dragonbook

55 UNIT VIII YOU CAN GET IT FOR YOU WHOLESALE STAYING OUT OF FINANCIAL TROUBLE [The money side of higher education changes rapidly, and much of this is out of date. Average debt load is now $30,000. I used to be able to promise students that, if they followed by advice, they could graduate without any debt. That’s still true for some, but not always true. Some of the advice below can at least help you keep the debt load to a minimum.] A number of years ago, the Lumina Foundation recently released a study claiming that skyrocketing education costs have put public higher education out of reach for low-income students. This is simply not true. While the “sticker price” of a four-year education is far higher than it used to be, and while the price of college costs continue to rise more quickly than inflation, financial aid money has increased rapidly as well. Unfortunately, most of that increased aid is in the form of loans, and, while very low income students can count on substantial PELL and/or SEOG assistance, moderate income students typically won’t see much in the way of grant aid. The average student these days has $25,000 in loan debt on graduation day. But it shouldn’t be this way: a student who is willing to live frugally and knows some of the tricks can often still pay for his/her education without taking out a dime in student loans. Truly needy students can count on receiving generous federal grants, educational assistance that does not have to be repaid. The NSU financial aid office summarizes the available programs as follows: FINANCIAL AID: Grants Grants are awarded on the basis of financial need. You must complete the Free Application for Federal Student Aid (FAFSA) in order to apply for federal grants.