Last week, Chipotle announced they will assist employees to pay for college joining Starbucks, Taco Bell, Disney and others in their efforts to help with college tuition1. This a great company perk.
These initiatives hopefully will assist with the growing student loan debt crisis. As of March 2019, the student loan debt, for private and federal loans, was combined at $1.6 trillion with the average U.S. household owing $47,671. In 2018, 65% of graduates had an average student loan debt of $29,2002.
Here are a few ideas as students seek help with soaring tuition costs.
1. Free Application for Federal Student Aid (FAFSA)
FAFSA determines which students will qualify for federal grants, student loans, work-study programs and lets you know how much you can afford to borrow. Here are some site resources: NASFAA and Nerd Wallet FAFSA Guide to help you navigate this process.
2. Grants and Scholarships
Apply early. Some federal awards are given on a first-come, first-served basis so applying early can work to your advantage. You can search over 3.7 million college scholarships and grants here.
3. Find the Right School for You
Attending an in-state school as an in-state student is always more affordable, but tuition across the country varies. Calculate the tuition and fees and see what works for your budget. Often going to community college first or attending a state school instead of a private college or university is a more cost-effective choice.
As always, it’s important to assess your personal situation; every family is different. If you have any questions about the above, please contact us at email@example.com.
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