As you graduate from high school, the next phase of your life begins as you enter college. While it is exciting and sometimes overwhelming, the cost is one essential aspect that can’t be overlooked.
Stepping into the world of adulthood means covering your own expenses. As we all know, college costs certainly aren’t cheap. Even if you prefer a college, a wise thing to do would be to keep yourself open to other options, so it gets easier for you to cover your long-term expenses. There are three key factors that you should always consider when comparing college costs.
Scholarships
Tuition fee varies from college to college, and some places offer partial or Fullbright scholarships. That also means more competition.
Not every student is lucky enough to get an all-expense paid scholarship. Even if the scholarship covers some of your expenses, that’s a good thing, right? Make sure to compare how much money would be spent out of your pocket.
Compare it with other colleges that don’t offer scholarships but have a cheaper tuition fees. Make a decision that seems most feasible considering long-term costs.
Student Loans
Student loans are common, and while they are helpful, not all have the same interest rates. Plus, they are a serious commitment that must be fulfilled.
Students can opt for federal or private loans, depending on their needs. Generally, federal loans do not require cosigners or credit history, and they are more forgiving in the sense that they allow flexible repayments, depending on the income post-graduation.
They have borrowing limits that may not cover all your expenses. In the case of private loans, you can get the money for low-interest rates, but a cosigner with a good credit score is needed.
Living Expenses
The living expenses should never be ignored. Big cities are generally more expensive in terms of accommodations, but they have cheaper public transport, so you don’t need a car to commute. On the other hand, small towns might have higher discounts to make up for the transportation.
Another factor to consider is how many job opportunities are available. What jobs can you do as a student? Where can you possibly get employed after graduation? Comparing these factors will help you make the right decision.
Conclusion
Your college plays a huge role in building your career, but ultimately the final decision boils down to the college costs. Make sure to compare your scholarship options, student loans, and living expenses before making the final choice.