How to Afford Rising College Tuition Costs

In general I’m a pretty big nerd when it comes to all things financial.  I love a good spreadsheet, and really enjoy analyzing a solid set of statistics.

Since I do a lot of this in my day job, it’s rare for me to be truly surprised by individual statistics.  But I came across a few recently that really boggled my mind, and they all have to do with college planning:

  • Student loan debt in the U.S. has increased 510% over the last 10 years
  • Across the country, we’re taking on $2,701 in student loan debt every second
  • 16% of student loan borrowers are currently in default, and another 27% are either delinquent or in postponement

These are some pretty astounding numbers.  You may have already heard that tuition costs are going up 7% each year, or that as a country we now have more student loan debt than we do credit card debt.  But a 510% increase over ten years is astronomical.

Since saving for & affording college is relevant to the majority of parents, I thought it’d make a great post on the blog.  So, today’s post covers affording college & need based financial aid.

To get to the bottom of the issue, I’d like to welcome Melissa Ellis to the blog.  Melissa is the founder of Sapphire Wealth Planning, a CERTIFIED FINANCIAL PLANNER, and a subject matter expert when it comes to education planning.

Welcome Melissa!

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