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Monica Perry
Gail Richard
Composition II
19 April 2016
A Blueprint For Affording College
There have been numerous articles written, studies performed, and data collected that
support the vast advantages of young people obtaining a higher education. In a nutshell,
obtaining a college degree can be very advantageous and quite often, lucrative for the person
who obtains it. However, getting this higher education does come with an up-front cost. This cost
can sometimes be very expensive. Yet, most expert opinions seem to agree that getting this
higher education is really worth it in the long run, despite the high costs. This proposal will
attempt to outline the problems associated with higher education costs and then look to find
solutions for minimizing or in some cases, eliminating these potential debts.
The cost of higher education seems to be spiraling out of control. According to
www.bestvalueschools.com, the cost of higher education has increased by more than 538% since
1985. To put this in perspective, medical costs have increased more than 286% while the
consumer price index has increased 121% during this same time span. Another surprising
statistic is the rising annual cost of a four year college institution. For example, in 1981-82, the
average cost to attend a four year college was $3,951. In 2011-12, the price had risen to $23,066.
Most experts feel that the reason for this rise is a simple matter of supply and artificially inflated
demand.
The rising costs of college tuition, room and board, fees and books have taken a toll on
students who have chosen to pursue higher education. According to www.usnews.com, almost

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70% of 2013 college graduates left college with an average of $28,400 in student loan debt. This
is a 2% increase from 2012. Although there are several alternatives to try to reduce college costs
(as we will explore shortly), many students are still faced with having to secure student loans as
their only means to pay for college. Not surprisingly, the college graduate class of 2015 has a
record student loan debt average of more than $35,000. This data comes from the www.wsj.com
(Wall Street Journal). Obviously, prospective students today face numerous economic challenges
if they decide to try to pursue a college degree.
Now that we have adequately outlined the many challenges and problems that college
students may face, lets explore potential ways of reducing or even eliminating some of these
skyrocketing costs. Perhaps the easiest and fastest way to potentially reduce college costs begins
in middle and high school. This prep work falls on the shoulders of both parents and students.
There are several ways to prepare for the gauntlet of higher education costs. An article on the
website www.scholarships.com lists ten ways to jump-start college planning. Some of its ideas
include taking advanced courses such as AP (advanced placement) classes. By doing so, a
student can not only take more challenging preparatory high school courses, they may also be
able to actually receive college credit upon completion of such classes. This is often called a
congruent class. Another article from www.usnews.com reccommends using all four years of
high school to prep for college. According to this article, students should push themselves to take
hard classes early on and to begin planning on possible scholarship opportunities.
Parents can certainly help deflect some of the tremendous financial burdens that a student
may face with college saving vehicles which may include a 529 Plan. As per www.fidelity.com,
529 Plans are a flexible tax-advantaged account designed specifically for saving for college. Any
earnings are tax free upon withdrawal as long as they are used for college expenses. Some

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financial companies offer specific mutual funds that parents or guardians can invest in to
maximize its potential growth. Another option some of these companies provide is U.S. Savings
Bonds. U.S. Savings Bonds are usually purchased when a child is very young, often by parents
or grandparents. The bonds are designed to mature in several years and any interest earned is tax
free, as long as it is used for higher education costs. Obviously, this is a way of saving for higher
education that starts very early in a students life.
Scholarships are probably the best option for eliminating costs and potential student loan
debt. There are thousands of scholarship opportunities but they can be limited to certain
individuals based on potential majors, grades and school locations. A scholarship is basically
funding that the student is awarded and does not have to pay back. There are numerous websites
available for scholarship research and most colleges have academic and administrative
departments available for possible scholarship assistance. Scholarships can be awarded for
several categories including athletics, band, leadership and academics. Academic scholarships
are one of the most commonly awarded funding that students can attain. However, as we stated
earlier, prep work in high school including maintaining a high GPA and scoring high on the
ACT/SAT tests is critical in earning a potential academic scholarship. Some of the many
websites for scholarship research include www.unigo.com, www.scholarships.com and
www.scholarshipamerica.org.
Another way that students can avoid higher educational costs could be choosing an instate public university, as opposed to a private university. For example, a 2011 www.usnews.com
article researched the average costs of attending public versus private colleges. The average cost
(factoring in tuition, fees, room and board) for an in-state public college was approximately
$17,0000. The average price for a private college during this same time span was $38,589. So, a

