5 Ways to Reduce Your College Costs

5 Ways to Reduce Your College Costs
  • Opening Intro -

    College is expensive and there is very little anyone can do to slow down tuition costs which continue to rise at a pace faster than the inflation rate.

    Despite rising costs, many students aren’t about to avoid college, choosing to handle the funding shortfall by taking out multiple student loans.

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While student loans have its place, there are five ways to reduce your college costs significantly, thereby reducing your reliance on borrowed funds:

1. Fill out a FAFSA — Known as the Free Application for Student Aid, a FAFSA form should be filled out by everyone regardless of financial standing. Beginning on January 1 for the upcoming academic year, the form can be filled out and electronically submitted, enabling the student to be considered for various federal and state student aid programs. Visit fafsa.ed.gov for more information.

2. Apply for scholarships — You can reduce your college costs by applying for college scholarships which can range from one time gifts of about $500 or more to full freight scholarships covering all four years of your education. Billions of dollars of scholarship money is awarded annually, but you can only get these funds if you apply. Check out our scholarship page for more information.

3. Get a campus job — Typically available to upperclassmen, on campus jobs are useful in helping college students defray some of the costs of their education. Bursar clerks, I.T. assistants and food service workers are among the positions available. Certainly, the pay is low, but the monies can be used to offset college living expenses and cover incidentals. Contact your college’s employment office for guidance on securing a position.

4. Use family benefits — Your mother or father may have valuable work benefits available to you in the form of tuition assistance. Employers will sometimes extend education benefits to offspring. This may come in the form of a college scholarship available only to children and grandchildren of employees, quite possibly making it easier for you to obtain assistance than by applying for a college scholarship elsewhere. Ask your parents to review their benefits package to determine requirements and eligibility.

5. Sell yourself — Ultimately, you may be able to offset some of your college expenses after the fact by joining the military, agreeing to teach in a low income school district or volunteering for an organization that will pay off some of your student loans in exchange for your several years of service. Of course, only choose a program that you believe in, otherwise you’ll be miserable for your entire service tenure! Inquire with your favorite group to learn more about its program on benefits.

Other ways to save include starting your education at a community or technical college and switching to a four-year school for your final two years of college. You may be able to handle a work-study program or an internship, both of which can provide funding for you and much needed work experience to include on your resume.

College financing reference:

private financial aid

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Last update on 2019-11-13 / Affiliate links / Images from Amazon Product Advertising API

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Categories: Finance