You’ve probably heard the phrase, “College is an investment.” Meaning…it may cost you a pretty penny. Despite all of the friendships, networking, and invaluable experiences you can build in college, it’s essential to be conscious of the price tag for your college career. Rest assured, there are many ways to cut your costs and increase the value of your education. Here are several money-saving methods you can use:
Comparing financial aid packages
This is a natural part of the college search process. You apply to a number of schools, receive financial aid packages from the schools that accepted you, and then you review each of them to figure out which one is the best for you.
Community college before transferring to a four-year institution
Taking general education classes like math or English at a community college can become a huge money saver. According to CollegeBoard, the average in-state tuition at a public, two-year school was $3,440, compared to $9,410 at a public, four-year school. Keep in mind that these are the prices before financial aid. In addition, ask your prospective schools about transfer credit articulation between community colleges and partnering four-year institutions to possibly save more time and money during the transfer process.
Scholarships
Gotta love free money! As repetitive as completing applications can be, it is worth the time. Searching for scholarships should not be limited to year one of college. Donors are willing to provide money for school to students of many backgrounds, grade levels, and a variety of criteria. Search engines like FastWeb and Scholly are great starting points.
Going to an in-state college
Public colleges and universities offer a considerably lower tuition cost to in-state residents than their out-of-state counterparts. Also, select students may be eligible for any state grant programs that are available. Check with your high school college resource center or prospective schools’ financial aid office for more information regarding your in-state residence.
Commuting to school
Traveling to school from your home can cut your college bill down significantly. The average room and board cost between $10,000 and $12,000 for public and private colleges and universities per year. If you go to school in a large, urban area, public transportation passes for students may be at your disposal. Some schools also offer stand-alone meal plans if you still want the convenience of eating on campus.
Renting textbooks
If there are textbooks you don’t intend on keeping, renting may be a good option. If you’re not renting through your school, Amazon, Chegg, Campus Books, and Barnes & Noble are some online stores you can use.
Choosing a meal plan
Some schools give you a number of meal plans based on different eating habits. Estimating the number of meals you would conveniently have in the dining halls could save you from choosing a more expensive plan that leaves you with unused meals at the end of the year.
Work on campus
Not only can working on campus lower your out-of-pocket bill, but it can help you develop superb time management skills while managing your school and social lives.
Living with more than one person
Some schools offer housing options that allow you to live with more than one other person. This generally means that savings on your room and board bill.
Side hustles
There are plenty of ways to creatively make money on the side to help with your school costs, despite the new normal of social distancing practices. Here are some suggestions: