1. That’s the cost for one semester?!
There are many costs associated with attending college, and it can be disheartening to look at the bill. Remember that you have options, though. It’s unlikely that you will end up paying the full tuition amount without any financial aid. Take a deep breath, and contact your school’s financial aid office; they’ll be able to lead you in the right direction.
2. Well, I’ll just pay it later.
If you have student loans, then yes you will pay for it later. But don’t let that be an excuse to drag your feet. Depending on the type of loans you have, you might be charged interest while still in school. If you can afford it, try making payments now to help offset the cost for you later.
3. Student loans are my only option.
The idea that loans are the only way to pay for college is a common one and an incorrect one. As mentioned earlier, you have options. Grants, scholarships, and aid are a few examples. Give that financial aid office a call; they may be able to find alternative ways for you to pay for schooling.
4. My student loan refund is already in my account. Why not have some fun?
It’s tempting to see that money sitting there in your account, but it’s not free. Even though refunds are deposited into your account, they are still loans that gain interest. If you don’t need the money to live, use it to make a payment on your loans. This will save you money in interest and allow you to pay your loans off more quickly.
5. Scholarships are for athletes, not me.
There are so many scholarships available through both your school and outside organizations. Don’t think you won’t get one because you’re not a star basketball player. Chances are, your school’s financial aid office will know of these scholarships and can help you apply for them.
6. If it’s this expensive, does it really matter if I go to school?
The U.S. Department of Education’s National Center for Education Statistics reviewed employees’ income and compared the amounts of those with a college degree to those without one. On average, men with a high school diploma earned $40,050 each year while women earned $30,010. Male college graduates earned $66,200 and female graduates earned $49,110. For an extra $20,000 per year, having a college degree can make a difference in your life.
For more help and some great resources, contact MSU’s Office of Financial Aid at www.finaid.msu.edu.