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Paying for College Does Not Mean Taking out Student Loans

Today many students when thinking of applying to college they ask themselves, "How can I afford tuition?" From there they see taking out Student Loans as the only solution to achieve their dreams of gaining a college degree. Taking out loans could lead to borrowers being overwhelmed by debt; therefore they become unable to repay their loans in time, and are forced to deal with default. For debtors who feel like they have no way out they seek to file for bankruptcy. However, student loans are not the only way affording college is possible.

There is a solution to pay for college and avoid mountains of debt, save. Saving is achievable for families of all socio-economic classes.

Families in the lower-income bracket are familiar with saving, and not to say that other higher-income families do not save, they do. However, families with lower-incomes are more aware with where their money is being spent. Some families who do not have money put away for their children's' college education may not be educated themselves on the time and amount of savings one should put towards college tuition. This may be because they never went to college; regardless they want their children to have more opportunities they were not able to have.

Education on how to afford college is important for families to learn. Through research and programs families will see that student loans aren't the only option. They learn how important it is to set aside money for their children's future and all the other expenses that come along with a college education. Other factors that parents, families and students should take into account along with saving is Free Application for Federal Student Aid (FAFSA), scholarships, standardized tests and their child's GPA.

Although the cost of a college education will never be completely covered by savings alone, however saving is important. When families set aside money for college they will see that there are colleges out there with a tuition that they can afford with their savings. Student's personal savings and wages are also a big part of affording college.

Through saving, one realizes on a stronger level the time and resources they utilize to prepare for college. Saving sparks a commitment from families to seek out other sources of funding college, such as scholarships and grants, etc.

To help families save, in some states the government is setting up College Saving Accounts (CSAs), where parents are able to open these accounts as soon as their child is born or when they are in Kindergarten. Accounts such as these come with incentives and awards. To change the mindset and hardship of taking out student loans as a means to afford college the government needs to promote savings among Americans and help them realize the benefits of receiving a college education.

Work Cited:

Student Loans Aren't The Only Way To Pay For College (Cognoscenti)

http://cognoscenti.wbur.org/2014/06/17/student-loan-crisis-bob-hildreth

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