4 Reasons Why Financial Aid and Scholarships Are More Important Than Ever

Posted by Willow Tufts | Posted in Education | Posted on 24-06-2016

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We think it’s important that you understand the bigger picture as to why scholarships have become so essential to the majority of students who want to graduate with a college degree and why it’s imperative that you understand that scholarships can be vital to your post-college success. Here are the top five reasons why you can’t afford not to apply for scholarships now.

1) College Costs A LOT More Than It Used To

17123240849_14b0883f48_b scholarshipsAccording to The National Center For Education Statistics, in 1984 the average tuition price of a 4 year institution was $4,747. As of 2014, the cost for the same was $24,706. Wow. As you can see, in 1984, it was entirely possible for a student to work their hardest and come quite close to covering the cost of school. But today, it isn’t even remotely possible today. According to my math, the maximum hours that a full time student could work would be 30 hours a week. With 52 weeks a year, that is 1,560 working hours a year. Keep following me… with tuition being on average $24,706 a student would need to make $15.84 an hour. Now lets just pause and think about that for a second; who on Earth is going to hire an 18 year old college freshman and pay them $15.84 an hour? Much less the amount of money that they would have to pay them to also cover the cost of their food, housing, utilities, and other expenses of the average human. That would be minimum of $20 an hour.

Now with all of that in mind, its making scholarships look more and more crucial isn’t it?

2) The Cost Of College Living Is Up

Living at college is a whole other ball game than living anywhere else. Students pay an arm and a leg just to have a place to lay their head and a freezer to store their pizza rolls. Rent can be anywhere from $600 to $1500 a month for the most basic of living spaces in a college town. And on-campus housing isn’t any more forgiving. Dedicating time to searching for the right scholarships or grants can be a life saver for your wallet and your future.

3) State Support For Students Has Decreased Substantially

Although it looks like America may have weathered the recession (let’s hope), many states are still struggling from the economic slump and most have made large cuts in public service funding, including higher education. As a result, public colleges and universities have increased tuition, meaning you’re probably going to pay more now.

48231671430_e83d55aa51_b scholarships) Without Scholarships, You Will Owe A LOT Of Money

One quarter of the U.S. population—70 million people—owe a collective $700 billion in student loan debt. Sounds like a lot, doesn’t it? It is. According to the Institute for College Access and Success, the average college graduate has acquired $24,000 in student loans by the time they graduate, and that figure is likely to increase.

 

Now that you fully understand the serious nature of this, don’t lose hope. There are resources for you to get the scholarships and grants that you need. The Sub Prime Credit Store’s experts will connect you with every available scholarship and financial resource in your state as well as National government agencies, local grants and scholarship funds. With their help, going to school won’t be an obstacle, but an opportunity.

 

 

 

 

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