Every year, it seems as if the prices of everything rise, and college costs are no exception. Between the steep price of tuition, room and board, food, transportation and schoolbooks, the cost of going to college has become sky high, and students are often footing the bill with a hefty debt load after leaving school. The New York Times found that 71 percent of students graduated with an average of $29,400 in debt in 2013. Starting out as a young person with that much debt can seem daunting, though there is no argument that the value of getting an education is important in the workforce.
There are plenty of financial aid opportunities out there, but many of these options involve student loans among scholarships and grants. The federal government is the single largest source of financial aid for college students, according to the New York Times. However, this is mostly in the form of student loans. In 2013, student loans accounted for $68 billion, or about 37 percent, of all aid.
If you’re a student looking forward to going to college, you will need to think about the overall cost and how you and your parents will fund your education. To help you cut back on the overall costs of college, here are a few money-saving tips to try:
Apply for scholarships
If you’ve been accepted to a school and have already filled out the Free Application for Federal Student Aid, you will likely also receive a financial aid package that can help you determine how you will fund your education. This usually includes grants or scholarships, student loans and given aid that you are eligible to receive. Some students might stop there and accept their financial aid package; however, you should continue digging to try to save more and avoid too much debt from loans.
One way to do this is to continue applying for scholarships. Check out any grant opportunities in your local community or high school and apply for anything you might qualify for. While this may take a bit of work and you will likely need to fill out several applications and answer essay questions, finding free money for college is well worth the time you put in. You should also seek out scholarships online and apply to as many as you can - you might be surprised by how many different types of scholarships are available to students.
Use your high school classes
When it comes to college, you are paying per semester and most four-year programs means you or your parents will be paying for eight semesters worth of school. However, you may be able to cut out an entire semester by testing out of certain requirements and subjects or by taking advanced courses that count as college credit while you are still in high school.
If you are in good academic standing, you may want to consider taking advanced placement classes or take courses at a local community college as a high school senior to earn college credit before you graduate.
Make sure these courses will be able to transfer over to your college before signing up. While it may be a little bit more work, you could end up taking thousands off the price of college by getting one semester done early.
Buy used
When it comes to furnishing your college dorm room or off-campus housing, don’t be afraid to skip pricey or new furniture. Budgeting your smaller expenses well while you are in college will help you reduce your overall debt and could deter you from getting a credit card and creating more loans for yourself. You can save hundreds by searching for a cheap couch at a local thrift shop or searching online. Buying used furniture is usually a great option and you might be able to find pieces on campus from graduating students trying to get rid of their old stuff.
The same applies to textbooks, which can be a huge expense every semester. According to Scholarships.com, the average cost of books runs $1,100 per years, or about $550 per semester. Buying used can reduce that amount significantly. However, you may need to be proactive about getting your books to save money instead of waiting until the day before classes start. To find used books, search online or go to your school bookstore well before you need the book. Used copies of textbooks may quickly run out at your school bookstore, and if you wait too long, you might be stuck buying the new version if you need it for class right away. Ordering from an online retailer is one of the best ways to save money, but you will also need to check out shipping costs and delivery dates to ensure the total price is not higher and that it will arrive by the time you need it for class.
The information contained in this article does not constitute financial, legal or tax advice and its authors make no claims about its accuracy or completeness. The authors of this article do not hold themselves out as providing any legal, tax, financial or other advice and do not make any recommendations or endorsements as to any investment, financial plan or any other product or services. The materials contained in this article do not constitute advice and you should not rely on any material in this article to make, or refrain from making, any decision. As laws and regulations change frequently, we cannot guarantee that the information contained in this article is current or applicable to your specific circumstances. Laws and regulations may vary from jurisdiction to jurisdiction. Legal, tax and financial advice must always be tailored to your specific circumstances and nothing in this article should be viewed as a substitute for the advice of competent legal, tax or financial advisors.