Tuition fees may be steep, but college can still be affordable if approached strategically. Starting with community college credits that transfer directly into four-year schools; attending state universities for in-state residents; or applying for scholarships are all viable approaches to covering your costs.
Students could also consider taking Advanced Placement classes, which can allow them to bypass entry-level classes and reduce overall credit loads while saving on tuition expenses through tuition reimbursement programs provided by some employers.
1. Tuition
Tuition and fees account for most college expenses, so students can reduce them by staying in-state when attending public colleges, comparing tuition rates among schools, choosing an affordable major and taking advantage of grants or scholarships (such as merit aid based on academic achievement) offered through grants or scholarships programs or by family savings gifts such as 529 college savings gifts that are tax free when used for educational expenses.
If college costs are prohibitive, consider tuition-free options such as community colleges and specialty colleges that specialize in certain fields but cover all costs for all their students. Also inquire with potential employers regarding work-study programs which reimburse employees up to $5,250 in tuition expenses annually; IRS law permits up to that maximum amount as reimbursement.
2. Textbooks
One of the greatest expenses associated with any college course is textbook costs. Some subjects, like biochemistry, require multiple books which may cost over $100 each.
Students can reduce costs by opting for electronic versions of books and buying used copies. Some bookstores and online retailers even provide book scholarships, further decreasing prices.
Students can utilize their school library instead of buying books directly, share books with roommates or classmates where possible and shop around for deals as prices can vary widely between stores and online retailers. At the end of the day, it is up to each student to weigh the financial implications associated with attending any particular college against any potential career advantages associated with doing so.
3. Housing
College tuition may not be the only expense when attending, however. Living expenses – including room and utilities costs – may add up quickly too, with on-campus housing at public four-year colleges estimated by the College Board reaching over $11,000 annually for single rooms with unlimited utilities.
Curtis Institute of Music in Philadelphia and Berea College in Kentucky offer tuition-free programs to draw in students, while private employers may pay part or all of an employee’s tuition through education reimbursement programs.
An abundance of grants and scholarships can make a substantial difference to how much you owe in loans; however, this takes dedication and hard work – and may require finding work for essential expenses like food and transportation costs.
4. Transportation
Students need to set aside money for housing, food and transportation in addition to tuition. Transportation expenses can quickly add up; an example might be purchasing a laptop at $400+ with printing services starting at several cents per page at campus printing services. Furthermore, some colleges charge fees beyond tuition for student clubs, gyms or other facilities on campus.
Reliable and affordable transportation is key for students staying on track with their education. Rushing between classes or work may increase the odds that students drop out; taking AP courses prior to college admission could decrease credit requirements significantly and attending community college first can significantly lower costs.
5. Food
As tuition, books, and housing costs skyrocket, food costs also increase rapidly – grocery bills soar while restaurant meals become an extravagant treat.
Some colleges require undergrads living in dorms to purchase a meal plan ranging from unlimited swipes up to $500 in dining dollars. Students living off campus could save money by opting out of purchasing meal plans and making most meals themselves at home.
Meal prepping is an effective way for students to eat well while saving money on grocery expenses. By planning ahead and using lists and coupons when shopping, they can streamline the shopping experience more efficiently and buy bulk groceries to create large meals in advance to further cut spending. In addition, they may join university societies offering food and drinks free-of-charge or attend events offering food as prizes at events that host food vendors.
