Regions offers diverse financial aid advice concerning college tuition through its Web site, in brochures, and at community and high school fairs. Our purpose is to make college-bound students aware of all the financial matters involved in pursuing higher learning and realize how important it is to think about their financial future before, during, and after college.
"Realistically, the majority of students will be in debt when they graduate from college," says Donna Ready, vice president of Regions Education Lending. "The average annual cost for a state school is about $19,900 and a majority of college-bound students can't afford to go to school without taking out loans. However, there are steps they can take now to better plan for the future and help offset some of this debt."
Some of these steps to save money include:
- identifying areas where spending cutbacks can be made, such as entertainment and food costs
- establishing the difference between needs and wants in purchasing
- working with a financial counselor to get rid of credit card debts, car loans, and unnecessary personal expenses.
Learning the Value of a Dollar
With the economy currently experiencing a downturn, more students than ever are forced to find additional ways to fund tuition, living expenses, books, and other college-related costs.
According to www.collegeboard.com, nearly 5.4 million students received Pell Grants from 2007 to 2008 and 8.5 million taxpayers benefited from federal education tax credits. However, taking out loans is not the only way students can help fund their education. Other avenues include researching scholarships and grants that colleges offer.
"There are plenty of opportunities out there for students to save money, but unfortunately, many parents and students are seldom aware of these avenues," says Ready. "Parents really need to help their students prepare for college by working with them to make sure they have explored every option in a responsible manner. The end result can be a brighter future with less debt."
Find out more about education loans available through Regions here.