Higher education is the main investment in human resources and therefore plays an important role in developing a country. The US government plays an important role in ensuring that higher education is affordable and easily accessible to the larger mass through various loans and scholarships. Nevertheless, there are some factors that have contributed to the unfortunate decrease in federal support. According to a study by the Joint Economic Committee, tuition fees in colleges have doubled in less than 20 years and seem to increase today. The study also showed that the 1995 college was much cheaper at a price of 6000 US dollars including housing for public institutions. Collegiate funding is therefore a nightmare for the average parent.
Over the last 10 years, federal support has increased by marginal margins of 65% but it has not helped to provide education at a reasonable cost. The cost of student loans increases regularly and this directly affects access. The upper and middle earners get better deals, while the poor must seek alternative financing options. Some look like Grants while others are looking for other scholarships for their education. State aid has fallen by 36%, and this has left little about any hope for the poor students.
Student loans are not perfect enough to seal the gap for middle earners as well. Tuition fees have risen rapidly over the last 10 years with a margin of 45%, which in turn affects the benefits of student loans. In general, this system depends on student debt which does not take into account the less happy families. Due to these factors, the gap between middle earners and the poor at college has increased significantly. The fear of getting into debt has made many poor families avoiding the loans completely and consequently never at college. So whats the way forward and what should parents do to make them better prepared to see their children through college?
Save for college
The parents should contribute a certain percentage to college education and in that case there is a tendency not to save. Whether your child wants a 2 year associate degree or a 4-year bachelors degree, planning is important in advance. There are several things you need to keep in mind before you start saving, and this includes the college the child will attend, the course they will run and the charges for the same.
In this regard, community colleagues are least expensive. They offer courses ranging from $ 300 to $ 600. Co-workers on the other hand are known to vary in cost, but the average cost per rate can be high or lower than 1000 dollars. Private universities are the most expensive and while this is the Fall costs vary from one school to another. Whatever the cost, one thing you must note is that college education is not cheap and you have to prepare in advance for the challenges ahead.
The dangers of not saving for college
There are several dangers that are due to the lack of an early saving plan for your childs college education. Top of the list is the fact that you deny your child the opportunity to pursue college education. As previously mentioned, the educational image of humanity in the spine and failing to educate your child places them only at the disadvantage of the workforce. In the future, spending on higher education is expected to rise and the lack of preparation pose a serious threat to further education. The future is also unpredictable and early preparation is the only way to make sure you are underage and your child is set to college.
Foreign education and costs
Foreign education has been an option for some parents who have been serious when trying to get their children an education. With the huge increase in education costs in some of the leading cheaper foreign educational destinations such as Asia and the Middle East, it is even more difficult for parents to meet the cost. This has led to an increase in the number of students seeking alternative funding, such as scholarships and part-time jobs. Nevertheless, this has done little to relieve the situation and facilitate the parents. Overseas education has about fifty scholarships, and some countries do not allow students to work and study at the same time. Those who manage to get funding get less and this is because of the recovery from global slowdown. For all these reasons, parents need to look for alternative funding options for their childrens college education, such as independent fellowships. For more information, see financingcollegeedu.com