Financial Literacy
For Your Future



How Should I Pay For A Post High School Education?

This question is not for everyone, because it is dependent upon the answer to another of life’s question-that being “do I attend a post high school education program”?  For many, the answer to this question is yes, consequently many people need to address the payment for that choice. The real cost of a post high school education has been identified in the choice of what to do after high school, but a quick review is in order to refresh one’s memory and begin to embrace the real cost once again. Use the following list to begin the process: 

  • Tuition
  • Student fees
  • Books, supplies, technology requirements
  • Room and board
  • Transportation
  • Entertainment
  • Communication
  • Health insurance
  • Budget busters (Holidays, vacations, illness, legal bills)
  • Foregone income from full time employment

Putting dollar amounts next to these expense categories quickly makes the question of how to pay the bills critically important. For the record, depending upon the specifics of your plan the real cost could range between $25,000 to $75,000 per year or more. Bad choices at this point could negate many of the benefits associated with more school and, in fact, could set the stage for financial troubles for the rest of your life.

The stage is set to begin the process of identifying funds and creating a portfolio of specific money sources that will pay the bills without creating long term financial difficulties that will haunt you for the long term. Use the following list to identify possible sources of income that fits you and project the amount each source can provide: 

  • Scholarships
  • Income from previous part time and full time employment (savings)
  • Projected income from part time employment while attending school and full time summer employment
  • Government(s) financial aid (Perkins Loans, Stafford Loans, Federal Plus Loans, etc.)
  • Private financial aid Grants (Pell Grants, etc.)
  • Work study
  • Gifts
  • Family assistance
  • College investment funds
  • Cash value from insurance plans

Your thoughtful consideration of how you are going to pay for post high school education will quickly connect you to your current financial fitness. If you are struggling financially, you will find it more difficult to move ahead and meet future education goals. Basically, building from a poor financial foundation is far more difficult than building on a solid one. This will be the case for any major purchase for the rest of your life.

Although much of the information you will use to make good decisions regarding how to pay for post high school education revolves around dollars and cents, the process of coming up with good plans/answers will still employ the decision making guide. Follow the guide using each possible source of revenue as a choice option. Then combine your acceptable components into your payment portfolio. Be prepared to spend a considerable amount of time on this application as it has many parts and is very important.

Applications Insights Guide - click here for facts to aid your decision making process

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