Facts and Tips

Check out some financial realities for college costs and student loan debt as well as ways to save money as a college student.

  • $75,542 = cost to attend Southern for an additional year plus the estimated loss of first year's annual starting salary for college graduates, according to nace.com. Save money by graduating in four years!
  • $59 = cost for every 2018-19 class.  Go to class!
  • -2% savings rate for adults < 35; 3% for 35-44, 6% for 45-54 and 13% for 55 and older.  Moody's Analytics study
  • 70% of College Students Stressed about Finances article

 

Changing Profiles of Student Borrowers report

Student Loan Debt

  • More than 40 million Americans have such debt in excess of $1.5 trillion (and $2 trillion by 2020 on current trend).

  • Student Loan Hero reports the average student debt for the Class of 2017 was $39,400

  • Student Debt Snapshot from Comet Financial Intelligence

  • Recent Southern alumni median loan debt is $26,946 and average repayments of $272 monthly.

  • National college 4 year loan default rate is 11.3%.

  • Southern has a 6.3% loan default rate for 2015.

  • 7 Ways to Save on Student Loans article

  • Keep student loan debt less than your starting salary

  • It’s much cheaper to save money than to borrow it

  • Money is important as is sound financial guidance

  • Three ways to graduate college student loan debt free

 

“Live like a student in college, so that you don’t have to live like one after graduation”

 

Financial aid refunds often result from the over borrowing of student and/or parent loans. Read more

How to Save Money While in College

  • Buy used or rent textbooks

  • Use college student discounts

  • Use prepaid meal plan instead of eating out

  • Resist impulse buying and buy what you need using coupons and sales

  • Stay healthy to avoid medical bills

  • Understand your cell phone plan

  • Brew your own coffee

  • Make a budget and stick to it

  • Keep good records of all your finances

 

Net price = Cost of Attendance – Gift Aid
Net Cost = Cost of Attendance – Financial Aid
Financial Need = Cost of Attendance – EFC (estimated family contribution)