Funding the costs of post-secondary education

Janice Zerbe<rajzerj@msu.edu>, Michigan State University Extension -

There are options families can explore to fund post-secondary education while minimizing debt.

As many young adults can tell you, there are many costs associated with attending any type of post-secondary education. The tuition alone can be tremendous. According to “Back to school report: Rising tuition and weak state funding and financial aid create more student debt,” a recent report by the Michigan League for Public Policy, Michigan has the sixth highest tuition in the United States. Michigan’s economy and job market continue to demand well-educated workers, yet many students are unable to afford a college degree altogether and many more are incurring a mountain of debt to pursue one.

Youth need to start thinking at a very young age how they might pay for their post-secondary education. There are parents that plan to pay for post-secondary education, but have found they have not been able to put enough money aside to cover the entire cost. According to the report mentioned above, 62 percent of Michigan college students gradated with debt in 2014; their average was nearly $30,000. The cost of attending a post-secondary institution continues to rise.

There are many ways to fund the costs associated with obtaining a post-secondary education. Youth and their families should investigate federal student aid programs and scholarships, as well as saving plans. Learning about financial aid options benefits youth planning to attend some type of post-secondary education. Careful research can help a young person and their family figure out a way for youth to achieve a post-secondary education.

“Build Your Future: Choices, Connections, Careers,” a National 4-H curriculum written by Michigan State University Extension 4-H staff members, has a lesson devoted to funding a post-secondary education. In addition, you can visit the MSU Office of Financial Aid website.

This article was published by Michigan State University Extension. For more information, visit https://extension.msu.edu. To have a digest of information delivered straight to your email inbox, visit https://extension.msu.edu/newsletters. To contact an expert in your area, visit https://extension.msu.edu/experts, or call 888-MSUE4MI (888-678-3464).

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