With students and their families across the country making important choices about students' collegiate futures, understanding the financial aspect of a college education is essential. As the costs of higher education are continuing to rise, many students, seeing debt as a necessity, are borrowing at unprecedented levels, not knowing or fully understanding the commitment they are making. This article from NPR highlights some of the complexities involved in the process of paying for a college education, illustrating why taking a second look is a smart idea.
Families should talk to a financial aid advisor at potential universities to hash out the details and make sure they understand the terms of the various loans they may take out, or to inquire about other funding opportunities such as work study. FAFSA also gives a basic overview of the different kind of loans available. This website also offers relevant information.
Although learning about college funding can be vexing, doing thorough research now can help students and their families fully understand the choices they are making, avoiding a surprise years later upon graduation.