Scholarships Role In Reducing College Debt

Three months after Ray graduated from college, his mailbox was wall to wall full of letters from the loan company.Now that school is finished, he is buried in a hole having to pay back his $60,000 loan with the accumulated interest, he had taken out to go to college.What is Ray to do? Currently, the balance of federal student loan in graduate college the nation is “$902 billion” and “$140 billion” in private student loans (Martin and Lehren 6). The debt of college in this country alone is more than “$1 trillion” causing a “financial burden” on many people (Martin and Lehren 4).Although having a college degree is comparable to an “ lifetime investment” the cost of college debt is continuing to elevate (Martin and Lehren 4). Ultimately,
According to Mark Gormus, there are thousands of scholarships offered for other factors in life such as height, nationality, medical conditions, and many more.With there being so many scholarship opportunities, there is no sensible way, but to fill out all scholarships that apply to you.Scholarships provide the wisest pathway to pay for college; you don’t have to pay them back rather than taking out a loan or borrowing money from family members and friends. Furthermore, if the student has a hard time knowing where to start the process of searching for scholarships there are many resources.Taking the time to inform students through a “guidance counsellor” can help them begin the search and “beware of scholarship scams” (Top 9).In the end using your time wisely to fill out a scholarship or two here and there can provide the much needed money, which doesn.t have to be paid back, can eliminate debt all together.All it takes to acquire a debt free college career is a little time and some insight.In this case Ray, did not have the proper knowledge or a strategy when he was looking into college and now he has to pay back his