Does the thought of paying for college for yourself or your kids keep you up at night?
With the cost of higher education continuing to climb, it feels like getting a degree without taking on massive debt is almost impossible. It's a heavy burden, not just on students, but on families who want to support their kids' dreams without sacrificing their own financial future.
In this edition of the Simply My Money Newsletter, we're tackling the giant elephant in the room: the cost of college and how to avoid getting buried under student loan debt. We're going to show you a different path, a way to approach college funding that focuses on finding free money first.
We've been there. We know what it's like to feel the weight of debt, and we've worked hard to find our way to financial freedom. That's why we're so passionate about helping you do the same, and there's no better place to start than by helping the next generation get a head start without the crushing burden of student loans.
The Sticker Price vs. The Real Price: Understanding College Costs
When you look at the published cost of attendance for a college – often called the "sticker price" – it can be shocking. We're talking tens of thousands of dollars per year for tuition, fees, room, and board. For many families, this number feels completely out of reach, leading them to believe that significant debt is the only option.
But here's the thing: very few people actually pay the sticker price. Colleges offer financial aid, grants, and scholarships that can significantly reduce the amount you'll actually pay. The key is understanding how to find and access this aid.
Many of us made mistakes when we were figuring out how to pay for college (or watched our parents struggle with it). We didn't understand the financial aid process, we didn't know where to look for scholarships, and we assumed loans were just a necessary part of the college experience. And because of that lack of knowledge, we ended up with debt that took years, sometimes decades, to pay off.
Ignoring the possibility of free money is one of the biggest and most costly mistakes you can make.
It’s time to change the narrative around paying for college. It's not just about taking out loans; it's about smart planning, understanding the system, and actively seeking out funding opportunities that don't need to be repaid.
The average cost of college, including living expenses, is around $38,000 per year. With a four-year degree, that's over $150,000. It's no wonder the total U.S. student loan debt is currently over $1.7 trillion! This debt impacts everything from being able to buy a home, start a family, or even save for retirement.
But imagine if you could significantly reduce or even eliminate that debt for your children. What kind of financial head start would that give them? What kind of peace of mind would that give you?
Common Pitfalls to Avoid When Funding College
It's easy to fall into traps when you're trying to figure out how to pay for college. Here are some common mistakes we see people make:
- Not understanding the Free Application for Federal Student Aid (FAFSA): This is the gateway to federal and often state and institutional aid, including grants and federal student loans. Many people don't fill it out, or they make mistakes that cost them eligible aid.
- Only looking at the sticker price: As we mentioned, the published cost isn't what most people pay. Failing to investigate the net price after grants and scholarships means you might rule out affordable options.
- Thinking scholarships are only for perfect students: There are scholarships for all sorts of talents, backgrounds, and interests. You don't have to be a valedictorian or a star athlete to qualify for free money.
- Missing application deadlines: Financial aid and scholarship applications have strict deadlines. Missing them means missing out on potential funding.
- Borrowing more than is needed: It can be tempting to take out the maximum amount of student loans offered, but every dollar borrowed is a dollar that has to be paid back with interest.
- Not having a plan: Approaching college funding without a clear strategy for saving, applying for aid, and minimizing debt is a recipe for financial stress down the road.
Avoiding these errors requires knowledge and a proactive approach. It means doing your homework, asking questions, and taking advantage of the resources available to you.
Unlock the Secrets to a Debt-Free Degree!
Paying for college doesn't have to mean decades of debt. By learning how to effectively navigate the scholarship process, you can significantly reduce the financial burden and set your child up for a brighter financial future.
We are excited to partner with The Scholarship System, who have helped families secure over $15 million in scholarships! They know the ins and outs of finding and winning scholarships, and they are sharing their expertise in a FREE on-demand webinar.
In this webinar, you'll learn:
- How your child can get paid to go to college, even if they aren't a perfect student or you don't qualify for need-based aid.
- Common mistakes that cause millions of students to miss out on thousands of dollars in funding.
- A powerful strategy to find legitimate scholarships your child is actually eligible for, saving you tons of time.
This is the kind of information we wish we had when we were figuring out how to pay for college. It's a game-changer, and it can make the difference between graduating with crushing debt and starting post-college life on solid financial ground.
We are not a financial services company, and we won't tell you exactly what to do. But as folks who have climbed out of debt, we can confidently say that avoiding unnecessary debt, especially student loan debt, is one of the best financial decisions you can make. This webinar is a fantastic resource to help you and your family do just that.
Click Here to Register for this Free Webinar by The Scholarship System
