Question

A 750-word creative essay on how to close the financial gap to education and why access to higher education is important for all.

Answer 1

Most learners consider their economic assistance package to be insufficient to cover all expenses. This is partly because formulas of financial aid provide a harsh evaluation of the ability to pay, also due to hidden costs of college.

Even when colleges provide generous economic support, few learners can afford to write a check to pay college bills for the complete remaining sum. Financial assistance is only going so far and there is so much more to pay than tuition.

Grants-Financial aid formulas are complicated enough that subtle differences can have a major impact on need-based aid eligibility. For example, increasing the number of children in college at the same time can cause large decreases in the expected family contribution scholarships: scholarships are usually based on merit, such as academic, artistic or athletic talent. Apply to any scholarship you qualify for, no matter how small, even if it requires an essay to be written. After you enter college, continue looking for scholarships. There are some scholarships that you can only win after being enrolled in college.

Education tax advantages: Education tax advantages include tax credits and deductions claimed on your federal income tax return. Depending on how much you spend on school expenses, this can save you hundreds or even thousands of dollars. Examples include American Opportunity Tax Credit, Student Loan Interest Deduction, Lifetime Learning Tax Credit.

Break Up Big College Bills If you can't afford to pay one lump sum for college bills, ask if a payment plan is offered by the college.

Installment tuition plans: Installment tuition plans are a good alternative to long-term debt. Many universities offer tuition payment schemes that divide the college bill into up to 12 monthly installments. Tuition installment plans do not charge interest, but they can charge an upfront payment typically less than $100.

Finance Remaining Costs with Student Loans Consider borrowing student loans if you still have a gap between college expenses, economic assistance and other resources.

Federal parent credits: The Federal Parent PLUS loan is accessible to parents of dependent university learners to assist pay the remaining expenses of the student. The annual limit is up to the complete educational expense, minus any other assistance. Borrowers must not have an adverse credit history in the past five years, such as a latest severe delinquency or bankruptcy discharge, foreclosure, repossession, tax lien, salary garnishment or default determination. But loans from the Federal Parent PLUS are not dependent on credit scores or ratios of debt to income.

Private student loans: The student borrows a private student loan unlike federal parent loans. More than 90% of private student loans, however, require a creditworthy co-signer, which is often the parent, so the parent still has to repay the debt. If the borrower or co-signer has great credit, the interest rate and charges on a private student loan may be smaller than on a Federal Parent PLUS loan. Banks and other financial institutions offer private student loans, ranging from domestic lenders to state organizations to credit unions, so there are many choices to fund college expenses. For your specific circumstances, be sure to shop around to find the best loan.

Higher education enhances the quality of life of an individual. Studies show that college graduates have longer life spans compared to high school graduates, better access to health care, better dietary and health practices, greater economic stability and security, more prestigious employment and job satisfaction, less dependence on government assistance, greater government knowledge, greater community service and leadership, more volunteer work,

Moreover, college graduates are supposed to have greater use of seatbelts, more ongoing education, greater Internet access, greater attendance at live performances, greater participation in leisure and artistic activities, more buying books, and higher voting rates

Theoretically, higher education will also enable individuals to expand their knowledge and skills, clearly express their thoughts in speech and writing, grasp abstract concepts and theories, and enhance their understanding of the world and their community.

Being a graduate of high school does not open the doors as it did in past generations to many rewarding careers. Today, the U.S. has turned from a manufacturing-based economy to a knowledge-based economy, and today's significance of higher education can be compared to what it provided 40 years ago with a high school education: more opportunities and better career options.

For many, if not most, people, your fastest path to a rewarding career will go to college and receive higher education. You may not understand precisely what you want to do after graduating from college, but at least you understand that you want a more rewarding profession that pays off well.