Essay on How To Reduce The Cost Of College Education

771 Words 4 Pages
One of the biggest problems facing students today is the fact that college expenses such as tuition, books, dorms and other items required to obtain a degree are becoming more and more expensive every year. Many students find that the little amount of income available is not sufficient to provide a stable source of payment for tuition. In addition, people are losing their jobs to a greater extent. According to U.S. Bureau of Labor and Statistics, the unemployment rate in California rises from 6.4 % to 12.1 % over the past seven months. As the economy gets worse, students that come from families with low earnings will have a harder time gaining entrance to and graduating from college or university. Much of the problem that students are …show more content…
The interest rate is set at 6.8 %. When the repayment period comes, he or she will have to reimburse $21360. This puts a lot of stress to a new graduate. Furthermore, he or she might not be able to save a lot of money until the debt is paid in full. This method allows every one to go to college, but it does not remove the problem that students are facing today. Another financial aid program created by the government is work-study program. This program helps undergraduates earn financial support through part-time work. The government offers part-time jobs to students in order to earn money for tuition and other expenditures. Not only do part-time jobs help students pay their expenses, but also provide them work experience, which is important for their résumé. However, having a part-time job decreases time available to study. Moreover, the wage that a student gets may not be enough to cover his or her expenses. With efficient time management and help from other sources, this method may possibly be viable. There are institutions aside from the government that offer financial aids in the form of scholarships. Scholarships are awarded to students based on their academic, athletic or other skills. They differ widely in monetary value. Many scholarships pay part of college expenses, but a few even cover all tuition and living costs. Unlike student loans and work-study programs, scholarships are harder to obtain because of the

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