Recently I was a guest on the Hack Your Wealth podcast where we discussed all things financial aid. You can listen to the podcast here.
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About 1/3 of students and 1/5 of parents borrow to pay for college, with borrowed money covering about 21% of the total cost of college, according to Sallie Mae’s How America Pays for College. The report also showed that while federal student loans were the most common form of borrowing, about 10% of students used private loans as well. That’s…
By now you are most likely aware that you can take out loans to pay for college. But what does it mean to take out a loan? How do you actually do it? First and foremost, federal student loans fall under the heading of Title IV funds and thus the first step in taking out a loan is completing the…
Here’s an article from US News & World Report about the pandemic’s impact on work-study, including a quote from me. With more students attending remotely and many campus functions shut down, many students are finding their work-study awards reduced. But depending on the school, they might be replaced with grants or loans.
Want to know how other people pay for college? Sallie Mae’s recently-released annual report will tell you. This year’s survey was done in March and April of this year and reflects the 2019-2020 school year. A few key points: College costs went up. On average families paid just over $30,000 for the 2019-2020 academic year, compared with just over $26,000…