7 Ways to Make College More Affordable

***This is a Guest Post. <3 from the Dames***

It’s that time of year again…FAFSA time. If you’re still in undergrad or getting ready to pick a college, then this article’s for you. We already told you how to stay on track during college, but what about paying for it? Go forth and make college affordable again!

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As you probably already know, going to college is one of the biggest changes people go through in life. For many of us, that was the first time we left home and had to find our feet in a completely different setting. On the one hand, there’s the pride that parents (& grandparents) have for someone who has successfully completed one segment of life (K-12) and still wants to keep going. There is also the excitement of everything university to offer both in terms of academic and personal growth.

On the other hand, there’s the often intimidating prospect of paying for a college education. Student loan debt now stands at a record $1.34 trillion, and student loans now make up 10.47% of total household debt, the second-largest component of household debt in the US after mortgages. Tuition plus room and board costs are often so expensive, that they are insurmountable without taking out loans. While college is a major investment, which usually pays off, obtaining sufficient funds just to enroll can be difficult. However, with some wise decisions and careful planning, you can make college more affordable.

1. Form a family college fund

Your family might have already established a college fund for you if they were in a position to do so. If so, that’s an excellent place to start to offset college costs. Talk to your parents (or whomever will be offering assistance) to see if they set up a regular savings account or an education-specific account, which might come with even more benefits (like tuition locks, etc.).

Even if there is no college fund, you should still talk to your family about financial help, and set up your own savings account for any cash gifts or scholarships you receive. Your college fund may only cover textbooks, but that’s another expense that you don’t need to pay with loans.

2. Attend financial aid night

Some schools organize college nights or financial aid nights to help students find out more about the financial aspect of studying at college. Make sure you and your parents attend such events if possible. Not only will they explain the difference between loans, grants, and scholarships, but they will also help with how to apply for financial aid through the FAFSA.

3. Apply for scholarships

You might be aware of the existence of some scholarship opportunities, but you’re probably not familiar with all of them. That’s why you should research on the internet and talk to your school counselor. You’ll probably find that your talents, strengths, and affiliations (scouts, religious groups, etc.) might actually help you get a scholarship. It’s actually not that difficult to get one of available easy scholarships, but you need to spread your search a bit.

Don’t forget to apply for all the local scholarships available to you. They may not be worth the most money, but those $100 and $250 checks add up. Plus, the local connection makes them easier to get.

4. Make a budget (& stick to it)

Once you’ve picked a school, take a look at it’s cost of attendance and total up all the things you’ll need to pay to attend university. Once you know that, you can start budgeting for your life at college. Take into account various expenses that are unavoidable, like transportation, a dining plan (or groceries if you’re off-campus), and some fun money for when your friends want to go out. The most important factor here is to spend within your means. You don’t want to find yourself deep in debt before you actually start working and making some money.

This may well be the first time you have to do something like this, but making smart decisions now will have such a big impact on your life. Whatever you do, don’t take out multiple credit cards to fund a lifestyle you can’t afford.

5. Pick up a part-time job

On-campus jobs are some of the best you’ll ever have – when else are you going to get paid to do your homework while you check people into the building? Working for your school also means you might receive tuition assistance (through work-study programs), or at the very least, some extra perks like prime access to the library. A part-time job also means you’ll have a leg up on your non-working peers when it’s time to apply for jobs because you’ll already have some work experience. Pick a job that leaves you with plenty of study time (or allows you to study while working), and you’ll be able to offset the cost of that expensive parking pass in no time. Finally, the connections you make while doing a part-time job might prove to be very valuable later in life.

6. Be thrifty when buying textbooks

The typical college student spends $1,200 on textbooks each year. Even at community colleges, materials make up 39 percent of total cost. What this means is that you need to be thrifty when buying textbooks. While shopping at the campus bookstore is often the most convenient option, it is also usually the most expensive too.

Textbook rentals have been around for more than a decade, but with big names like Amazon and Barnes & Noble entering the mix, costs are falling even faster. Renting is a good option if you also don’t want to deal with reselling or storing your textbooks after the semester ends. Textbooks are also being sold outside the traditional format – some companies now offer “pay as you go” digital textbooks.

There’s also the old standby: buying used books off Amazon or Chegg. However, you choose to get your textbooks: just make sure you’re getting the best price. And trust me, you will never use them again after the class is over – resell or return them and save your money!

7. Take classes before you hit campus

More and more students are getting a jump on their first year of college by taking Advanced Placement (AP) and college-level classes in high school. Taking college courses early can help students prepare for the rigors of college – and save more than a semester’s worth of tuition. But not all schools offer AP courses. And for some high school students, taking classes at a local college isn’t an option. Today, online courses can make it possible for students to take AP classes after school – or even during the summer. Low-income students should check for AP test fee waivers. Most states now make it possible for high school students to take courses that apply toward high school graduation and general ed college courses. Careful planning and a willingness to take on an extra challenge can save students time and money.

College is an amazing way to prepare for a future career and grow as a person, but it can also hamper your finances for decades afterwards. Being smart with your money and using the tips above can help make the experience more affordable and set you up for future success.

 

***This is a Guest Post by Claire Adams. Claire is a personal and professional development expert who believes that positive attitude is one of the keys to success. You can find her online writing and giving tips about lifestyle and development as a regular contributor to highstylife.com.***