How to Pay for College: A Guide to Student Loans, Scholarships, and Making School Affordable
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About this ebook
According to College Board, a year of tuition at a public four-year school in 1987 cost $3,190. Now, a year at that same school would cost $9,970. College prices are increasing, and going to school is more expensive than ever before. But that doesn't mean you have to resign yourself to borrowing hundreds of thousands of dollars to earn a degree.
We at Student Loan Hero created this guide to a complicated financial aid system so that you know all your options and can make informed choices. I hope this encourages you to explore as many scholarship and grant opportunities as possible and navigate through the process of applying for federal and private student loans.
Student Loan Hero
Student Loan Hero is an unbiased solution to organize, manage, and repay your student loans. We understand that every student loan borrower is in a different financial situation and no “one-size-fits-all” solution is possible. Our goal is to help student loan borrowers understand their student loans and make intelligent repayment decisions.
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Book preview
How to Pay for College - Student Loan Hero
Introduction
By Andy Josuweit, Founder and CEO of Student Loan Hero
As the first person in my family to get a bachelor’s degree, I didn’t know what to expect about cost. I chose a private school, Bentley University, despite its high price tag.
I knew the tuition was high, but I was told I would earn between $60,000 and $80,000 when I graduated, so it seemed like a manageable cost. Unfortunately, the promised return on investment never materialized.
When I graduated, I had 16 different loans from four different servicers. For three years, I struggled to keep up with my payments, and even had to stop making payments for a while. Thanks to high interest rates, my loan balance ballooned to over $107,000.
It was a harsh wake-up call, and I decided to take charge of my situation and help prevent others from ending up in the same place by starting Student Loan Hero. We’re a company dedicated to helping people reduce their college costs, understand their financial aid options, and pay off their debt.
Of course, the best way to prevent being overwhelmed with debt after graduation is to do your homework before going to college. Taking action now to research grants, scholarships, and other financial aid opportunities can help reduce how much you need to rely on student loans. Believe me, the less debt you have when you graduate, the easier your life will be.
We at Student Loan Hero created this guide to a complicated financial aid system so that you know all your options and can make informed choices. I hope this encourages you to explore as many scholarship and grant opportunities as possible and navigate through the process of applying for federal and private student loans.
If you need more help, I encourage you to check out the Student Loan Hero website for more advice on financial aid opportunities.
Chapter 1: How to Reduce the Cost of Your College Education
According to College Board, a year of tuition at a public four-year school in 1987 cost $3,190. Now, a year at that same school would cost $9,970. College prices are increasing, and going to school is more expensive than ever before. But that doesn’t mean you have to resign yourself to borrowing hundreds of thousands of dollars to earn a degree.
You can minimize your college expenses and reduce how much you need to take out in student loans with the following strategies.
Use the 2+2 plan
A year of attendance at a four-year in-state public university costs an average of $9,970. By choosing a private school, you’re looking at an average yearly bill of $35,260. If those numbers are hard to swallow, one option to consider is the 2+2 plan.
The 2+2 plan is when you go to community college for two years, then transfer to