Get Schooled on Student Debt
Americans are more burdened by student loan debt than ever before. In fact, Americans now owe $1.5 trillion in student loan debt and many families struggle with college affordability even decades after graduation. October marks the opening of the application period for the Free Application for Federal Student Aid (FAFSA), and it’s recommended parents don’t delay and miss out on available money to help offset the rising costs of college. Understanding the types of awards available, and accounting for true costs of higher education can help families save thousands.
Among considerations for families:
What types of financial aid should we apply for?
How do we complete and update the FAFSA and look for scholarship and grant opportunities?
How can we manage student debt?
As parents how can we be a positive role model, and protect ourselves from debt?
Pat Seaman, financial expert at smartaboutmoney.org discusses the burden of student load debt and strategies to help lower the cost of college.