ACBJ publishes guest commentary by private student loan CEO
American City Business Journals published guest commentary by Michael VanErdewyk, founder and CEO of ReliaMax, a leading financial technology company for the private student loan industry.
Here's an excerpt from "There's no free college (but here's how to make it affordable again."
"Every year, thousands of families wonder how they’ll pay for their child’s college education.
Even after students borrow as much as they can from the federal government, scholarships and grants, there’s often still a funding gap of about $10,000 a year.
What happens next: Well-intentioned parents take on high-interest credit card debt or dip into their savings and retirement assets.
Any financial planner will tell you that these are irresponsible methods of paying for college, but many families don’t have other options.
The math gets more challenging as the cost of going to college continues to rise every year.
Average annual total tuition, fees and room and board rates at four-year public institutions have more than doubled over the last 10 years to $18,600, according to the Department of Education."