It's a Money Thing®
How to Save on Tuition
About 4 in 10 college students have taken out loans to pay for school, racking up nearly $1.5 trillion in student debt collectively held by 44 million Americans. That averages out to about $37, 172 per student loan borrower, or the cost of a brand new car!
If you are as shocked by these student debt stats as we are, you might find yourself asking if there are other ways to finance your higher education? Well, you're in luck! Before you take out a student loan to pay for college, let's look at the other options you have to fund your education.
Free Money:
Scholarships, student awards, and financial aid or grants are the best way to reduce tuition costs.
You don't have to be top of the class or the star quarterback in order to qualify for scholarship money. There is a wide range of opportunities out there, so don't let old stereotypes discourage you from applying.
Free money can come from a variety of government, non-profit, or private sources. Your employer, your parent' employers, professional associations, financial institutions, and service clubs may also provide funding.
While it's tempting to save your efforts for the biggest award amounts, remember that small wins add up quickly. Smaller awards don't tend to attract as many applicants, which increases your odds of winning.
Your Money:
Earning while you study will help you pay as you go and will reduce your need for student loans.
Having education savings set aside before your go to college is great; otherwise, consider other options to earn money while in school.
Look for jobs that are conveniently located and that work well with your class schedule in order to avoid burnout. Often, there are jobs available at your college or university for students. Make a couple extra bucks on campus by tutoring, reselling old textbooks, or applying for teacher's assistant positions.
Work-study programs are also a great way to earn money while in school. These programs allow you to earn money while gaining experience and skills relevant to your field of study.
Borrowed Money:
If your require student loans to finance your education, minimize your amount borrowed by using the following tips:
- Research financing options: Look for tuition installment plans at your school- splitting up the tuition into multiple payments may be more affordable for you.
- Reduce class costs: Save money on tuition by taking your core credits at a local community college, then transferring to your dream school afterward.
- Challenging for credits: Some colleges allow you to skip a course if you can demonstrate that you are proficient in the subject matter, saving you both time and money.
- Borrow only what you need: Student loans are not designed to finance the lifestyle of your dreams- keep living expenses down and borrow only what you need.
