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Wow!
I missed you guys!
Hey there!
Welcome to Life Noggin!
After high school, many of us look to college
as the gateway to better, higher-paying careers.
In fact, in some cases, it’s pretty much
mandatory if you want to get ahead and build
yourself a better future.
And since colleges know this, they get away
with a lot, and it makes me kinda mad!
Despite them promising this brighter future
for their students upon graduation, they certainly
are not helping those same students afford
to attend, and in some cases, they are being
outright shady about it.
From the absurd cost of textbooks, which could
be nearly eliminated if colleges instead opted
to use open-source material, to hidden expenses
like housing, parking, transportation, food,
and supplies which add tens of thousands of
dollars to the overall college cost, to tuition
prices, which have more than doubled in the
last 40 years.
All of this combined equals....well, students
being really broke.
But of course, there’s many sources of financial
support to help those who can’t afford college
costs pay for their learning expenses.
These include scholarships, institutional
aid from the college itself, and financial
aid from the government..
Sounds great, right?
Well, this is where colleges have been found
to be a little more than sneaky.
As demand has increased, financial aid programs
have been increasing over the years, providing
more than $160.7 billion to help students
pay for college.
However, many researchers believe that this
increase may actually be prompting colleges
to raise their tuition prices, ultimately
negating the help that financial aid provides.
And, even though the vast number of colleges
available to prospective students should lead
to more competitive prices, colleges seem
to be able to charge as much as they want.
One reason for this is that they don’t leave
much time for comparison shopping.
While most students get at least some financial
aid, they typically won’t know just how
much until the college accepts them.
This means that they won’t know how much
they’ll have to pay out of pocket or through
loans until then.
And the loans they offer can be really dangerous.
One popular for-profit college shut down after
it was accused of illegally collecting high-interest
private loans that it marketed to its students.
Your financial aid package may also change
over time.
Some schools “front-load” the financial
aid to attract freshmen, but then decrease
it after the first year or include grants
or scholarships that aren’t renewable every
year.,
But it turns out that college tuition and
financial aid packages aren’t set in stone.
You can negotiate with the financial aid office
to lower their prices, get a tuition discount,
or ask for more financial aid.
Not a lot of people know this!
Doing this, you may be able to lower the cost
by 5 to 15 percent, which can save you thousands
of dollars.
Ultimately, the amount that you earn after
college, made possible by a degree, is supposed
to make up for the expense.
While most non-profit schools offer this return
in investment, that is not always the case,
especially with for-profit schools.
Some of these have been accused of defrauding
their students through false marketing and
providing a poor quality education.
This leaves students in lots of debt without
the ability to get the job required to be
able to pay it off.
A report published in 2020 found that only
49% of for-profit schools deliver enough financial
gain to offset their costs, compared to 94%
of public and 86% of private non-profit colleges.,
But while you will most likely be able to
pay off your college debt over time, no one
wants to be in debt, especially since the
average amount of student loan debt per borrower
was $37,500 in 2020.
Luckily, you can also seek financial aid help
from outside sources, such as Mos
Finding college funding is a complicated,
time consuming process.
There are thousands of grants and scholarships
that are hard-to-find, have varying eligibility
criteria, confusing applications, and fluctuating
deadlines.
The FASFA application for student financial
aid alone consists of over 100 questions and
one study found that over 800,000 students
didn’t complete the application, resulting
in $2.9 billion of available financial aid
going unused.
In addition, surveys have found that students
don't receive enough communication from their
financial aid office, which can lead to further
confusion and application errors.
So, sometimes they lie to you and other times
they just don't do anything at all.
Look, all these practices suck.
Sorry for the potty mouth!
They’re meant to confuse you, keep you broke,
and they often leave you feeling hopeless.
Again, colleges know you most likely need
school, and they’re going to take advantage
of that.
Being aware of the shady practices can help
you navigate this “post high school” world
a little better.
I love learning and the idea of higher education.
What I don’t love is students being duped.
So, are you planning on going to college?
What are you studying? and are you excited?
Nervous?
Let's talk about it in the comment section
below.
Our friends over at Mos, who sponsored this
video, are giving students the ability to
hack through those annoying practices and
claim more of that financial aid money that
metaphorically gets lit on fire every year.
They’re a banking product built to help
students AVOID debt by giving them access
to the LARGEST scholarship pool in America,
by matching them with all the financial aid
they qualify for, and helping them to negotiate
with their college for more money.
Their customizable debit card comes with no
overdraft fees, minimum balance requirements,
or late fees, AND an easy to use, feature
packed app that lets you set up direct deposit
in minutes!
If you’re struggling with finding money
for school, or you might be soon, check out
Mos by clicking the first link in the description.
Thank you for supporting their great cause,
which in turn supports life noggin, and thank
you to Mos for making this video possible!
As always, my name is Blocko, this has been
Life Noggin, don’t forget to keep on thinking!
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