In today’s tough economic climate, it’s hard to get ahead in the workforce without having at least an undergraduate degree. Unfortunately, the price tag of a degree can often put many people off from attending college, but if you learn how to save money in college, you may be able to graduate with very little to no debt! One of the best ways to save money in college, is by buying your college supplies online.
Reducing College Costs is Easy
College may be very expensive, but getting your degree doesn’t necessarily mean you have to go broke. There are many ways to save money in college and even graduate either completely or nearly debt free. If you want to attend college, but don’t want to get into substantial debt, consider these top ten ways to help reduce your college costs.
1. Study Local
Did you know that if you study in your home state and at a local state school you could potentially save tens of thousands of dollars a year in tuition costs? As an in-state student, you won’t have to pay out-of-state fees (which can be huge) and state universities generally offer substantially cheaper tuition rates than private colleges. By attending a local school, the chances are much higher that you can graduate from college without too far into the red. Also remember that every state has prestigious schools, so you don’t necessarily have to leave your home state in order to receive a top quality education.
2. Try Community College
Community colleges are often greatly underrated, and they really shouldn’t be. Most community colleges offer transferrable college courses for a fraction of the price of what regular four-year colleges and universities charge. Budget savvy students can avoid going broke in college by getting their first two years of college education at a super cheap rate. What’s more, most community colleges offer financial aid services, providing you with the chance to save even more on your first few years of college education.
3. Live at Home
If your family is OK with you living at home for free for another four to five years, then you may want to study at a college that’s a commutable from home. This way you can save a boatload of money from not having to pay for student accommodation, money which you can then use to help pay for your other college fees. Living at home while you’re at college may not seem that glamorous or exciting, but if it means you can pay for college more easily, this sacrifice may just be worth it.
4. Apply For Scholarships
You may think that scholarships are only for the super brainy or sporty types, but most colleges offer a plethora of scholarships, all geared toward different types of students. You should apply to as many scholarships for college students as possible – you’ll likely be surprised what you’ll qualify for. Even if you are rewarded only a partial scholarship, this can still go a long way toward paying for your college fees, and help you graduate without going completely broke.
5. Ask Your Family for Financial Help
Some students are able to graduate debt free because their parents are willing to completely pay for their tuition and other college fees. If you are in this boat, consider yourself very lucky as you are one of the very privileged few people who can do just that. However, if you know that your family can’t afford to pay for the entirety of your college fees, you may still want to ask them if they can help out a bit. You could even pledge to pay the money back once you have a steady job after graduation. Even if your family can only put a couple hundred dollars a month toward your education, this could still go a long way toward reducing your loan debt.
6. Take Out a Student Loan
If you want to go to college but really can’t afford to pay for it all upfront, then you may need to take out a student loan. To avoid graduating with an unmanageable amount of student loan debt, try to borrow predominantly federal loans rather than student loans from private lending companies, as the government typically offers substantially lower interest rates and an easier repayment schedule. However, keep in mind that most federal lenders offer smaller amounts than private lenders do, so you’ll probably only want to consider this option if you’re studying at a low-cost school (such as at a state or community college).
7. Consider Other Loan Options
If you are really stuck financially but have college fees you have to pay – you may need to consider other loan options. This doesn’t necessarily mean you have to take out risky loans such as neighborhood loans but you may want to consider taking out a car title loan if you own any kind of vehicle. A title loan will give you money upfront (which you can use to cover essential college expenses) in exchange for temporary ownership of your car’s title. Taking out this kind of loan may sound risky, but as long as you can make your payments on time you’ll receive ownership of your title again once you’ve repaid the debt, and you’ll have the money you needed in the mean time to keep from going completely bust.
8. Study Online
Studying online may have got a bad rap in the past, but times have changed. Many prestigious schools now offer online programs, often for substantially less than what it would cost to attend comparable brick-and-mortar programs. Not only are tuition rates generally cheaper online than at in-person colleges, but the savings in commuting costs can go a long way toward making college far more affordable. Furthermore, many textbooks for online programs are downloadable, making them significantly cheaper. Overall, completing an online program can be a very wise solution for saving money while in college.
9. Attend a Free Tuition College
You’ll likely be surprised to learn that there are some colleges across America that provide their students with free tuition. The catch is, you have to work as you study. Most of these colleges require that you work 16-20 hours per week in exchange for free tuition. Although this does mean you have to work, the free tuition will save you a bucket load and you could even be able to graduate completely debt free. Unfortunately many of these colleges aren’t open to everyone, so you’ll have to check their admissions pages to see if you meet their specific requirements.
10. Study on a Part-Time Basis
Perhaps one of the most obvious ways to save money in college and graduate without being financially ruined is to study on a part-time basis. This should allow you to still earn a full-time income which you can use to pay for your education. Studying part-time does mean it will take longer for you to complete your degree, but if this means you can graduate in a financially stable position with virtually no student debt, it’s likely more than worth the wait.
College may come at a high price, but it shouldn’t have to bankrupt you. Use the above tips to help you save as much as possible while you’re in college. Good luck!