Financial Aid: A New Perspective
Student loans are a given these days, right? Not necessarily.
Federal financial aid and private lenders offer middle and lower income students the opportunity to start or continue their education. The easy availability of money to cover higher education is a great option when looking into higher education and how to pay for it. This means more people are encouraged to go to school to learn and develop into a career that will carry them through life.
On the flip side, understanding of the downsides to using financial aid are becoming more prominent in today’s society.
Many are calling the current state of student loan debt in America a crisis. American debt for adults aged 19-29 recently crossed the $1 trillion line and most of that is in the form of student loans. Overall student loan debt in America has surpassed the $1.5 trillion mark. Younger generations are increasingly entering the job market with more in debt than they can hope to pay off with their starting salaries.
With that said, there are some helpful options out there for those who opt to take out student loans to cover their education costs.
There are a variety of federal loan repayment options, some of which may mean you can qualify to have your loans forgiven after a period of time if you are a teacher, or work for the government or a non-profit organization. You can also apply for income based repayment so that your monthly payments match your income and what you can reasonably afford to pay. Despite these options, the fact still remains that student loan debt is a growing problem in modern American society and many younger generations are calling for a change in the system.
The benefit of this situation is that higher education institutions are increasingly being forced to change how they go about setting up tuition and payments for their programs. Students looking for a higher education degree require a more cost-effective plan if they are going to be able to take it on. Taft University takes this into consideration.
How is Taft Changing It Up?
Taft University regularly offers tuition grants to help our students cover the cost of their program. Instead of offering you the government’s money as a loan, we use Taft’s own money to offer you a grant that doesn’t have to be repaid. Our ultimate goal is to make education more accessible for working professionals who want to further their knowledge, skills, and careers. We see that tuition prices are growing in general and we want to offer a solid option for getting a great education without breaking the bank.
We also offer interest-free payment plans that will help you pay for tuition without accruing more debt over time. While we are approved for federal student loan funds, we currently choose not to offer that for our programs because we take pride in helping our students graduate with as little debt as possible. With our payment plans, you’ll pay a deposit followed by five monthly payments. Your balance is not charged interest.
Think about your car payment – what do you pay each month? What if you paid that much for your education over the course of your program and then walked away at the end of your degree with zero debt?
It’s a new way of looking at the cost of higher education – and seeing a future without debt.
For more information on tuition, Taft’s payment plan, or how we work with employers on tuition reimbursement, feel free to contact Admissions:
Megan & Ni