If you’re wondering how much it will cost to send your child(ren) to college in the future, you’re not alone. You can find answers to many of your questions below.
Author: Graphic and article provided courtesy of Marcelo De Vivo
After the standardized tests, essays and applications are done, comes the waiting for the acceptance letter from the admissions committee. Once that’s received, the next big hurdle is securing financial aid. Paying for college can be one of the biggest challenges your family faces when it comes to securing a college education. With tuition costs rising every year (nearly 500 percent in the last 60 years), most students and their families are unable to pay for college outright. Financial assistance from the college is available to a small percentage of the students; private and federal grants and scholarships are also few and far between. A large percentage of students will end up relying on student loans in order to pay for their education.
Making sure that you and your matriculating student are well educated on the full cost of a loan is key to ensuring a sound financial investment. A loan, regardless of what kind, is something that will need to be repaid, and student loans often come due upon graduation. This means your children will be in debt before they even start working. So, before you start applying for loans, learn about the reality of the debt that affects millions of Americans right now. This infographic clearly lays out how the loan would impact your child’s financial future.