Can I Afford College?
� 2006 By Gary Wood
All Rights Reserved. Printed with Permission
The number one concern, the number one question asked by over 98% of the prospective students that come through our doors is "Can I afford college? What financial aid is available and will I be able to balance the costs of my education with the rest of the financial responsibilities I have?".
First, before you take the time to worry over the cost of education and how to pay for it, you must decide if the investment is really worth it. Education is not a cost comparison purchase, like a car or a new TV. Education is a long-term investment; it is an investment in you. Are you worth the risk? It always surprises me when a student is attending ITT Tech because their employer is paying the tuition. A change in company policy reduces the percent or eliminates the benefit and suddenly they no longer want to advance their education since they "have to pay" for it now. They determined the investment in them was too large a risk if they had to bear it all.
If you determine the investment in time, money and effort is worth it for you, then you can begin to learn about how college costs are paid for. Don't limit yourself to looking for the cheapest education you can find. You often get what you pay for and the quality of your education will be one determining factor in how large your return on investment is. Do start looking for colleges that carry recognized accreditation in the country they are located. If you plan on applying for government grants, loans or scholarships, this will be important. In our next article we will examine the government funding assistance available in the United Kingdom, Canada and the United States. Proper accreditation is important in each one.
Government funding programs are not the only way you will pay for college but it can be a critical part of the funding process. Financial aid and affordability is very much a puzzle you must put together. Some institutes are very good at helping with this process; others leave it more in your hands. We will discuss several of the puzzle pieces in an effort to help you be better prepared when talking to institutes about their options.
When it comes to government funding everyone is different; we all have different incomes, family circumstances, credit history and more. There is no magic way to know about what you will qualify for. However, if you are searching for an education from a college that is recognized, what you do learn from one institute will apply to all recognized institutes. In the U.S., for example, Title IV is the same at all institutions offering this type of funding. What are different are the remaining private loan and scholarship programs that will be necessary to complete the puzzle of college funding.
If you think that you will find grants and scholarships to pay for your entire costs then you may be in for quite a shock. If you understand it will be a combination of programs that will help you afford the costs, you are well prepared. A key piece is the cost, not how much total (that is nearly impossible for any institute to give since you are unique) but what is included in the tuition that will be funded and what is left to pay out of pocket as you go. Many colleges quote tuition per credit hour amount that does not include books, laboratory fees, computer usage fees, parking fees, and more. Others, like ours, are all inclusive so once you obtain your funding there are little to no out-of-pocket costs while attending classes.
This speaks directly to affordability. Are there significant out-of-pocket costs while attending that will be greater than you can currently budget for on a monthly basis? Most can obtain a level of funding that will cover a majority of tuition costs but the out-of-pocket costs can add up quickly if you are faced with book purchases, parking fees, lab fees and more. Knowing this before you begin is important. Make sure you can budget these costs since you will not want to start attending classes and then drop them due to out-of-pocket budgets since you will then be facing student loan payments six months later and will not have the education to advance your career to pay them.
That is another critical component: do not start your journey until you are committed enough to complete it through to graduation. It is too expensive to start and stop. Once you earn your degree, you will begin to be in a position to command a higher salary or enter a new career that will help you repay student loans. If you quit short of your graduation goals, you will still have student loans but, likely, not the ability to repay them.
Remember, government funding alone is not going to cover the cost. Also know that, for the majority of people wanting to return to their studies, there are enough programs available that you can afford it and, likely, there will be little out-of-pocket costs while you are actually attending to your class work.
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Gary Wood is the Director of Recruitment for ITT Technical Institutes Murray, UT campus. He is also a freelance writer and website administrator for https://casawood.com. He served many years in the U.S. Air Force, has traveled the world and had many careers. He enjoys the wonder of higher education and helping students begin their journey toward a better career. He also enjoys writing articles, poetry and performing spoken word. He is working on his first CD/Book, Sail Away. Visit his poetic efforts at https://visions.casawood.com.
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