Video: College Worth the Cost?

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COLUMBUS, Miss. (WCBI) — It is no secret, a college education can be expense, and a new study says it may not even be worth it.

The study by Goldman Sachs says the average college student will have to work 8 years to break even.

That mixed with the 4 years you attend school…taking you out of the job market…makes it harder for many to catch up to those who don’t get a higher education.

College is considered by many to be the best time of your life, but that time can be costly.

Colleges like MUW are trying to help students minimize that financial burden, by encouraging students to only take out loans for what they really need.

“A lot of students don’t really think about it or realize, that whatever they take out, they do have to pay back once they graduate. So, that amount of money can add up quick,” says Nicole Patrick,Director of Financial Aid.

Patrick says if you need to save money or get help, the biggest mistake is not planning ahead.

“Being aware of what the tuition is going to cost, not knowing what the cost is, not knowing. Not knowing if they’re going to live off campus or on campus, how much that housing is going to cost,” she says.

Kevin Barkman says costs was a big factor in choosing his university.

“My parents don’t make enough to pay for my college outright, but they make too much for me to get much financial aid. So, this university has one of the lowest tuition rates around, so it helps.”

Patrick says there are ways to fill in those gaps.

“Scholarships from rotary clubs, even from their churches and just different businesses sin their home town that may offer some and be willing to help students out.”

Mya Golliday says planning for price was a big part of her college path.

“I looked at the prices before I came here and at first I was going to go to Jackson State, but I changed my mind because Jackson State, it was a little bit too high. And this price was kind of like, the lower price I was looking for.”

Whether it’s looking for a lower priced school or how to make your dream university a reality on a budget…Patrick suggests meeting with financial aid departments to make sure you get the best deal for your future.

CNN says some degrees and colleges will have a better return on your investment than others, so it’s helpful to do your research.