College is something that we all hope and dream will occur in our lives. It is an enriching experience that offers many the first open door to adulthood and living independently. But at what cost? College educations are highly valued, but are putting million of students into large sums of debt. Over 40% of students under 30 have education loans that are past due and many have debts over six figures. Why is college becoming so expensive? Learn the major factors here and how you can control your own student debt.
Over the last ten years, nearly every college has seen price increases for tuition. Whether to improve the college experience, increase educator salaries, construction, or any other number of reasons, college tuition is continuously costing the average family more per dollar than ever before. These incremental increases are causing students to take out more college loans than they can handle just to finish an education they have already started.
Government Funding Cuts
Colleges are seeing educational grants and services from the state and federal level dwindle or altogether disappear. Schools are making up for the lack of funding by pushing the buck to students attending each year. The more the state and federal governments cut, the more likely students are to see increases.
Why do colleges need more than just the current tuition and government funding. Many schools are seeing operating costs increase across the board. Inflation causes daily necessities to run the entire school to increase including lodging, food, and utilities, leaving less money for other portions of the education system, including educator salaries. Covering the costs is then passed on to the students.
I Owe for School. What Can I Do?
We know your education is extremely important to you and is something that will hold value for years to come. But how will you be able to manage your principal debt and interest? It is very likely that over the years you were forced to take out multiple loans with different interest rates and time periods. You are able to take these many loans and mold into one with student loan consolidation. This enables companies like Infinity to negotiate and act on your behalf to obtain your existing loans and create a consolidated loan with an improved interest rate and time period. This means you will likely be paying less interest towards your loan over the years saving your well-earned money thanks to your education.
Want to learn more about student loan consolidation? Infinity Consumer Services is the leader in debt consolidation and enables you to live a life with financial freedom. Learn more today!