Help for students who are seeing tuition increases will obviously come from many traditional sources that have, in the past, been able to allow students to earn their degree but do so without requiring a great deal of debt, but as some universities across the nation are considering increases in tuition and fees, this has led some students to question whether they can even afford to go to college or, if so, how they will find solutions to their financial needs if sources like scholarships and grants are not available. Understandably though, many students can find grants, like federal financial assistance, or scholarships available specifically for people in their area of study or based on merit, but with proposed increases in tuition and fees, some worry that they will not have enough financial aid from these resources and will have to borrow.
The causes of some of these rate hikes have come through cuts to state budgets or simply cutbacks at specific universities that are leading to these institutions increasing their tuition and fees, and this is obviously led to a great deal of pressure on the part of current and prospective students. At the present time, many arguments often surround the fact that college tuition and fees have increased over the past years and, in states where cutbacks have led to these increases in tuition fees, students argue that if the universities had not been unnecessarily increasing tuition and fees over the past years it may still be more affordable for these young men and women to acquire an education and pursue a degree.
Arguments surrounding student loans often bring up the point that many students are able to easily get a loan from either a federal or private student loan program, and universities have used this to their advantage since many have increased their costs over the past years and, subsequently are seeing more students who are having to turn to financial assistance like student loans to meet these costs. Some are angry that student loan debt will increase so substantially this year that it will likely be the number one debt in the lives of many Americans, and some even worry that the student loan bubble may be the next to burst.
While students who are facing higher tuition and fees may feel that borrowing is their only option, it’s often pointed out by financial aid counselors that students do still have scholarship and grant opportunities even if they may not have qualified for more popular sources of financial aid. Local companies, a university itself, state financial assistance and even federal or national financial aid programs can cover a wide range of students from minorities and single mothers to students who are simply pursuing a degree in a specific field of study.
It’s no secret that high need fields are offering help to students who are planning to pursue a career in these areas, but there are also those who point out that if a student feels that borrowing is their only option, and indeed a student loan may be the only chance they have meeting certain costs, it could be helpful to focus on federal loans or loans that will allow for affordable repayment options if a student graduates and cannot meet traditional student loan payment plans, but also some students like those who are in a public service career may have their loan forgiven in a faster period of time than those who have borrowed a substantial amount but are entering into careers that do not offer these forgiveness options.
Students may have to face higher costs in the coming semesters, but this does not necessarily mean that more debt will be required, so students are being prompted to make sure they look at opportunities available through scholarships, grants, and even guidance from financial aid counselors at their university so that they can make sure they exhaust all opportunities for their specific field of study, within their state, or even grants that may help people in their specific situation.