Worried about paying for college? There are affordable options

As both a college educator and a parent of a daughter still repaying student loans, I have witnessed firsthand the demoralizing impact of student debt. For many families, the cost of higher education can feel daunting. I set out to explore financial aid resources available in Georgia that can help families make informed decisions, utilize scholarships and grants and reduce reliance on student loans.

Perry Rettig. (Courtesy)

My interest was sparked in part by some recent changes concerning student loans. The federal government has capped how much students can borrow from it. Private lenders are unwilling to lend more. Pell grant eligibility has been limited. Loan repayment options are more limited.

To gain deeper insight, I spoke with Christopher Green, president of the Georgia Student Finance Commission, the state agency that administers the HOPE Scholarship and other financial aid programs for college students. There are options.

Green emphasized the importance of financial literacy and highlighted the wide range of tools and programs Georgia offers to help families avoid loans in the first place. Green recommended that all Georgia students create a GAfutures.org account starting at age 13. GAfutures provides resources on Dual Enrollment, the Georgia Match direct admission program, the HOPE Scholarship and more than 20 state-funded scholarship, grant and service cancelable loan programs managed by GSFC.

“Creating a GAfutures.org account is one of the easiest ways to set yourself up for success in the college planning process, and it is a key component of the new Top State for Talent Act,” he told me. “Having a GAfutures account makes it easy to track your HOPE GPA, claim your spot through Georgia Match, and learn about other financial aid programs provided by the state of Georgia.”

Green also recommends that students explore need-based and non-merit-based aid options available at GAfutures.org, including the REACH Scholarship, which provides eligible economically disadvantaged students with up to $2,500 a year in college scholarships. Georgia offers the Georgia College Completion Grant, which provides up to $2,500 to help students finish the last steps of their educational journey. GSFC also administers the HOPE Grant program, which has no initial merit requirement.

I asked Green how the average Georgia family can learn about these unique programs, and he shared that every Georgia high school has a dedicated outreach representative available to provide personalized guidance on the FAFSA, scholarships, grants, and service cancelable loans.

Families are caught in a bind. Private lenders are only willing to lend so much money to students and their parents. So, families turn to the government for help. In turn, the government hasn’t been worried about giving out whatever borrowers ask for, but the higher-than-market interest rates are too big for the families and students. Then they cannot get out from under the huge interest rate payouts.

You can take matters into your own hands. The Net Price Calculator offered by nearly all universities and at GAfutures.org helps you to determine how much it will cost you to attend their school based upon scholarships available. I also encourage you to complete the FAFSA — the Free Application for Federal Student Aid, and/or the state’s Georgia Student Finance Application. While the FAFSA must be completed for Pell eligibility, the GSFAPP can also be a helpful tool for state programs like HOPE, takes minutes to complete and requires less financial information from parents than the FAFSA.

My advice for students and their families is to do your homework, and don’t go it alone. Discuss options with your high school counselors and your GSFC Outreach Representatives. Meet with your college financial aid staff. Be very judicious in pursing loans. Loans can be very helpful, but be sure to understand how much you will be able to afford in repayment plans after graduation.

Perry Rettig is a professor and former vice president at Piedmont University. He has spent 42 years as an educator, including stints as a public schoolteacher and principal.