Value of College of Education
What is the value of a college education? Is it even worth getting a degree in today’s society with crippling student debt? It is still recommended to attain a college degree as your weekly income will be higher than if you don’t have one. The United States Department of Labor released a chart in 2016 detailing the weekly salary based on your attained degree. It shows the weekly salary made based of the degree attained and the unemployment rate of those with different levels of education. Of course, there are other options such as a trade school should your interests and skills take you down those roads. There is nothing wrong with those options and if you feel college isn’t right consider options such as those. This unit may not benefit you as it is focused on attaining a college education and ways to help save money in the process.
If you’re a little unsure, check out the links to these testimonials from students who did choose to go to college despite limitations in their way. |
Sticker V.S. Net Pricing
The sticker price of a college, is the published tuition and fees which they present. A net price is the sticker price, minus any grants, scholarships, and educational tax benefits you may receive. The net price is specific to each person based on their personal circumstances, and is on average lower than the sticker price.
Most colleges and universities have a net price calculator on their websites. This is a tool which allows you to calculate your net price in comparison to the sticker price. This calculator will ask questions concerning your GPA, test scores, and other activities which may qualify you for financial aid. Based on the information you feed the calculator, it will determine how much money in grants or scholarships you are likely to receive from the college or university of your choice. It will then subtract these numbers from the sticker price of the college, showing you a more accurate depiction of the cost of higher education. It may also show you information in regards to other forms of financial aid as well as loans and work study jobs which the college may offer. It’s still important to keep in mind that this number is still an estimate and what you will actually pay may be higher or lower. It is simply a tool you can use to give a better idea of the price of schools. Check out College Boards net pricing calculator to find participating colleges.
Check out MONEY'S Best Colleges list to give you an idea of schools and pricing.
The sticker price of a college, is the published tuition and fees which they present. A net price is the sticker price, minus any grants, scholarships, and educational tax benefits you may receive. The net price is specific to each person based on their personal circumstances, and is on average lower than the sticker price.
Most colleges and universities have a net price calculator on their websites. This is a tool which allows you to calculate your net price in comparison to the sticker price. This calculator will ask questions concerning your GPA, test scores, and other activities which may qualify you for financial aid. Based on the information you feed the calculator, it will determine how much money in grants or scholarships you are likely to receive from the college or university of your choice. It will then subtract these numbers from the sticker price of the college, showing you a more accurate depiction of the cost of higher education. It may also show you information in regards to other forms of financial aid as well as loans and work study jobs which the college may offer. It’s still important to keep in mind that this number is still an estimate and what you will actually pay may be higher or lower. It is simply a tool you can use to give a better idea of the price of schools. Check out College Boards net pricing calculator to find participating colleges.
Check out MONEY'S Best Colleges list to give you an idea of schools and pricing.
Saving for College
There are many ways to save for college and it’s important to start as early as possible to save for college. The more you save, the less you’ll have to borrow and the less stress you’ll have later in life. There are two major types of bank accounts used when saving for college. They are an education IRA and a 529 Account. An education IRA is an educational savings plan which offers tax advantages. A 529 Account is a savings account for higher education where the funds can be withdrawn tax free when used for educational purposes. Much like retirement savings accounts, these accounts accrue money over time and rely on compound interest to make gains. These accounts are most commonly created by parents when their child is born so that by the time they are of college age, they have the money to get them through. If you can work jobs whether it be babysitting, cutting grass, or working at a fast food restaurant. The key is to save half, if not more of the money you make. A third option which is available is tuition pre-payment which is a state program allowing families to purchase tuition credits at their present price. They can then use these credits in the future when tuition costs are most likely higher.
Part of saving is minimizing your costs that you’ll have to pay when you do apply for higher education. You may want to look for a less expensive option such as public, in-state schools. Start at a lower-cost school like a community college and transfer to a bigger school. Reduce your living expenses as much as possible, and avoid buying the high-cost, name-brand supplies.