NEW YORK (MainStreet) — Just how high has the cost of college tuition risen?
In fact, the cost of college tuition has soared 20 times faster than the typical college grad’s annual income. That has fueled skyrocketing college loan burdens, to the tune of $33,000 for the average college graduate.
If those figures make college students, and most likely their moms and dads, get a serious case of the vapors, who could blame them? Yet once they clear their heads, and get a grip on the situation, families grappling with college costs would do well to look for savings via college financial aid packages.
Pamela Yellen, a money management expert, says “maximizing financial aid” is a good way to cut college financial costs - if you know the right questions to ask. "Paying for college without spending your life's savings is one of the biggest challenges faced by families today," Yellen says. "Families today must look outside conventional methods of paying for college, most of which come with hidden drawbacks and many strings attached."
To make the unconventional “conventional,” college finance experts contacted by MainStreet advise asking the following questions of a college financial aid officer: