College costs are skyrocketing. Here's how to decide if that high price tag is worth it investinyou (In partnership with acorns.)
The more relevant that alumni consider their college courses to be in their work and daily lives now, the more likely they are to agree they received a high-quality education that was worth the cost. In fact,last year by Strada Education Network and Gallup found that relevance was the strongest predictor of consumers' perceptions of college quality and value—stronger than gender, race, income, age, field of study, level of education or cost of the school attended.
These include annual limits on borrowing — $5,500 for freshmen, rising to $7,500 for junior year and beyond. Plus, the loans come with a variety of repayment options. Many of them are tied to the borrower's income, making them more affordable on a monthly basis for newly-minted grads struggling to get by on a modest starting salary.
With parent PLUS loan rates currently at 7.6%, you may be better off tapping your home equity with a home equity line of credit, currently averaging 5.5% nationally. Or, better yet, encourage your student to go with a more affordable school for your family.One common reason students fail to graduate on time is that they switch majors and then need another semester or two or four to complete the additional coursework required.
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