The cost of a College education is rising each year. I have 2 children, ages 2 and 7 and can only imagine what costs will be in 2028 and 2033. For example, The University of Alabama cost of attendance for the 2017-2018 academic year is estimated to be $30,184 for in-state students and $48,634 for out-of-state students.
Direct Cost and Indirect Cost
The tuition is broken down into 2 main categories – Direct Cost and Indirect Cost. The Direct Cost for in-state students includes Tuition and Fees ($11,580), Room ($8,900) and Board ($4,324) for a total of $24,804. The Indirect Cost for in-state students includes Books ($1,200), Transportation ($1,740.00), Miscellaneous ($2,380) and Loan Fee Estimate ($60) for a total of $5,380. That brings you to the grand total of $30,184 per year. That’s a 4-year total closing in on $125,000. The 4-year out-of-state total is even higher at near $200,000. At least as a freshman, these costs are unavoidable as you are now required to live on campus. And while it appears at least some of the indirect amounts are estimates and maybe you can save a $100 here or there, there is no doubt the cost is definitely expensive.
Are you overwhelmed? I know I am.
Unfortunately, in the competitive work force of today, it is almost a necessity to receive some sort of education after high school. Thankfully, a 4-year college, though a great option isn’t the only option. There are awesome programs at technical schools and associates degrees from 2-year collages for skills needed in the workforce today. I spent my first two years of college at a great 2-year school, living at home to save money. Regardless of path chosen, education post-high school is expensive. So it is imperative to have your child research and apply for every possible scholarship available. Every dollar you save by not taking out student loans can pay dividends to your child for a lifetime. Don’t wait until it is too late to save for your child’s college education and make them do so as well. If you could put back $100 per month from the time your child is born until he begins college that would equate to $21,600 without adding any interest earned.
If you find yourself overwhelmed by debt and are having difficulty paying your credit cards, medical bills or personal loans, not to mention your mortgage and vehicle loans, please call one of our conveniently located offices at Bond & Botes to set up a private consultation with one of our experienced attorneys. Getting out of debt now, can help your ability to save for your own retirement and your children’s future. You can shape not only your future but your entire family tree. I want better for my children than I had myself. I’m sure you are the same.
We will analyze your situation and help you make the best decision possible to help you navigate your financial problems.
Grant McNutt is a Managing Attorney at the Bond & Botes Law Offices in Florence and Haleyville, Alabama. He holds a Bachelor of Science from the University of Alabama, and a Juris Doctorate from the Birmingham School of Law. He has been practicing Consumer Bankruptcy Law since 1999.Read his full bio here.