Get the facts about financial aid before you sign the bottom line on a student loan. We’ve provided information on federal financial aid and McKinley College’s financial options to help you make an informed decision.
1. Financial aid is not free.
- Loans have to be paid back with interest.
- Federal loans have interest rates associated with them and student loan debt is not eliminated with bankruptcy.
- The approval process can be cumbersome.
McKinley College provides tuition payment plans to every student, regardless of income or credit ratings, so your tuition cost is consistent with what you signed up for. We also accept private grants and scholarships, as well as military education benefits.
2. Grants (including the PELL grant) are limited and won’t always cover all of a student’s costs.
- The maximum PELL grant payout is around $6,000 per year and is needs-based, meaning it can change year to year.
Our tuition prices are more affordable than the average school and payment plans are always an option.
3. Financial aid does not always pay for everything.
- Financial aid is awarded based on many factors including income and student needs and therefore doesn’t always cover living expenses. This often leaves students paying out-of-pocket for expenses from books to a portion of their tuition.
McKinley College payment plans are affordable and textbooks are included in tuition prices. Therefore, a traditional McKinley College student graduates with less debt and fewer out of pocket expenses than the student who uses traditional financial aid.
4. Financial aid is determined based on an application process and leaves graduates with a large amount of debt.
- Some students easily qualify for financial aid. However, just because it’s easy does not mean it’s the best choice. Student loans are, after all, still interest-bearing debt.
- According to a report out from the Project on Student Debt, college seniors who graduated with student loans in 2010 owed an average of $25,250—the highest level ever recorded and a 5% increase from the previous year. And according to the College Board’s Trends in Student Aid Study, 10% of all student borrowers graduated with more than $40,000 in student loan debt.
The average McKinley College student graduates with less debt than students who use financial aid to pay for school. Plus, there is no application process to qualify for tuition payment plans.
5. Financial aid packages often cost students more money in the long run.
- Financial aid packages can be enticing, especially for students who are not working now or have low income. However, signing up for debt that must be repaid later is not a solution.
- With varying rates of interest, student loans require a greater investment from the borrower than flat tuition costs. For more information, review the Project on Student Debt, which provides data on interest rates on student loans in 2011-2012.
McKinley College students pay an affordable tuition price.
6. Student loans do not have to be paid back until after graduation.
- This makes student loans sound like a good choice, but the deferment process might leave students in that much more debt when they graduate.
- The transition from school to a career is difficult and the addition of a new monthly bill can make the process more stressful for many students during the job search.
- It’s very important to know what your payment will be upon graduation. Students are increasingly defaulting on student loan payments that they were not prepared to make. Learn more about increasing default rates at http://projectonstudentdebt.org/.
At McKinley College, although payments do begin while you are in school, monthly rates are affordable and do not increase when you graduate.
Benefits of McKinley College
While McKinley College does not accept financial aid, we control our costs to deliver lower tuition than the average 2-year college. McKinley payment plans are:
- Convenient and easy to manage on your own without government interference
- Affordable and include the price of textbooks.
Education is an investment, but that doesn’t mean you should pay more when you can earn a degree from McKinley College for less. Plus, with a career-focused education from McKinley you’ll learn real life career skills instead of just general education classes that do little to move you ahead in your career path.