Will Remote Learning Impact Your Education Costs?

Sep 8, 2020 by

Life as a student can be stressful. Between all-nighters and pop quizzes, you have to deal with the sticker shock of your tuition.

For those hoping to get a discount for taking online classes, here’s some bad news: colleges aren’t planning on reducing their prices.

Will this impact your finances? Keep scrolling to learn more about how you might handle the full price of tuition, off-campus.

Why Aren’t Colleges Reducing Tuition?

Colleges aren’t opening their campuses this fall due to health concerns, but they plan on charging you full tuition. That’s because you’ll still receive an education; it’s just the delivery that will change.

They claim you’ll still be getting the same interactions with peers and faculty, which is the true value of your education—not the time spent in the classroom.

As it goes, education’s value in USD is incredibly high. In the 2019-2020 school year, it cost anywhere between $10,116 and $36,801 depending on whether you went to a public in-state, public out-of-state, or private school.

What Loans Can You Help with These Costs?

You can save as much as you can, but most people end up needing to borrow money to fill in the gaps. If you’re wondering should you take out a loan, the answer depends on what type of personal loan you mean.

Generally speaking, you should only use private or federal student loans to pay for tuition. These financial products are designed to cover the cost of attendance.

Normally, the cost of attendance covers campus meals, residence, and textbooks on top of tuition. This year, your college may factor at-home living expenses into your cost of tuition. This distinction allows you to use financial aid to cover your at-home living expenses, provided your college makes these changes.

If you need to borrow money to pay for college, stick with federal student loans and don’t forget to apply for FAFSA (Free Application for Federal Student Aid). Nearly $3 billion goes unclaimed each year.

As for installment loans, reserve these for unexpected emergency expenses that arise now that you’re living off-campus.

Let’s say you’re now living in a suburb without a reliable public transit system; you may need a vehicle to get around. If you experience unexpected car trouble, you may consider an installment loan.

Before you borrow anything, always read over the final terms and conditions to make sure it’s something you can afford. That goes for financial aid, too. While some student loans won’t require payments until after you graduate, others will operate like installment loans in that you will have to make payments while you’re still in school.

If you do have to make payments while you’re enrolled, consider taking on a part-time job to help you cover this extra expense. You may also consider cutting back on your expenses by moving in with more roommates.

Keep this in mind as you prepare for a new semester. It may not look or feel like any school year you’ve had before, but it will likely cost the same.

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