Why Tuition Guarantees Matter and Can Save You Thousands
Rising college and university tuition rates are no longer rare, nor is it unusual for them to increase each semester that a student works toward completing his or her degree. This added financial strain puts a great deal of stress on students, ultimately resulting in dropping out of school, or graduating with much more student loan debt than originally planned.
The truth is that colleges and universities have the legal right to inflate or deflate their tuition rates however they like, which can leave a student feeling very much out of control when it comes to planning for covering the financial costs associated with earning their education credentials.
However, students who want relief from unexpected financial costs do have one avenue for determining exactly how much tuition they’ll owe at the end of their collegiate experience – by finding and attending a school that offers a tuition guarantee program.
What is a Tuition Guarantee?
Tuition guarantees are much like they sound; a guarantees that you will pay a certain amount of tuition throughout your entire education, no matter how much it rises while you’re in school. Some colleges and universities are beginning to offer tuition guarantees as a way of ensuring their students that their tuition rates won’t increase during their academic tenure.
Students attending a college or university with a tuition guarantee program can rest assured that tuition hikes won’t affect them, and that they’ll know just how much tuition they can expect to pay before they’ve even enrolled in the school.
For this reason, schools that provide tuition guarantees have exploded in popularity in recent years, with news resources such as US News and World Report and The Wall Street Journal reporting that more and more colleges are starting to consider providing this protection to their students.
What are the Pros and Cons of Tuition Guarantees?
As will all things in life, there are definitely both pros and cons to tuition guarantees. Here are the major advantages and disadvantages for signing up for a program with a tuition guarantee:
- You Will Know Exactly What You’re Signing Up for – With a tuition guarantee program you don’t have to worry about any nasty surprises on your tuition bill – you will know what you owe from the moment you sign the agreement. Your stress and anxiety levels will be reduced, since you know exactly what you’ll need to pay for college, and won’t have to worry about rising tuition rates.
- All Financial Planning is Simplified – Knowing what you’ll have to spend on tuition up front will make it easier for you to budget for unexpected costs, like rent, medical bills, car repairs, books and the variety of other expenses you’ll face while working toward your degree.
- The Economy Won’t Affect Your Tuition – If the economy suffers or your school experiences other sudden financial difficulties you won’t be the one forced to foot the bill. Your tuition rate will stay the same no matter how the economy and your school are performing.
- Not All Schools Offer It – The fact is that the majority of colleges and universities in America don’t offer tuition guarantees, so your options will be somewhat limited. If you have your heart set on an Ivy League, then it’s likely that this type of program won’t be available to you.
- You Will Only Save on Tuition – A tuition guarantee is just that; a guarantee that your tuition rates won’t rise. This doesn’t protect you from general inflation, or rising prices for accommodation, books or other associated costs with going to school.
Is a Tuition Guarantee Right For Me?
Tuition guarantees aren’t flawless, but they do provide an extremely important benefit to students. If you’re concerned about the rising costs of college tuition, then take some time to explore tuition guarantee programs to see how much you think you can save throughout the course of your collegiate career.
With tens of thousands of dollars in potential savings available, you’d be doing yourself a major disservice to ignore this fantastic opportunity to reduce the costs of getting your college degree.