Is education worth the investment? This is the question that many parents and students inevitably ask when looking at the initial upfront cost of earning their college degree. And although it is often difficult to see at first, the answer to this question is still a resounding "YES"!
According to the U.S. Bureau of Labor Statistics, college graduates have lower unemployment rates and higher earning potential over their lifetime than those who only hold a high school diploma.
Higher education has been in the news for several years in regards to tuition cost and loan debt. The cost of your students education plays a very large part in your families choice of the right college. At RMU, we understand this component and we work with families and students so they can fully understand what financial aid is available and their options for covering their tuition. A majority of our students do not pay the full amount of tuition because a students' financial aid is their to help cover it! Here are some tips to ensure that you and your family are not paying the full tuition cost:
There is a very real concern that students are taking on more and more debt in order to complete their education while not feeling the true financial benefits of having a degree. However, research still shows that federal student loans are a good way to help families finance their students education and allowing students to build their credit.
A study conducted by Collegeboard in 2010 indicated that even during the recession years, students holding Bachelor Degrees recouped their upfront loan costs within 11 years of graduation (Coggin, S.). Remember - your students will be working for at least 40 years; which means that they will have earned back what they had initially invested within less than a third of their careers! Proving that student loans are still an excellent way to finance your students education.
It is important to make sure that they are keeping track of their loan debt throughout their education by visiting nslds.ed.gov once they are enrolled. As well as encouraging them to only take out what is needed to help minimize the cost while they move throughout their education.
It is also wise to keep in mind that all federal student loans can be paid back during schooling without penalty - your student doesn't need to wait til after graduation. A good tip is to at least pay on any interest that might be accruing as they progress in their education.
Your student's top concern should be determining whether or not a particular institution is a good fit for him or her. Students should apply to the college of their choice, and then work with their financial aid office to determine a plan to enroll.
And know that at RMU, we are here to help you through the process! Our Admissions and Financial Aid staff are dedicated to assisting you with any questions or concerns that might come up prior to your student enrolling here.
We firmly believe that the financial aid process is and should be a collaboration between the student, their family, and the institution. Please contact us if you want further information on our process and we look forward to seeing your students in our hallways soon!
Coggin, S. (2010). Education Pays 2010 Report Shows College Graduates Weather Recession Better Than Others. Collegeboard, para. 5. Retrieved from http://press.collegeboard.org/releases/2010/education-pays-2010-report-shows-college-graduates-weather-recession-better-others
Earnings and Unemployment Rates by Education Attainment. (2012). Retrieved from: http://www.bls.gov/emp/ep_chart_001.htm
Robert Morris University Illinois is a private, not-for-profit associate, baccalaureate, and master's degree-granting institution, accredited by the Higher learning Commission of the North Central Association of Colleges and Schools (230 South LaSalle Street, Chicago, Illinois 60604, 312.263.0456) and authorized by the Illinois Board of Higher Education (1 N. Old State Capitol Plaza Suite 333, Springfield, Illinois 62701-1377, 217.782.2551, IBHE Feedback). Robert Morris serves over 4500 students interested in getting an education that meets the demands of today's business, graphic arts, health care, culinary and technical world at its main campus in Chicago as well as at locations in Arlington Heights, DuPage, Elgin, Orland Park, Bensenville, Schaumburg, Springfield, Peoria and Lake County.
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