Admissions Advice: Cost of Education in a Recession

Times have changed when it comes to the cost of education. Most people are unprepared for the large expenses that college brings. Even with grants and scholarships, some institutions absorb those funds and still require a large sum to come out of pocket. “Well I can just take out Financial Aid loans to cover the rest, good idea right?” Wrong!! You have to understand the money you borrow has to be paid back with interest! Many people forget about this detail and now that the government has taken over the lending, you can no longer claim bankruptcy on student loans. This mistake could haunt you for decades if you decide to take out too much or are studying a degree that may not have high salary potential. Luckily, you have a few options to take advantage of before you make this fatal financial mistake.

Option 1- Choose an affordable school.

This may seem simple but I have seen many students fall for the “Brand Name” of certain institutions or because their Staff NCO or Officer went to a certain college. Just because everybody is doing it doesn’t make it a good decision. Ask your admissions advisor probing questions about total cost, semester costs, and extra fee’s (Books, lab, application, etc).  Paying $40,000 for a Bachelor’s or $20,000 for an Associate’s degree is absurd and should be avoided. There are many institutions out there that offer affordable education at a fair cost to their student’s.

Option 2- Use GI BILL without using Financial Aid Loans.

This is one of the most important things you can do when going to a college or university. Many of you have full GI BILL benefits that are more than enough to pay for your education. Apply for Federal Grants is also highly recommended since those are funds you don’t have to pay back. A bill that is being brought to the senate floor this month(S.3447) for vote will provide 50% of the housing stipend for people that are using Post 9/11 benefits and going to an online or “Distance Learning” institution. This bill will be voted on and could take effect as soon as August 1^st, 2011 due to the overwhelming demand for this change.

I encourage you to do your research before making a decision. Take your time and see what would be best for you and your family. These are difficult times and many people are being taken advantage of. Arm yourself with knowledge and you will come out ahead.

Semper Fi

Richard Lingle

Get more information about Richard Lingle’s school:  American College of Technology