College Readiness

The American dream has historically been about going to college to achieve a four-year degree to pursue a career that will bring financial stability. People all over the world come to the United States to obtain a degree from reputable institutions. Many have been told a college degree provides them with attractive job opportunities and higher salaries.

While college does indeed offer numerous lifestyle benefits, it is one of the most expensive investments a person will incur in their lifetime. In fact, the most recent data from College Board shows that in 2020, the average cost of a full-time education, including tuition, fees, room & board, books, supplies, and transportation ranges from $18,550 to $54,880 per year, depending on the type of school. The cost for a four-year in-state public college is $107, 280, yet the cost for a four-year, out-of-state public college is $173,120.

Americans owe nearly $1.75 trillion in student loan debt, spread out among about 46 million borrowers. That’s roughly $440 billion more than the total U.S. auto loan debt. The United States faces a student debt crisis of epic proportions, as student loans are now the second-largest household debt behind mortgages. Yet even if this doomsday scenario does not come to fruition, a whopping one million borrowers default on their federal student loans every year.

The economic impacts of default are not only severe for the individuals involved, who face huge hits to their credit scores, wage garnishment, and an inability to take out loans to complete their degrees, but also to the economy as a whole. Defaulters are even less able to participate in the activities that drive the economy than their debt-saddled counterparts. Their inability to buy homes, own and operate small businesses, and participate in meaningful retirement plans has negative repercussions for the American economy and is costing taxpayers money.

This course was designed to help you find ways to reduce the financial burden of a college education.