Paying for college is a huge challenge for most students and families in the United States as tuition and education expenses continue to rise each year. What’s worse is that many people end up paying more back in student loans by not utilizing resources that are available to them.
The high school class of 2017, for example, left up to $3 billion in federal grant funding on the table due to not completing the Free Application for Federal Student Aid (FAFSA). Sallie Mae’s study on How America Pays for College reveals that the top reasons that families did not complete the FAFSA in 2020 were that they didn’t believe they would qualify for aid, missed deadlines, or trouble with the application. Overall, 14% of families didn’t know about FAFSA while 11% didn’t have the information required to complete the application.
Today, the $1.5 trillion that 43 million Americans carry in student debt has become a major problem as it has become unmanageable for so many. Having a plan to strategically manage your loans and understanding your options is a great place to start if you’re feeling overwhelmed by your student loan debt.
Comments