Introduction When talking with potential college students they always talk about the high price of college and the rising costs of tuition. This section will help E-Guides field general questions about financial aid, the Free Application for Federal Student Aid (FAFSA), scholarships and other related issues. The Ohio College Access Network compiled the information in this section through its partnership with Student Loan Funding (SLF) a subsidiary of Sallie Mae, one of the largest student loan providers in the nation. This section provides many links to web resources including the Federal government and Sallie Mae’s college planning website, www.collegeanswer.com.
Key Point It is important to consider a college education as an investment. According to U.S. Census Bureau statistics, people with a bachelor's degree earn over 80 percent more on average than those with only a high school diploma. Over a lifetime, the gap in earning potential between a high school diploma and a B.A. (or higher) is more than $1,000,000. What this boils down to is that sacrifices made for college in the short term are more than repaid in the long term.
Price vs. Cost Potential students need to look beyond a college's "sticker price" and find out what the average American student actually pays, to get a truer sense of what college actually costs. Although some price tags can be quite daunting (for example, colleges that charge more than $25,000 for yearly tuition and fees), the fact is that most college price tags are a lot less expensive than you might think. Financial aid, in the form of grants, loans, or jobs, further reduces the amount students have to pay.