Financial Aid. This is a rather intimidating combination of words when you do not fully understand what it means, or better yet, what is it? Which leads me to the reason why adults that need to go college do not and it is quite simple; they do not know how.
I meet with people all the time interested in pursuing a higher education and through a brief discussion, I discover they have no idea where to take the first step, and therefore they never have and in some cases never will. Funding a college education is an important aspect of changing your life; and for some interested in attending college, they typically shy away because of the future student loan burden. This could be a costly mistake; not investing in yourself or your education will adversely affect your lifetime income potential.
Briefly, the first step for applying to college begins with the application process through the FAFSA. This online application can be accessed at fafsa.gov. Through completion of this online application, your federal and state education funding will be determined; in some cases you may not receive state funding depending on the school for which you apply. The completion of the FAFSA is also the first step when applying for student loans. In addition to state and federal funding, some colleges may have institutional grants available for students that qualify. It is always important to meet with a financial aid officer for the school you are interested in before the application process so that you understand the process for that particular college or university.
A college education is a must to be able to survive in today’s economy. Yet, with the rising cost of higher education, student loan payments can shadow a huge burden on college grads. This type of liability can postpone some of life’s biggest plans and in some cases it has caused some college graduates to move back home with parents. The Department of Education reports, on average, a college student will spend $11,578 a year at a four-year public university. So is it worth it to go to college? Absolutely.
Gaining a degree has its advantages. It gives you the ability to gain a specialty in a given field, as well as provide a guide for you to make career choices. Latest data on the Department of Education’s website shows the average annual salary for males and females is $50,000 and $41,000, respectively. Other data indicate the lifetime earnings for an individual with a Bachelors Degree are $2.1 million, while a high school graduate’s lifetime earnings are $1.2 million. Is it worth it? With a difference of $900,000 in lifetime earnings, it’s easy to see that spending just over $45,000 on a college degree from a four-year public university is well worth the investment.