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basic rule of thumb is that choosing to attend a private college could mean a student may have to
pay almost double on average. For some students, choosing a prestigious school is really the
way they want to go but keep in mind, this will probably come with a much higher sticker price.
A student can be proactive by researching which major they want to pursue before
entering college. A student that finishes in four years will pay less than someone who continues
to change majors throughout their college career. Also, another important factor is to research
your majors salary potential after graduation. By doing so, a student can select a major with a
higher earning potential upon graduation. This could help the student help pay off student loans
faster if they had to borrow money. For example, someone who chose a medical degree versus
someone who chose a dance major will more than likely have higher earning potential upon
graduation and thus can begin paying off debt at a faster rate.
Other potential ways for college students to save costs while pursuing their degree are
work study programs, federal Pell Grants, and choosing to be employed part-time while in
school. According to www.studentaid.ed.gov, students can apply for federal work study which
can provide part-time jobs for students that have financial need. Basically, it allows them to earn
money to help them pay for educational expenses. This program also encourages community
service work and work related to the students potential field of study. For students who can
demonstrate a large financial need, a Pell Grant can be applied for via most collegiate financial
aid offices.There is an article on www.collegescholarships.org that outlines the history of the
Pell Grant, how to apply for it and how much a potential student could possibly earn. Pell Grants
are like scholarships in that they do not have to be repaid. Lastly, many students choose to work
part-time while attending college. Certainly, this is a easy way to pay for college and its expenses
while the student is attending.

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As a last resort, many students are often forced to take out student loans. According to
www.debt.org, there are several types of loans available. These include the Perkins Loan and the
Stafford Loan. These are federal loans that are given directly to the student. Student loans come
in a variety of forms including subsidized versus unsubsidized. Subsidized loans means the
student is not responsible for any payments until after graduation. However, unsubsidized loans
means that the student is responsible for paying off all the interest that builds up while he or she
is attending school. Other loan options may come from commercial sources such as bank loans
or credit card companies. However, students need to be extremely cautious and watch for
potential interest rate pitfalls. One last way that a student may save on high interest rates, is to
borrow money from family members or relatives. Most assuredly, getting a student loan is the
least desirable route for a student to pursue.
In review, todays students who are pursuing higher education face many economic
challenges. As this proposal has outlined, the costs for higher education have risen at an
astronomical rate within the past few decades. Parents and students must be diligent and
proactive to combat these high financial hurdles. By choosing the correct planning, preparation
and making intelligent choices, both students and parents can really impact lowering these
potential alarming costs.

Works Cited
"Understanding the Rising Costs of Higher Education." Best Value Schools. N.p., n.d. Web. 20

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Apr. 2016.

US News. U.S.News & World Report, n.d. Web. 20 Apr. 2016.

Sparshott, Jeffrey. "Congratulations, Class of 2015. Youre the Most Indebted Eve(For Now)."
WSJ. N.p., 08 May 2015. Web. 20 Apr. 2016.

"10 Ways To Jumpstart College Planning." - Preparing For College. N.p., n.d. Web. 20
Apr. 2016.

"Use All 4 Years of High School to Prep for College." U.S. News. N.p., n.d. Web. 20 Apr. 2016.

"529 Plans - College Savings Plans - Fidelity." 529 Plans - College Savings Plans - Fidelity.
N.p., n.d. Web. 20 Apr. 2016.

"Scholarship Directory & List of Scholarships For College | Unigo." Scholarship Directory &
List of Scholarships For College | Unigo. N.p., n.d. Web. 20 Apr. 2016.

"Scholarship America - Making Postsecondary Success Possible." Scholarship America Making Postsecondary Success Possible. N.p., n.d. Web. 20 Apr. 2016.

"Work-Study Jobs." Federal Student Aid. N.p., 24 Apr. 2012. Web. 20 Apr. 2016.

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"Types of Student Loans: Federal & Private Loan Options." Debtorg News. N.p., n.d. Web. 20
Apr. 2016.