For millions of Americans, the road to financial success runs through college. On average, a person holding a college degree earns about $1 million more during their lifetime than someone having only a high school diploma.
But college is expensive. For example, today the average price of a public college is over $22,000 a year, while a private college runs about $43,000 annually. Consequently, many find themselves facing a mountain of debt incurred while in college.
As a student loan attorney in Gurnee, we want to pass on a few tips that will help make college more affordable and your debt less burdensome.
529 Savings Plans
Parents planning for their children’s education can open a special 529 savings plan. Once established, you may withdraw money from the plan without incurring a tax penalty, as long as funds are used for eduction costs. The goal should be saving approximately 1/3 of the eventual cost of your child’s college education.
Advanced Placement Courses
Many high schools offer advanced placement (AP) courses for juniors and seniors, allowing qualified students to earn college credits in high school. As part of the public school curriculum, they are free and help offset future college costs.
College Courses While in High School
Apart from AP courses, students might take a regular college course or two while still living at home. This option is often available at community colleges that don’t require a high school diploma for enrollment. And many can be taken online.
Students can apply for federally-funded student loans, called Stafford loans, which come in two types, subsidized and unsubsidized. The government pays interest on the subsidized loans until graduation, but students are responsible for all interest on unsubsidized loans. Go here to find more information on applying for student loans.
Work-study jobs are usually on campus and provide a means of earning money to help defray college costs. To qualify, you must fill out a Free Application for Federal Student Aid (FAFSA) form and indicate that you’re willing to accept a work-study position.
Student Debt? Contact a Student Loan Attorney in Gurnee for Help.
Despite efforts to prevent it, you may be struggling to pay off student loan debts, and as a student loan attorney in Gurnee, we may be able to help you. We deal with many types of loan workouts, including student loan workouts. You don’t have to feel burdened by student loan debt for the rest of your life. Contact us today and give us the opportunity to help you. Call the Burns Law Firm P.C. to get started.