As students begin to approach their high school years, a common question that will be heard over and over is “What college do you want to go to?” Not only do these young people have to decide where they want to go and what they want to major in, they also have to figure out a way to pay for this huge educational expense. Today, the national average cost of attending a public four-year college is more than $28,000 per year. The cost of attending a private school is more than $59,000 per year. And the cost continues to rise. After all is said and done, the average student will graduate from college with at least $30,000 in debt.
The Obama administration recognizes the inherent need of today’s youth to attend college. But the key is to not overspend on their education. The administration recently released the first-ever “college scorecard” with the intent of helping families access ROI (return on investment) data for college so they can make the most informed decisions on where to send their children to school and get the most bang for their buck.
Due to the extreme expense of a college education, it will be the second largest investment most families will ever make, behind the purchase of a home. In order to navigate the overwhelming process of trying to figure out how to pay for the astronomical costs of college and save money in the process, higher education consultants are now working to help families help with their college “purchase.” One such individual is a former attorney, Jay Benanav, who decided to quit his law practice and start a company called College Inside Track. After his first son entered college and he realized that he had “missed out on a $10,000 opportunity by not filling out a simple form,” Benanav saw the difficulty in obtaining untapped financial resources to help pay for college.
Benanav has been in the field for 10 years and become an expert in helping students select the right schools that fit their needs financially as well as academically and socially. He will negotiate and haggle with the institution to get a better price, similar to what a realtor would do in the process of purchasing a home. He is also aware of many untapped grants, scholarships and financial aid resources that students can use to help pay for their tuition. On average, Benanav says he is saving students almost $19,000 per year. Some other services he provides for the college process include ACT and SAT prep, college application support and college essay guidance.
Maple Grove residents Jeff and Renee Arbogast hired Benanav to navigate the college maze for their daughter, Kaitlynn. He “helped me to figure out what I wanted in a school and to make a decision that was best for me,” says Kaitlynn, adding that the biggest benefit of using Benanav was “the way he helped with money, laying out the costs of each school clearly and helping me compare them and make a choice that worked for my budget.”
All in all, higher education is a wonderful benefit that can open many doors for young people today. The overall goal should be to attend college to obtain a degree, not debt.
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