March 2022 | My College Corner
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Month: March 2022

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Financial Aid 101: How much did you get?

Mar 25, 2022

College admissions decisions are arriving – a joyous time for students relishing their success. A disappointing moment when dream schools say no. No matter which, these emotions will soon be overrun by the reality of making a school choice. And then figuring out how to pay the coming college bill. Lurking under it all: how much student loan debt will be required to get to graduation?


  1. It’s cheaper to save than to borrow:

Regarding college expenses, today’s environment is much more multidimensional than the old maxim of “a dollar saved is a dollar earned”, as many utilize student loans to cover the rising cost of higher education. Having to borrow becomes a much more costly endeavor long term, whereas savings is a more attractive option. For example, saving $100 per month averaging a 4% rate of return compounded annually over 18 years would produce about $31,437.