Projecting the costs of a college education can be very difficult. College costs have increased at almost 3 times the rate of inflation. Just in the last three years the cost of college has increased almost 8% per year. There are also other cost considerations that you will have to consider while attending a state University. Living expenses, books, and other college expenses can be almost as expensive as the cost of tuition. One of the best ways to predict what a college education will cost you is by multiplying the current cost of college by the percentage rate that you believe the tuition will rise.
Calculating the exact numbers is not an exact science. It can give you a nice range to shoot for to help you prepare for the rising costs of college tuition. Projecting education costs can help you get an idea of how much money you need to save to be able to afford tuition. You can also get a good idea if you will need to apply for student loans or grants.
Projecting the Cost of Books and Supplies
Projecting the cost of books and college supplies can be just as important as projecting the cost of college tuition. When most people think of education costs they think of what they are charged per credit hour. This does not take into consideration the costs of books and supplies that are needed to attend that class. In many cases books can cost over $100 per class taken. When you add up all the classes that you will need to take to graduate you can easily see that it adds up to thousands of dollars. These costs must be taken into consideration when trying to project the cost of a higher education. Some people believe that technology may be able to solve this problem. With laptops available for most college students e-books have become very popular solutions to save money for college education costs. Products like the Amazon Kindle and the Apple iPad have made colleges start to rethink how to distribute books to their students. Hopefully these changes will be made sooner than later.
Projecting the Cost of Food and Living Expenses
Another major consideration that needs to be considered when trying to project education costs is your living expenses. The cost of living has dramatically risen for college students over the past five years. In many cases living expenses can be just as expensive as attending a university. Many students have realized this and are staying and attending local state universities. If you intend on living on campus you may want to start finding out how much it will actually cost you. You can speak to school advisors to get a good idea of some of the costs of living on campus. College dorm rooms are very affordable compared to other types of room and board but they still cost money. Make sure that you take all of your current living expenses into consideration.
Cost of Graduate School
Graduate school can also be a complicated item to factor in when trying to project education costs. Many students do not know if they are going to attend graduate school after they have completed their four-year degree. In some cases a bachelor’s degree is good enough to get your foot in the door in the career of your choice. Many specialty degrees like law degrees, medical degrees, and some financial degrees require more education then just a bachelor’s degree. Make sure that you take this into consideration when trying to calculate the cost of education.
As you can see, there are many different factors to consider when trying projecting the costs of a college education. If you take the time to do the proper research you can develop an organized plan to help you come up with the money that you need.
College tuition costs have risen faster than inflation. Some of the most expensive colleges in the United States cost more than $50,000 per year. These ridiculous costs are forcing many students to bypass college altogether. This is become one of the greatest tragedies in America today. Law schools can prove cost prohibitive in many circumstances. For lawyers who want to specialize in workplace injury law, you can visit lawyer websites, where there is lots of information to read through.
If Americans do not get the education that they need then the United States will not be a world power for too much longer. This sounds like I’m being extremely pessimistic but, the truth is that the smartest nations are the ones that rise to the top. So how do you know when you really can’t afford college? Many financial advisors believe that you should calculate how much college tuition is worth by determining the career salary that you may receive when you graduate.
In most cases if you can pay for your total college tuition costs with one year’s salary than you are ok. If you have to borrow more than what you will make in one year from your new career then you should not proceed. Many financial advisors have seen their clients bury themselves in student loans. The student loans can have a dramatic affect on your entire life.
Real Cost of Student Loans
Student loans can be a great way for many college students to obtain the funding that they need to attend a college University. In most cases student loans offer low interest rates that can make them very tantalizing to young adults. No matter how much the interest rate is you still have to pay them back.
We have seen people take out student loans for over $100,000 and end up with an $800 monthly payment that they will have to make for the next 25 years. When you add up the principle and interest payments you will be paying more than $250,000 for your college tuition. These types of numbers can have a dramatic affect on your financial situation for the rest of your life.
There is nothing wrong with obtaining student loans to pay for your college tuition as long as the amounts are reasonable. Make sure that you can pay them back within a reasonable timeframe before you take any type of loan.
Why Not School Grants
Securing school grants as a viable alternative and in some cases a supplement to traditional student loans. School grants do not have to be repaid so as a college graduate you will not be on the hook for years and years of repaying a student loan. Whether or not you choose private school grants or government school grants, it will require a measure of diligence on your part. The people who receive and/or are approved for school grants are generally the ones who stayed diligent to the application process. Each year literally thousands of school grants are made available for those people who are in need. Oddly, each year thousands of school grants go unused.
Community College is a Great Option
If you cannot afford college tuition costs you may want to consider attending a community college. Community colleges can give you an outstanding education for a reasonable price. In most cases community colleges offer flexible hours which means that you can work while you’re attending school. It is better to have some form of higher education than none at all. If you can’t afford college tuition costs than starting off in a community college may be your best answer.
Online colleges have become very affordable. Many people believe that online colleges will be some of the best forms of education that exist in the near future. Online colleges normally cost one third of what a regular University will charge you. Getting a degree online can be a great way for you to get the higher education that you are looking for. These schools are much more affordable and can offer you the flexibility that you need to work around your personal schedule. All of these benefits make online colleges a great option for people who can’t afford expensive college tuition.
Cost of Not Attending College
Studies have shown that people that attend college make much more money in their lifetime than someone who has graduated high school. In most cases the difference can be drastic. Some studies have shown that people who graduate college make 55% more money over their lifetime than someone who just obtains a high school diploma. If you can’t afford state universities tuition than you may want to consider some of the options we discussed above. there is financial aid, college scholarships, school grants, student loans, and a number of ways to finance your education. The fact is, a college education is expensive. However, the cost of not attending college will be much more expensive in the long run.