Why You Should Pay for College Yourself

Why You Should Pay for College Yourself Five Reasons Why You Should Pay for College Yourself College is an expensive proposition. As noted by NCES, the average annual cost of tuition alone is about $6,600 for public institutions, $31,000 for private nonprofit institutions, and $14,000 at private for-profit institutions. When you add room and board and other education-related costs, the average costs range from about $17,000 to $43,000 each year. Related Articles Amount of Spending Money a College Student Needs Amount of Spending Money a College Student Needs Should Governments Help Pay for College Should Governments Help Pay for College Average Cost of College Education Average Cost of College Education On average, just one year of a college education costs about the same as: A new Dodge Charger An eighth of a house in Texas Multi-day tickets for four to Disney World every year for 25 years When you compare the cost of college versus what that money can buy, it really is a good bargain. And there are some excellent reasons to pay for college yourself. Reason Number One: Vital Life Skill The average cost of college has been rising 6 percent above inflation each year. Although the reasons vary, institutions across the country, from Virginia to Nebraska to Memphis, are raising their tuition rates each year. This means tuition will only be higher by the time you get to college. By saving money, working as much as you can in the summers or during school, and obtaining whatever free grants or scholarships you can, it means you'll likely not have to rely as much on expensive interest-accruing student loans. You're already making a savvy financial decision and mastering one of life's most vital skills: smart money management. Reason Number Two: Less Stress Continuing on the topic of student loans, the United States has $1.3 trillion in student debt. The total amount in mortgages is higher, but what is truly frightening is the 11 percent delinquency rate of student loans, much higher than the 1.3 percent delinquency rate of mortgages. In addition, students who have loans are less likely to become home owners in the early years of life after college.