Written in Partnership with Amir Bakian
With the tremendous rise in the college tuition and associated fees, it has become exceedingly more difficult for students to cover all the costs associated with pursuing higher education. Individuals seeking vocational or career-oriented degrees are barely able to afford education based on their savings and part-time work alone. In spite of the fact that costs are continuing to rise, many students haven’t lost their faith in the power of a college degree, making considerable efforts to keep up with tuition and other costs through any and all means necessary.
College Tuition Costs Are Skyrocketing: Why?
It’s no secret that college costs are skyrocketing. But what is causing this to happen? Growing demand for higher education is often cited as one of the main reasons. It all stems back to the cycle of supply and demand – with more and more students recognizing the value of a college degree, schools can raise their prices with little worry of lacking applicants each year. In addition to this trend causing prices to drastically increase, some additional commonly mentioned contributors to high costs include higher wages for university employees (called “administrative bloat”) and the overbuilding of campus offerings.
The economic downturn caused by the COVID-19 pandemic will have an impact on tuition costs in the years to come, attributable to the high rates of inflation and other recession-related factors. Colleges across the country are taking steps to strengthen their revenue to get back to normal, so, from their point of view, the price hike is justified. For many students (and their families), inflation means that they have to dig deeper into their pockets as their budget has ballooned beyond what they’ve planned.
The True Cost of Higher Education is Unclear
One major issue that has been highlighted more and more in recent years is the fact that finding all of the information required to make knowledgeable and informed decisions regarding higher education (and paying for it) has become increasingly difficult. The financial aid pages of many institutions often list estimates for tuition and fees. However, because the actual annual cost of college is dependent on many factors, including how much financial aid a student receives, these numbers can often be misleading.
Plus, it can be difficult to estimate the variable costs associated with student life such as rent, books, technology, and supplies, making the process of assigning a true sticker number to each year of education more difficult than expected.
Scholarships, Savings, And Student Loans Ensure a Chance to Higher Education
The vast majority of college students and their families are forced to make generous contributions to pay for college each year. While this can mean paying for college partially with savings, it often means utilizing federal, state, or private loans to help with the process. In addition to relying on loans, many students also look to scholarships and money earned or saved from part-time jobs to help contribute to lowering the costs of higher education.
Luckily, scholarships for college students are available for students to apply from a wide variety of sources, including businesses, non-profit organizations, and even the universities themselves. Scholarships can be awarded on the basis of academic merit, financial need, a mixture of both, or other factors entirely.
So, why are scholarships such an integral piece of the puzzle when it comes to paying for college? Unlike loans, which must be repaid (often with interest), scholarships are free money that do not need to be repaid once earned. Although most scholarships don’t cover the entire cost of college education, they certainly can help save students a significant amount of money, thereby helping to alleviate some of the stress associated with pursuing a degree.
Not only are scholarships available to all types of students, but also there are plenty of opportunities to take advantage of. At the end of the day, it’s crucial to find scholarships that you’re both eligible for and a strong fit for. Applying for the right opportunities (and putting a substantial amount of time and effort into the applications) will ultimately give students a better chance of winning money.
There’s no denying the fact that it’s challenging, but with focused dedication, hard work, and careful planning, it’s possible to save enough and graduate from college debt-free. College is a big investment, and strategizing around how to save can help lower the expenses. The best time to start saving is as soon as possible; even a modest monthly saving can make a real difference.
Final Thoughts
The cost of attending college increases a lot faster than income does, and many students find themselves assailed with additional fees on top of their tuition. With the help of scholarships, students are able to reduce their costs, so a degree becomes more affordable. Scholarships fill in the financial gap for many families, but aid only goes so far, and there’s so much more than tuition that students have to pay for.
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