Scared of student debt?
photo by lukas from pexels.com
The idea of attending college is becoming more of a reality for juniors and seniors at St. Joseph High School. Moving onto the next step in life is a big deal for many students. 59% of St. Joseph High Schools students attend a four-year university after high school, so it’s important to know the facts about the expenses of college before entering this new world.
Society often says that college is a necessity. Graduate high school + college diploma = success. But what they don’t tell is the price of that “success.” In the U.S., the average cost of an in-state public college is $25,290, and it’s $40,940 for out-of-state. With such a high price tag, college often forces students to take out student loans. According to forbes.com, in 2018, the average student had $37,172 worth of debt after graduating college. This can take years, even decades, to pay off—especially when first entering the workforce. Being in debt to a college after receiving a diploma can make for many stressful years after graduation. So, how can students avoid collecting such large amounts of debt?
“Hopefully, families have started thinking about it as soon as their kids are born. There are many types of investment plans parents can contribute to to start planning for their kids’ future,” said SJHS counselor Mrs. Amy Peterson.
“Staying on track with your classes... taking and passing the classes you need so you don’t need to pay extra for retakes.”
A 529 plan is a common college saving program provided by the government in all fifty states. It encourages parents to begin saving for college when their child is born. This helps prepare students for their future if they choose the college route. In this plan, parents invest money into an account from the time their child is born until they graduate high school.
Here are some more suggestions from Mrs. Peterson to avoid debt.
“Staying on track with your classes... taking and passing the classes you need so you don’t need to pay extra for retakes. Working on campus can be helpful as well, you will get money toward your tuition for that.”
illustration by sam adkins
Part-time jobs while in college can also be very beneficial. These jobs can help pay for books and food while on campus. Having a job while in college can also better prepare students for the real world by immersing them in the competitive economy. Depending on class schedules, side jobs or internships can be extremely beneficial. Applying for jobs through the school as a residential assistant or other on-campus jobs can also help pay for your tuition. Many jobs will give you financial aid while attending the university.
Living off campus or attending a smaller community college can drastically decrease the price of college while still earning a degree. Take Lake Michigan College, for example: being only fifteen minutes down the road, it makes off-campus living easy. Tuition is around five to six thousand dollars a year. This is $20,000 less per year than Michigan State and other in-state colleges. You may not get the same on-campus experiences, but you will still receive a degree and be ready to get a job after college.
College can be very expensive, and it’s not for everyone. Trade schools along with other alternative routes could offer similar salaries without the expense of a diploma. Not all career fields require a diploma, so going to college just to get a degree would not be worth the time or money. If a four-year university is in your future after high school, be prepared. Staying out of debt is an achievable goal. Hard work and dedication can make college cost-efficient, giving you a promising and debt-free future.