Recently while talking to a group of 8th grade students about the cost of college I got the same wide eyed expression and comments of disbelief. There is no denying that the cost of attending a four year university is expressive. The cost, of course, depends on the school, length of program, type of institution, and other factors. According to the Institute for College Access and Success(PDF) in 2013, 69% of seniors graduating from a college or university left with a
n average of $28,400 in student loan debt. In Ohio, 68% graduated with an average of $29,090 in student loan debt. While the cost is undeniably high, there are several programs available that are worth checking into when thinking about paying for school and for paying off student loans. I have become aware that many people do not know these programs exist and the real benefit, financial and practical, that these programs can have.
The Reserves Officers’ Training Corps, more commonly known as ROTC, has many educational financial benefits both during and after college. These range from loan forgiveness, scholarships, and lower interest rates on loans during repayment. The educational benefits vary depending on the type of ROTC program, Army, Navy, Air Force, or Marines, as well as other qualifying factors. Most colleges and universities offer at least one ROTC program. It is important to talk to the ROTC representative at the school to learn more specifics of the program and financial benefits.
The AmeriCorps program, a service program supported by the U.S. government, offers an education award for the completion of the terms of service, usually one year. This education award can go towards paying off loans as well as paying for attending college. Additionally those in the Teach for America program can apply to also be part of AmeriCorps. Teach for America also offers some financial benefits for first time teachers in the program, continuing support for teachers in the program, as well as further education, such as fee waivers or scholarships for some graduate school programs.
Those working in various public service work, usually in government and non-profit organizations, may qualify for Public Service Forgiveness through the Federal Student Aid Office. Those working at qualifying non-profits or government employers for ten years may be eligible for loan forgiveness. Service in the Peace Corps can also qualify as public service, and may be applied to count towards those ten years of service as well as other educational benefits for continuing education.
For those going into education the Federal Student Aid Office offers a Teacher Loan Forgiveness opportunity. In order to qualify you must work at a qualifying school that serves low-income students among other requirements. After five years of continuous teaching, you may have a substantial amount of loans forgiven (up to $17,000 in some cases).
Some employers offer employee educational benefits for those wanting to or needing to get higher education for advancement. Some employers may hire in an employee with a Bachelor’s degree while then agreeing to pay for the employee to get a Master’s degree while continuing to work for the company or organization. Some may require a commitment of being with the organization for a certain period of time for these educational benefits to take place, while others may require you to attend a certain school in order to receive assistance.
It is important to note that these programs each come with a very specific set of guidelines that should be carefully researched to see if you qualify and the benefit you may receive. The great thing about all of these programs is that it gives real life experience while at the same time advancing a career or education. These are also some of the many programs that exist that may help in giving some relief to students and families when financing college.
