The Numbers Don’t Lie – Are You Getting a Free College Education?
New York, NY (PRWEB) September 13, 2018
A college education can save many people thousands of dollars over the course of their careers. If you’re one of those people, you may be tempted to make excuses so you don’t have to pay the ever-increasing college bill. But picking a college that’s truly worth paying can be tricky, and it’s not always as simple as sending your answers off to a few admissions offices.
One thing that’s sure to come up when comparing colleges is what’s being called “free” college. College academics are certainly free, but no one is actually getting free tuition; instead, their cash payments are in the form of loans, grants, and scholarships, all of which are taxed.
While getting free tuition sounds tempting, it’s a real downer that getting more than $25,000 of scholarships on average will be completely offset by tax debt and loan payments. The federal government won’t even allow anyone to deduct the taxes they have paid toward these payments, which puts even more of a financial strain on the schools themselves.
If you simply see “free” or “no cost” on a college ad, it doesn’t necessarily mean that the school isn’t being frugal. In fact, a particularly expensive college may be reporting the wrong number to gain more perception from prospective students.
“Many schools use promos as a way to get more kids through the door, which can compromise the quality of their educations, especially if they don’t fully disclose other costs,” says Jason Bryson , business development director for Curmudgeon Student Loans. “They may assume that students who are on this sort of free ride will just borrow more of their own money to pay for it.”
From landing credit card rewards points to competitive pre-deposit fees, these common college transactions can pose financial concerns for borrowers. Here are some easy ways to find out the true cost of a school and make your choices accordingly:
1. Be sure to read the financial aid offer letter. Financial aid offers provide information on how much you may borrow, which can help you see just how much in loans and other fees are not only going toward your tuition, but also required room and board and books. These can serve as a starting point for comparison shopping.
2. Get to know your school. In the end, a college may be considered “free” in terms of tuition, but this is only the case if you can take out a large amount of student loans at favorable interest rates. The type of school, and what it offers, is far more important to the final outcome than just the amount of money spent for tuition.
To get additional perspective, see the Student Loan Hero® 100 Best High-Cost Colleges list. This interactive list is a one-stop shop for high-cost college advice, links to scholarships and grants, and updates from the program every month.
About Student Loan Hero:
Student Loan Hero is the nation’s largest consumer resource for student loan debt. The products, services and experts at Student Loan Hero help users get out of student loan debt fast by aggregating financial aid information, providing free guidance, sharing knowledge with fellow students and showing users how to make money and save on education loans. For more information, visit http://www.studentloanhero.com.
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