In 2008, the national average debt for a graduating senior was $23,000, according to the Department of Education. For private universities, the average debt was around $33,050. And those averages don’t include scholarships, grants, and other means of financial aid that students earn.
Acquiring financial aid is a tough process, despite the fact that it is available to many students based on need. A common type of aid, the FAFSA, or “Free Application For Federal Student Aid” is often a long process and typically doesn’t pay for the majority of student aid.
Although students are awarded scholarships, loans and grants in order to pay for school, many overestimate their ability to acquire such aid. According to Betty Schneider, the college counselor at Langley, lots of students assume they will receive financial help, but the reality is that many colleges prioritize financial assistance on a
need basis.
When faced with the decisions between attending an expensive, top choice college and an affordable (but less desirable) school, some students are reluctant to pass up the dream school because of financial issues. Senior Logan Fraley said that “applying to a private school is a decision I’ve made because if I’m accepted, it would make me happier for the next four years.”
Even with the fiscal barriers that some schools entail, many others share Fraley’s belief about college. “College should be where a student has fun and excels. It’s like buying a dress. You buy the one that feels great,” said Schneider, “but students should find out about their financial situation before applying to a school and consider that throughout the application process.”
“It is most depressing when a student gets admitted to a prestigious university that they then find out that finances don’t work out,” added Schneider.
Some students do consider cost a principal factor when applying to colleges. “Cost is a big factor, especially since it is hard to pass up good state schools for such low prices,” said senior Nate Bremer.
But with 4,352 colleges and universities in the nation, there’s no shortage colleges to choose from. “People can succeed from all angles in life, whether they go to Harvard or a small state school,” said Schneider.