College Expenses: The Impact Of Student Loan Debt On Your Child

The ABC’s of College Loans – Plan How To Pay For College!

collegeCollege tuition has risen drastically in the past 15 years.  In 1980, a public university cost around $2,000 a year for just tuition.  The average in 2010 is at $8,085 and continuing to rise at a rate of almost 4-5% a year.  With these rising costs, one would be surprised to notice the drastic increase in college applicants.  Today, nearly 1 in 3 young adults have a bachelor’s degree, and nearly 70% of young adults have some sort of college experience.  This increase in college tuition and applicants has led to a large accumulation of student loans.   Below, we’re going to take a look at some hypothetical scenarios, and some recent developments in legislation that can affect the future of new students and can have significant impacts on the choices they make.

First, we will take a look at what FAFSA is, and what it can tell you.

  • FAFSA is the Free Application for Federal Student Aid.
  • FAFSA, like the acronym states, is FREE.  Never pay someone to complete your FAFSA for you.
  • One of the most important things you learn from your FAFSA is your EFC, which
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