2017 Jan 9^th

The morning paper carried an AP piece about the debt incurred by college graduates. “In the past decade student debt has doubled, with the average 2015 college graduate owing $30,000.” That is an exaggeration because, depending on the school, somewhere between 25 percent and 35 percent of students graduate with no debt at all.

For students who do take on debt the situation is grim. Public Universities have had substantial reduction in state financial support while feeling the need to raise tuition so that they can pay for attractive facilities they hope will attract more students. If a school can increase its enrollment by ten percent, it can enlarge class size a bit but will not need to hire more faculty members. Colleges and Universities are competitors; they are in business to attract students. The school with the newest recreational center, the nicest first year student dorms or the best Natatorium (swimming pool) will win. It is really no different from any other business.

There are ways to reduce, or perhaps eliminate, the need to borrow, or at least to borrow very much. The Armed Services offer very generous scholarships based entirely on military service not on SAT, or ACT scores. This updated GI bill offers a three-year scholarship, 36 months of tuition, books, and living expenses for those completing a three-year enlistment. Thirty-six months is four college years. Moreover, this benefit is transferrable to a family member if the veteran doesn’t wish to use it. Keep in mind that benefits like this one depend on the armed services need for manpower and can be changed at any time. However, if you enlist under this benefit the armed services can’t change the rules you enlisted under after you enlist.

There are other ways to reduce the cost of college while you are in high school: Take as many Advanced Placement (AP) courses as you can. If you pass an AP test with a 4 or 5 most colleges will give you college credit for that course. A three-credit college course will cost 3 thousand dollars in a college with a 35 thousand dollar a year tuition. You must check with the college to see what they will allow; some of them will allow you nothing. If that’s the case and you have taken several AP classes you might want to go elsewhere.

There is another way to save money: Take courses at a community college. Your local community college will offer the same introductory courses you’ll take in most four year colleges. There will be a much lower cost for your community college’s courses and they should transfer to the four year college you’ll eventually attend. Talk to the registrar’s office at the four -year college to be sure the community college courses you take will transfer to your four-year college.

There are lots of ways to avoid taking out crushing loans. These ideas come from a book “Cutting College Costs” I wrote a few years ago and available on Amazon.