Paying for College
Paying for college is a major concern for many families. The costs of tuition and fees have climbed dramatically in recent years, and many families wonder how they will be able to afford to send their students on to college. The truth is, a college education can be very expensive. It is an investment in a student's future. When making college decisions students and families should keep in mind that college graduates should be able to pay off (over time) any college loan debt through the increased earning potential their degree will give them. If a student entering college does not have a plan for how her intended degree will help her in a career, however, she risks placing a large financial burden on her shoulders. At the very least a student should have a plan to make the investment worth the cost.
We believe a college education is a key to success in today's (and tomorrow's) economy. College graduates on average make more money in their lifetimes than individuals without a college degree, and college graduates on average are unemployed less than individuals without a college degree. What we hope you will keep in mind is that not all college degrees offer the same opportunities and earning potential. It's up to you to decide what you are willing to pay for your education, and it's up to you to decide what you do with your education to make it worth the cost.
As a guidance office, what we can do to help you is give you access to as much information as possible so that you can make the best decision you can make.
We believe a college education is a key to success in today's (and tomorrow's) economy. College graduates on average make more money in their lifetimes than individuals without a college degree, and college graduates on average are unemployed less than individuals without a college degree. What we hope you will keep in mind is that not all college degrees offer the same opportunities and earning potential. It's up to you to decide what you are willing to pay for your education, and it's up to you to decide what you do with your education to make it worth the cost.
As a guidance office, what we can do to help you is give you access to as much information as possible so that you can make the best decision you can make.
What Does College Cost?
It depends. Some colleges are certainly more expensive than others. For example, the 2014-2015 estimated expenses for a year living on-campus at Indiana State University amount to $20,733. The same year at Franklin College is estimated to cost $39,585. At the University of Southern Indiana, $18,968. We caution students and parents to not be overwhelmed by sticker prices, however. Between scholarships, grants, work-study, and federal student loans, the net price of attending college could be much lower. For more information about estimating your college costs, click here.
Merit Scholarships
Merit scholarships are your best opportunity for scholarship money. These scholarships are awarded by many colleges based on your academic, athletic, or artistic talents. These scholarships come from the college to which you are applying, and they may or may not require you to fill out a scholarship application form. Ask an admissions counselor or financial aid officer at the college about available scholarships, and ask early. Many colleges have priority deadlines for applications if you want to be considered for merit scholarships. For your reference, this deadline is November 1 for many colleges in Indiana. More information about merit scholarships can be found by clicking here.
State and Federal Grants
A grant is money given to you by the state or federal government to help finance your education. Like a scholarship, a grant is money that you do not have to repay. Unlike scholarships, which are usually merit-based, grants are need-based. To be eligible for state and federal grants, you must complete and submit the Free Application for Federal Student Aid (FAFSA) after January 1 of your senior year. More information about state and federal grants can be found by clicking here.
Scholarships from Outside Organizations
Many community organizations and businesses offer scholarships to qualified individuals. These scholarships vary widely in the amount of funding they offer and in the competitiveness of their applicant pools. More information about these scholarships can be found by clicking here.
Work-Study
Work-study is offered by many colleges through the federal government, and it allows students to work part-time jobs during college to help pay education expenses. Work-study jobs may include working in a dining hall, a library, somewhere else on campus, or even working for a non-profit organization in the community. You can ask your school's financial aid office if they offer a work-study program. For more information about work-study, click here.
Student Loans
Once you have exhausted all of the options above, it is time to consider student loans to finance the rest of your education costs. Student loans must be paid back (with interest), so it is important that you weigh your options carefully before taking one. If you are going to take out student loans, we recommend that you only take out federal student loans. These loans have lower interest rates, allow you to defer payment until after leaving college, and offer flexible repayment plans. We do not recommend taking out private student loans from banks or other sources, as these loans often carry higher interest rates and other charges. For more information about federal student loans, click here.