THOUGHTFUL ANSWERS TO IMPORTANT QUESTIONS ABOUT CEDARVILLE’S COSTS IS CEDARVILLE AFFORDABLE? Thanks to a combination of Cedarville scholarships, federal aid, and state grants — not to mention the diligent work and careful financial planning of Cedarville families, students from all income levels are finding Cedarville to be an affordable option. HOW DOES CEDARVILLE’S COST COMPARE TO STATE SCHOOLS? With Cedarville’s generous merit scholarships and other scholarship programs, you’ll find that our cost is in line with state school tuition, and our housing and food expenses are typically much lower. HOW MUCH DOES CEDARVILLE INVEST IN SCHOLARSHIPS? We place a high priority on making the Cedarville experience affordable, and our budget reflects that commitment! Scholarships for students have increased 53% in the past five years alone! WHY PAY MORE FOR CEDARVILLE WHEN THERE ARE LESS EXPENSIVE OPTIONS? Choosing a university based on tuition alone can be a costly risk. A school that boasts low tuition may not be the bargain you expect if it fails to graduate students on time. State schools typically graduate just one-third of students in four years. Be sure to inquire about housing and food, too. Rates can vary by several thousand dollars, with an average cost of $11,950 at public colleges and $13,620 at private colleges. This is significantly higher than Cedarville’s rate of $9,094. Other costly surprises come in the form of college fees. These can increase a student’s bill by hundreds, even thousands, of dollars. Fees can be assessed for a wide range of services, such as student activities, technology, library, health insurance, graduation, parking, and many more. Ask direct and specific questions when comparing college costs. But think bigger picture and longer term, too. The best option — in nearly all purchasing decisions — is rarely the cheapest. That applies to colleges and universities as well. Since higher education is one of the most important investments you’ll make, consider and compare carefully each institution’s spiritual vibrancy, academic reputation, residence life options, career placement rates, and faculty credentials as part of the overall decision. 25% <$80,500 25% >$186,000 50% $80,500 –186,000 2018–19 2019–20 2020–21 2021–22 2022–23 53% increase million million million million million $37.8 $43.0 $48.7 $57.9 $51.2 During a snowy December afternoon in 1997, I sat at the kitchen table with my mom looking out at the hillside in rural Pennsylvania. I was in the process of making my final decision on which university to pursue. I knew if I went to college, I would incur some debt due to our family’s financial picture. The Lord provided for me through a combination of student loans and work at the University, and I was able to graduate from Cedarville in 2001. I am so thankful for my time at Cedarville, as it transformed my life and equipped me with the tools to grow professionally after graduation. I would not be where I am today without my college degree, as it has continued to open doors for the last 20 years. Now, in my role as a financial advisor, I am frequently asked about using the tool of debt for various purchases. My general rule is that debt can be cautiously used when you are making a purchase that appreciates in value over time. Three areas that I will advise the careful use of debt are for a home, a business, and an education. In fact, I have used debt in these (and only these) areas personally over the years, and each time I have been thankful that I did. For student debt, the answer will be unique to each student and should reflect careful thought and prayer. As you are evaluating the use of student debt, I suggest the following guidelines: 1. Make sure the debt load is sustainable with your projected income upon graduation. 2. Consider the career field you are pursuing. Some careers will pay more than others and will allow you to take on more debt. Some careers will pay less, and you will need to be more cautious on the debt you incur. Borrow no more than you expect to earn the first year after graduation. 3. Work to attack your debt after graduation and repay it all within 10 years or less. 4. Make sure you finish your degree. Scott Simons ’01 is a Certified Financial Planner and President of Ridgeline Wealth Planning in Dayton, Ohio. 23
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