Is post-secondary education really worth the cost?

One of the most important things to consider when it comes to post-secondary education is what it will cost. Of course, there is tuition to worry about but things like housing, textbooks, transportation and food all drive up monthly expenses.

For those that are not prepared for these additional fees, you might be surprised on graduation when you leave with a hefty loan. That’s why you need to be financially savvy and consider all the financial repercussions of attending school before you step on campus.

After all, things like loans, grants, scholarships, budgets and smart financial planning can make your education experience a success.

If you’re at a loss of where to start planning for your post-secondary education, continue reading below where we’ve outlined the top five financial things to consider when it comes to post-secondary education.

1. Student Loans

Loans are a big commitment. That’s why it’s important to understand exactly what you’re getting into before you take one on. Prior to signing, be sure to read through the conditions of the loan and pay close attention to things like the interest rate and the repayment schedule.

It is also important to consider what it means to graduate with debt and the stress that can come along with it. Loans can take a very long time to pay off and be a huge burden to carry around in daily life. So, to prevent this anxiety from impacting you by preparing a solid repayment plan (with a reasonable timeline and budget) before you graduate.

2. Scholarships and Grants

Scholarships and grants are valuable sources of funding that prevent many from graduating with debt. There are many different types of scholarships and grants ranging from those that are need-abased, minority-specific, or merit-based. Regardless of which one you apply for and get, it will take some time to find them by researching and applying to the programs. Just be patient while researching and applying as some applications may require things like interviews, written essays and tests.

3. Will You Work?

An important question that potential students may want to ask themselves is if they will be working during the school year. Working part time, on a freelance basis, or even during the summers can be a great way to off-set costs throughout the school year. But, if juggling a job and a full course load can become stressful it may be wise to re-evaluate your finances and see if work is really something that is beneficial.

4. Earning Potential

Although something might sound interesting to study, it’s important to research the earning potential of the subject you are choosing. If the degree or certification does not lead to many job opportunities, or the jobs that it leads to are low-paying it may be worth it to reconsider the degree. Otherwise, you could end up graduating with a bunch of debt and not a lot of attractive job prospects.

5. Living Expenses

The cost of living is going to be different for every student and can drastically impact how much money is needed to attend school. For example, people that are able to live with parents rent-free won’t have to worry about the cost of things like rent, cable and water. So, be sure to assess your living situation to gauge how much you’ll need to set aside on living expenses.

If you’re still feeling lost about post-secondary expenses consider getting professional help from someone like us at A.P. Accounting & Tax Services. One of our financial professionals will be able to help with things like budgets, loans, and repayment plans before you take on a huge loan. So, give us a call at 407-328-5001 today.

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