Planning for Higher Education Tuition

Jan 7, 2013
  |  by Jennifer Cook

A college degree is essential for a successful future but the ability afford the cost of higher education tuition can be crippling to many college students. Without knowing how to prepare and actually implementing a plan for high education tuition costs, many students find themselves drowning in debt and resolving to return to college when they can better afford it.

 In a recent Georgetown Study is was found that over a lifetime, that those who drop out of college for financial reasons earn nearly $800,000 less than those who earned a degree. In another study it was found that 6.7 million educational dropouts have been unable to find stable work since they decided to leave higher education.

The value of a higher education is irrefutable through multiple studies and with so many benefits to individuals; it is a necessity to the well being of students and families to earn a college or university degree. To earn a degree, the first step is to plan for the tuition. To do this, explore all the options that are available. There is a whirlwind of financial aid opportunities throughout higher education facilities as well as in the work force and whether you are considering attending campus classrooms or looking to earn online degrees, the cost of an education can be resolved through many options and opportunities with the right research and planning for your future.

529 Savings Plan

A 529 savings plan is investment plan that allows students and families the resources to set aside money to fund future higher education costs.  The fund/plan is operated by the state or an educational institution and the goal is to provide payment assistance for college through the cost of books, room and board or tuition. To plan for higher education tuition, many students begin a 529 savings plan when they begin their first job at the age of 16. The plan transfers over between jobs and secures funds to apply to an educational future. It is never too late as parents to take out a 529 plan for children and even current students can begin a 529 plan to go towards their college budget each semester.

Scholarships

Whether you intend to get a bachelors degree or return to school to become a master of business administration, many scholarships are available to students from all walks of life and all financial situations. To plan for higher education costs, research possible scholarships that fulfill your financial needs.  Most scholarships have educational, community or work requirements so while researching and planning for scholarship opportunities, it is important to take into account what will need to be done to earn the scholarship and plan for an educational financial future.

Financial Aid and Payment Plans

Another way of planning for the price of earning a degree is to investigate if financial aid is available to you.  Many online and physical campuses offer counselors to assists in the few hour process of applying for financial aid. Through programs like FAFSA, scholarships or other financial aid programs, many students find they are able to afford an education without receiving a school loan, thus planning for their future as well as easing the financial burden of attending a college or university.

Colleges also offer payment plans (usually three segments per semester) that allow students to earn and save for the cost of tuition per semester. Paying for an education this way requires strict budgeting and course planning but this is a way to earn a degree and pay for it as you attend classes.

Tuition Reimbursement through a Career

Many companies offer a form of tuition reimbursement for their employees looking to earn a degree through higher education. Companies such as Apple, IKEA, Home Depot, Starbucks, UPS, JP Morgan Chase Bank, McDonalds and many more give real people the opportunity to become students while balancing life, work and school responsibilities. Explore the option of your employer offering tuition assistance through a reimbursement program to better prepare for the high cost of an education.

Planning for Higher Education Tuition

It is recommended to maintain a strict budget and plan for not only tuition costs but the cost of books, living expenses and social activities as well. This insures enough money is available to afford college and of course through the use of scholarships, implementing a 529 plan, and researching other financial and educational options, many students are able to prepare early for the costs of earning a degree.

Sources: http://www.huffingtonpost.com/2012/03/29/cost-college-tuition-cheaper-no-degree_n_1387872.html


Author bio: Jennifer Cook writes on student life, going back to school and online learning technology for Strayer.edu. When she isn't writing, you can track her down in the library, trying to check out more books than her card allows.

 

Tags:

Disclaimer

All content provided on Strayer Buzz is for informational purposes only. The views expressed on Strayer Buzz do not necessarily represent those of Strayer Education, Inc., Strayer University, or any of their affiliates. Neither Strayer Education, Inc., Strayer University, nor any of their affiliates make any representations as to the accuracy or completeness of any information on Strayer Buzz or found by following any link on Strayer Buzz. Neither Strayer Education, Inc., Strayer University, nor any of their affiliates will be liable for any errors or omissions in this information nor for the availability of this information. Neither Strayer Education, Inc., Strayer University, nor any of their affiliates will be liable for any losses, injuries, or damages from the display or use of this information. These terms and conditions of use are subject to change at anytime and without notice.

Request more information

Step 1 of 2