The cost of a higher education seems to increase every year. Statistics compiled by the National Center for Education Statistics bear that out. For the years 1963-64, the average cost for tuition and required fees for a four-year institution was $4,336. That amount skyrocketed to almost $9,000 more, or $13,677, in 2020-21.
Many individuals opt for student loans to help them pay for their schooling. Of course, a variety of factors play into how long it takes to pay off these loans, but the average borrower takes 20 years, according to the Education Data Initiative. President Joe Biden recognized the burden of student-loan debt and has called for forgiveness of these loans. But lawsuits challenging this executive order have put that forgiveness on hold.
Luckily, adjustments have been made to those who received money through the Cares Act grant funding given in response to the COVID-19 pandemic.
“Students continue to benefit from the payment pause on federal student loans, which includes a suspension of loan payments, a 0% interest rate and stopped collections on defaulted loans through June 30, 2023,” says Ashly Eyler, assistant director, student financial services, City University of Seattle.
Where to get help paying for your education
No matter what the age of your children, you can start a 529 college savings plan for them anytime. Planning ahead like this reduces your child’s need to borrow when it becomes time for college or university enrollment, Eyler says.
When the time comes to start the application process, the first step, Eyler suggests, is filling out the Free Application for Federal Student Aid. Even if the individual is unsure about accepting federal funding, this tool helps determine eligibility for institutional aid like scholarships.
The Department of Education is streamlining the FAFSA form and expanding access to federal student aid, which is available in the form of grants, loans and work-study funds. Accessible IRS data will be linked to one’s FAFSA to determine Pell Grant eligibility.
Usually people can fill out the FAFSA in about 30 minutes, but If you have trouble completing it, watch ED’s how to Fill Out the FAFSA video or contact the Federal Student Aid Information Center at 800-433-3243.
Undocumented Washington residents should complete the Washington Application for State Financial Aid. Not all state institutions participate in state financial aid, but you can review those that do on the WASFA site.
Eyler also encourages students to look for scholarships while attending high school and to keep looking throughout their educational career.
“Typically, a scholarship is free money that can be taken to any college/university and does not need to be repaid,” Eyler explains. “Be thorough and personalize your personal statement to the donor. Don’t miss out on a scholarship because you didn’t follow the instructions, which happens frequently.”
What to ask your school’s financial aid department
When you’ve decided which institution you plan to attend, asking certain questions should propel your progress to finding payment help for your tuition and other costs. Ask where you can apply for all possible financial aid funding, including institutional scholarships and institutional grant funds, Eyler says.
Be sure to fully understand the complete cost of attending a higher learning institute, including any additional fees, housing, books, supplies, etc. Ask about both federal and student worker positions. Eyler says most colleges and universities offer a discount in tuition and/or free class(es) to student workers.
Besides knowing the full cost of schooling, you should also assess how much debt you can take on for your education. The Net Price Calculator is usually available on an institution’s website. This calculator subtracts potential scholarships and grants you might receive and gives you the amount you’ll need to pay.
Students can enroll part time
When you can’t make a full load of classes work financially, enroll part time. Your journey to the degree you want may take a little longer, but it will be worth the effort.
“It’s not always about who reaches the finish line the fastest,” says Eyler. “The saying goes, ‘slow but steady wins the race,’ and that is true. Slow but deliberate progress leads to success.”
City University of Seattle is accredited through the doctoral level. Find programs in business, leadership, education, health and human services, computer and information systems. CityU is ranked as a 2022 Best Online Bachelor program by US News & World Report.
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