Sunday , 16 June 2024

The High Cost of Education and How to Reduce It

With college costs consistently outpacing the rate of inflation, many students are thinking twice when it comesdebt to going to college. Let’s explore the numbers students are up against today and how to make higher education more affordable.

The above are edited excerpts from the introduction to an infographic* by the editors of entitled Getting a Degree Without Breaking the Bank.
The following article is presented by Lorimer Wilson, editor of (Your Key to Making Money!) (A site for sore eyes and inquisitive minds) and the FREE Market Intelligence Report newsletter (register here; sample here) and has been edited, abridged and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.

The article/infographic goes on to say:

$88,000 = Average cost of a four-year degree

$23,000 = Average student loan balance in 2012

About $1 trillion = Total outstanding U.S. student loan debt, that’s more than the national GDPs of Australia, Saudi Arabia, Taiwan, Poland and hundreds of other countries.

$85 billion = Student loans past due

Who’s borrowing?
Student loan borrowers by age:
Under 30 39.6%
30-39 26.9%
40-49 14.8%
50-59 11.8%
60 and over 5.3%
Unknown 1.7%

Student loan borrowers by balance (37 million borrowers): $1-$10,000 43.1%
$10,000-$25,000 29.2%
$25,000-$50,000 16.5%
$50,000-$75,000 5.9%
$75,000-$100,000 2.3%
$100,000-$150,000 1.9%
$150,000-$200,000 0.7%
Greater than $200,000 0.5%

1 out of 3 Graduates who wished they’d pursued more scholarships and financial aid options

Starting Early

High-schoolers are stepping it up to save money. They’re adding to their already-heavy study load by taking advantage of dual-credit programs, which allow students to receive up to two years of their college for free or at a significantly reduced rate.

1.3 million = Number of high school students who took classes for university credit before completing high school (2010-2011)

8 out of 10 = High schools that offer university-level classes

67% = How much Portland high school students save per class by taking college courses in high school though Portland State University

Tips for Saving on College

Stay in state
$27,250 = Annual amount a Michigan resident can save attending school in Ann Arbor vs. a non-Michigan resident

Consider community college
$11,000 = Potential savings by taking general education courses at community college

Stay on track
Don’t pay for an extra semester, which can average around $10,000

Identify student discounts
Many retailers, restaurants and even Amtrak offer student discounts. Apple offers up to $200 off new computers to students.

Buy or rent used textbooks and sell last semester’s books back; use e-books
$1,168 = Average amount spent on books and supplies at public four-year colleges

Live cheaper
Become a resident adviser. Many get free room and board, which can save $7,500-$9,000 per year.

Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
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