After you leave high school, for many, the next step in their educational journey is to go to college. However, college can seem like a faraway dream for many because of how expensive it can be to attend for one semester.
If you want to go to college, but you’re not sure how you’re going to be able to do so without spending all your money doing so, we’ve got you covered. Here are some valuable suggestions that can help you reduce the amount you spend while you’re in college collecting your degree.
Go to School Online
Our first tip when attending college is to go to school online. Most online colleges are affordable and the best way to get the most bang for your buck. Are you curious why this is?
We recommend you take some time to review the breakdown of your financial aid bill, so you’re aware of what you’re paying for. When you do this, you’ll notice that students who attend courses online pay for things like parking and transportation.
But, when you go to school online, you can avoid these fees and more because you’re not physically present in your classes. Instead, the most you are expected to pay is for each credit you’re signed up to take and the online cost fee.
When you sit down and add these up over the course of the semester, it can significantly reduce the cost you’ll pay whether you choose to attend a two or four-year university. Before you sign up for online courses, ensure you can commit to them.
College isn’t like high school, you’re given more freedom and a more flexible schedule to work with. Therefore, it can be more challenging if you don’t understand how to manage your time and get work done. A good thing to remember is everyone has an adjustment period when they get to college.
But, eventually, they find their groove, just like you will. You’ll learn the best time to complete work while ensuring you’re not missing any vital information from the professors assigned to your online course.
Consider Opening a 529 Plan
If you’ve thought about how to save money for higher education before leaving high school, you might’ve considered opening a 529 plan. Several plans fall outside a 529 plan, but it’s the only one that can be written off as a tax deduction or benefit.
When you come of age to use it, you can then take the funds that have been saved and put them towards educational expenses that accumulate, such as tuition or the fees of burying books for each of your classes. These types of accounts serve people better when they start saving earlier.
If a 529 plan is the route you and your parents decide to take, it’s wise to consider having a backup plan. The reason for this is that most 529 plans rely on the health of the stock market. Therefore, if the market is down, it can have a negative effect on your savings account.
Ensure that if you have a 529 plan, you review the rules and regulations surrounding withdrawing and using the money. In some cases, when you withdraw the money, you’ll need to report this on your FAFSA or other financial aid forms because it is considered a form of income.
When you report the income on the financial aid form, it can affect the amount of financial aid you receive from your university.
Apply for a Grant
Many people begin searching for scholarships, but often forget there are grants out there purely based on the financial needs of the students applying for them. State grants are an excellent option for students whose families cannot foot the bill for their education.
Depending on the nature of the grant, like many other forms, this is something the student won’t have to pay back because it falls under the category of a gift rather than traditional financial aid. It’s best to search for this type of funding for college over others because it can take some of the stress you feel from paying for college off your shoulders.
Not to mention, when you choose a student loan, you have to pay back the loan when you graduate, plus any interest incurred while you are completing your studies.
Transfer Credits Over
When you get to college, the last thing you want to do is waste time retaking courses you’ve already taken. Request a transcript from your high school and speak with the admissions office at the colleges of your choice, or find the credit transfer form online.
You’ll be surprised to find out that several of the courses you took in high school can be transferred over to count as college courses. Again, this will keep you from having to retake the same course, reducing the amount of money you’re spending on each credit you have to take.
It also can help you get to your major core courses sooner rather than later. If you’re not sure how to determine which courses can be transferred over, you should spend time speaking with your academic guidance counselor beginning in your sophomore or junior year.
They’ll be able to help you select courses they know for sure are on the credit transfer list.
Test Out of Classes When Applicable
In some of the courses you take in college, like languages and math, your teacher will discuss signing up to test out of the class. Depending on the circumstances, by testing out of the class, you can move on to the second level in the course or cross it off your list entirely.
Again, this is something similar to transferring credits, but allows you to use the information you’ve been taught in high school to get out of taking a class that you’re essentially repeating. The more courses you can test out of, the faster you can complete your degree.
Completing your degree quicker reduces the amount of money you spend over an extended period.
College Doesn’t Have to Cost You Everything
When you choose to further your education, it doesn’t mean it has to cost you all the money you’ve saved. You can do several things to save money and reduce the overall cost of getting a higher education.
There are grants out there that students can take advantage of, and you should consider attending school online. Class is in session, and your first assignment is to review other informative posts we’ve created just for you.
