Sally signed a contract with a for-profit proprietary (private) college to earn her nursing degree. The school never gave her a total cost of tuition for the entire program. Instead, they told her how much it would cost per credit hour. She found that their advertisement to assist with financial aid amounted to helping apply for a Pell Grant and student loans. When it was finished she found that she had incurred a debt of $48,000 for an Associate Degree in Nursing. She did not have the money to pay off the loans and had to go to work. She never completed the second semester, but still had to pay the full loan. The contract was iron-clad.
Ascertaining the Cost of an Education
Costs of an education continue to increase. State schools need to hike tuition to cover reduced tax revenues and increasing demand for education. Private nonprofit schools also find reducing donations and returns on locus investments reducing revenues. Several studies indicate the strain placed on paying for school.
Most state and private schools publish their tuitions very clearly. They describe full-time tuitions by semester or even part-time tuitions. They also list exactly how many semesters or hours typically constitute a given degree. Many programs will tell you the total cost of the degree if you stay on track.
Unfortunately, some schools make it difficult to identify the full costs of the education. For example, while you may find tuitions costs easily on the web sites for some schools. Others schools conceal the tuition costs never advertising them publicly. instead, they force you to call a phone number or share your contact information with them.
The phone call or information begins a long protracted process of them closing on you signing a contract for admissions. Usually, you still will not understand how much money you will pay before you get the degree. Comparing other schools can save you thousands of dollars.
Tuesday we review the Dow Jones News Fund Inc. as a source of financial information
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