increases is a larger educational tax credit for you if you are independent or your family if they are claiming you…hint fill out a FAFSA as soon as possible.
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Do You Really Need a College Financial Aid Consultant?
Would you pay $200 to save $10,000? Or $25,000? Or $40,000? Let me start off by saying that hiring a college financial aid consultant is not absolutely necessary. Many families manage to put in the time and effort to research the financial aid process, and end up doing just fine. Having said that, I’ve seen firsthand how being uninformed and making mistakes when it comes to financial aid can lead to devastating consequences.
A friend of mine (we’ll call him Rob) is a prime example. He hired a “financial aid consultant” to help him navigate the bewildering financial aid system when his oldest son was applying to colleges. I don’t know the exact qualifications for the man who showed up at Rob’s house to “help” him, but, he was clearly not qualified. Rob’s son was subsequently admitted to the expensive private school of his choice (which was no surprise, since it wasn’t a selective school), and they paid full price for the privilege. The son graduated, and now, 4 years later, both Rob and his son are still struggling every month to cover the payments on over $80,000 in student loans. I look incredulously at Rob and ask him, “What were you thinking?!?” His response: “We just didn’t know.”
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