College Loans

College Loans

Depending on where you decide to go to college, the price tag for your higher education doesn’t have to be outrageous. While there are private institutions out there that charge $20,000 an academic school year, more reasonable avenues to a college degree exist. On average, tuition for a public four-year university runs around the $5,000 mark.

Your higher education can be paid for through a myriad of sources including federal and state grant programs, federal loan programs, scholarships, and private college loans. Down almost every student aid avenue the cost of attendance (COA) comes into play.

The financial aid administrator of the school you plan to attend calculates the cost of attendance. This figure represents the entire amount of money it will cost the student to go to school for an academic year.

The COA includes the following:

Tuition and fees

Room and board (for students residing on campus)

Housing and food allowance (for off-campus students)

Textbooks

Miscellaneous school supplies

College loan fees

Transportation

Dependent care (if applicable)

Costs related to a disability (if applicable)

Miscellaneous expenses (such as an allowance for a personal computer)

If you plan to attend school less than half-time, the COA does not include room and board. Other items can be added to the COA list under special circumstances. If you have an unusual expense, contact the school’s financial aid administrator to see if it can be added to your COA.

Government grants and college loans are awarded based on your financial need and COA. On average, at a public four-year school, a COA is approximately $12,000 for the year. Keep in mind, however, this figure can change greatly depending on your personal circumstances. If your government student aid awards don’t completely cover your COA, you also have the option of seeking assistance through a private college loan. To learn more about private college loans visit our homepage located at www.student-loans.net