You're probably no longer shocked when you hear that college costs are on the rise. With that in mind, it's understandable that paying for college is top-of-mind among families.
According to U.S. News in 2014-2015 (data reported by 728 ranked universities in the annual survey):
Private school tuition and fees averaged $31,380, up 3 percent from the previous year.
Public university tuition averaged $19,867 for out-of-state, up 2.8 percent, and $8,709 for residents, up 2.7 percent.
Also rising is average indebtedness. Nearly 70 percent of 2013 graduates had institutional, state or federal loans, graduating with an average debt of $27,667. That's about $500 more than borrowers in the class of 2012 incurred.
While these statistics are frightening, they should not deter families from sending children to college because of ever-increasing costs. Options still exist.
Other options include scholarships, grants and financial assistance from organizations such as AmeriCorps or the Peace Corp, in exchange for a service commitment, and of course, student loans.
At J.G. Wentworth, we can help as well. For example, if you received an annuity as a settlement, you may be able to sell the rights to your payments for cash. Those payments can cover tuition. You can talk with us to learn about payout details or if this is the right move for you. First we recommend that you read our annuity FAQ. Also:
A structured settlement is a financial package that provides you periodic payments. These are often given after personal injury lawsuits, malpractice lawsuits, or other events.Learn More