Maneuvering the Increase in College Tuition

02-03-2017 | Ramona |

Maneuvering the Increase in College TuitionThe U.S. has one of the most expensive college education systems in the world.

Tuition fees have risen as state support for colleges and universities has fallen by over 25% since the nineties.

The average cost of tuition begins at $3,131 per year for a community college 2-year program, up to over $30,000 per year for a four-year program in a private university.

Consider that this is only the average price and that some colleges and university charge much more, and you’ll see that earning a college education is an incredibly expensive endeavor.

Student Loans

Student loans are a traditional way to pay for a college education, with many people racking up large sums of debt during their studies to be paid back later.

The size of federal student loans more than doubled between 2006 and 2012.

The sheer size of the loans that many students take out can sometimes numb them to the fact that this is a huge sum of money that they will have to pay back in the future, come hell or high water.

Changes in federal laws have removed virtually all consumer protection on student loans, from truth in lending laws to the right to refinance.

Importantly, debtors have no right to declare bankruptcy in the future, unlike with other sources of funding for student loans. Without this, there’s less reason for lenders to offer reasonable loans that they know debtors will be able to afford, so many students can wrestle with huge debts for most of their adult lives.

Free Tuition

Despite this climate, some colleges do still offer free tuition. 15 colleges and universities in Michigan, for example, offer free tuition to local students who attend four years of high school in the area. Other cities from El Dorado to Denver also offer similar ‘promise scholarships’.

Other universities offer scholarships for honors students. High SAT or ACT scores and a strong academic record can enable you to get your fees, tuition, and books paid for years.

Some scholarships are also based on ethnicity, background, and preferred area of study. These are hotly contested, but if you find a scholarship that matches your position perfectly then you’ll have a reasonable chance of getting it.

Title Loans

Although a title loan on your vehicle is not going to be enough to pay for your entire college education at an Ivy League school, it could be enough to cover up a year’s tuition.

All you need is a completely paid-for vehicle in a drivable state, and Mid-South Title Loans will be able to loan you money against your car on a 30-day renewable contract.

A car title loan is a fast and simple way to get money for college tuition, and significantly easier that trying to get a loan through other methods when you have a reduced income. You can typically get your funds in less than 20 minutes.

Many people who choose a car title loan for college tuition use it more as an emergency fund option – you’ve got the value in your car so you can draw from it when you have a college tuition payment coming up and lack funds.

You’ll find that the interest rate is a lot lower than most of the other short-term options on the cards because the title loan provider in Memphis knows that your car is there for collateral, so there is very little risk to them.

Employer Subsidies

Many great employers recognize the benefits of a college education to their full-time and part-time employees.

These include UPS, Bank of America, and Google.

Sometimes the employer will require that you continue to work for them for up to three years after you have completed your course so that they can get the benefit of your new-found college wisdom.

Working While in School

Part-time jobs are a student staple, offsetting the cost of higher education by allowing you to pay for books and fees out of your own pocket, reducing your future debt obligation.

Paid internships are currently thin on the ground, so standard jobs like retail are the norm. However, if you can find a paid internship in your field, it can pay dividends in experience and will look great on your resume.

Join the Military

An extreme measure for some, but after you complete military service you have 10 years of GI Bill benefits. This will pay all fees and tuition if you attend a public university or college, and will pay up to $17,500 per year if you attend a private university or college.

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