Scholarships come in different kinds of packages, from institutional scholarships, to state-sponsored merit awards or need-based scholarships, to smaller scholarships from private foundations. They play a key role in affording college, with some 60% of families using them to cover a portion of the bill, according to the Sallie Mae’s 2022 How America Pays for … Read more
1. Aim for the best fit, not the most prestigious Reflect on your needs and wants so you can focus on the best colleges for you. What do you really want? “In other words, don’t be driven exclusively by things like prestige or rank or cost, but rather, things that are particular to your learning style, … Read more
Don’t get caught up on sticker prices One of the first things you need to consider when you get serious about your college search is how much you can afford to pay, and relatedly, how much a college will cost. “You wouldn’t go look at houses to buy without talking about money, and you wouldn’t … Read more
The Consumer Financial Protection Bureau (CFPB) identified a number of flaws and risks with college tuition payment plans in a new 35-page report. Payment plans have traditionally been presented as a relatively innocuous tool to help manage college bills and even avoid student loans, but, per the CFPB, often have less-than-ideal terms in their fine print. The … Read more
What the data says Results of a survey published by financial services firm Discover Student Loans on Wednesday find that 70% of parents say they are worried about financing their kids’ college expenses — a share that’s steadily climbed since at least 2021, when only 63% of parents said they felt this anxiety. Last year, the number … Read more
While borrowing is a necessity for many families in today’s higher education system, there’s no doubt that it can be risky, leaving some with debt they can’t afford to repay. Even for those borrowers who can manage their bills, student debt can affect a student’s job choice, where they live, and if or when they … Read more
Most colleges around the country practice scholarship displacement, meaning they reduce financial aid when students bring in outside scholarships, even though critics say it penalizes students who put in the effort to apply for awards from community organizations and non-profit groups. What’s more, sometimes families don’t see the impact until the fall bill shows up, … Read more
But fear not, college savers: if your 529 account lost money last year, financial experts say you do have a few options to help your savings recover. The best path forward depends on the features of your particular 529 account and how much time you have before your child needs the money invested there. Here … Read more
Most college students use a combination of money sources: Last year, for example, families reported that scholarships and grants covered 26% of costs, while 54% came from parent and student income and 18% from loans, according to Sallie Mae’s How America Pays for College report. If your goal is to avoid student loan debt — … Read more
Courtney Brown, vice president of impact and planning at the Lumina Foundation, a private foundation that focuses on education beyond high school, says there’s actually some good news in the report — specifically, that the majority of people who both are and aren’t in college still see the value of a degree. “The problem is, … Read more