TUSCALOOSA, Ala. (WIAT) –The price for a good education continues to rise.
Student loan rates are now set to increase after a compromise to keep the rates low was not agreed upon by the established July deadline.
Now rates associated with student loans will double in cost.
With tuition rates climbing each year, students are left wondering how they will pay for college.
CBS42 asked advisers at Samford University about the increase and ways students can budget for the extra costs.
Advisers say the smartest step is to find out exactly how the increase will affect your budget.
It could cost many people a few hundred dollars each year.
For some, that could mean cutting back on expenses like eating out.
Getting a job while in school is an easy way to help the financial strain.
“One thing that we really recommend is an education savings account (ESA),” Melissa Reeves with ECO Credit Union said. “Through an ESA, you can save up to $2,000 dollars per year, per child. And the money grows tax free.”