There is concern about the cost of college today, says longtime engineer Neil G. Pansey. But there are many options that contribute to making an education cheaper. Neil G. Pansey explains why costs are increasing and what prospective students can do about it.

The economy does not help the situation, asserts Neil G. Pansey. Universities are charging more money because their costs have risen, explains Neil G. Pansey. Profits for the colleges aren’t increasing. Neil G. Pansey says that these institutions are just trying to keep with the times. Inflation assumes that the population is making more money and therefore can spend more. Unfortunately, says Neil G. Pansey, inflation and deflation are at odds with each other today. There is no constant value to money, explains Neil G. Pansey.

But lots of universities are finding themselves able to offer expanded aid programs anyway, continues Neil G. Pansey. Hard financial times often lead to wealthy alumni contributing more money than usual. Neil G. Pansey points out that this fact is ironic, but that’s the way it is. Students in college today can often get at least half of their tuition covered with the proper paperwork, explains Neil G. Pansey.

Many universities also offer federal loans or work-study programs. Neil G. Pansey says that colleges are sometimes able to offer these loans at discounted interest rates. He recommends that students take advantage of these. Work-study programs let students take on a part-time job at the university for pay that can be used towards tuition, explains Neil G. Pansey. Parents need to be aware that the checks go straight to the student, points out Neil G. Pansey.

Banks are offering decent deals on student loans. While rates aren’t that great, banks still have to stay competitive, according to Neil G. Pansey. Be sure to check around different banks, recommends Neil G. Pansey.

There are lots of options to counteract high college costs. Neil G. Pansey also recommends looking into small scholarships available to students. As a former student, Neil G. Pansey wishes college students and their families the best of luck.