From unconventional to “tried and true”, there are many ways to save while at school
By Mike Lazear: PIC Current Producer
College costs of $10,000 or more are becoming the standard for undergraduates, even for in-state tuition. As costs increase, it is becoming more important for students to find ways to save a bit, even if it means living at home or sacrificing some other comforts. This is all the more important because current salaries don’t often keep up with the financial demands that loan repayments dictate.
Christina Couch of Bankrate.com recommends taking college level classes in high school, which are much cheaper but worth the same in terms of college credit. She also suggests getting some help from organizations, such as Teach for America, the Peace Corps and the National Institutes of Health (NIH). Many of these organizations pay for a significant portion of tuition in return for work during or after college.
It is also a good idea to look ahead at the cost of tuition for various schools and play the comparison game. If you can get the same (or similar) education at a community college, it may be worth enrolling in the community college to save money for the first two years. It is especially useful to compare average salaries for graduates of programs in different schools to get an idea of how easy it will be to repay your loan.
You can also look for scholarships. Even if your grades are not stellar, it is possible to obtain a good scholarship if you have solid extracurricular activities (such as volunteer work, school clubs, etc.), test scores, or come from a low-income family or area. Check out the Scholarship Search Wizard for some ideas. Scholarships, of course, have an enormous advantage over loans: they do not need to be repaid! There is nothing like free money to help deflate a costly tuition.
If all else fails, do your research when applying for loans. Some are more costly than others and have very high interest rates. In general it’s best to get a subsidized loan through your school whenever possible. Subsidized loans give the borrower a small advantage because interest does not need to be paid until after graduation. This small detail can save you quite a bit of money in the end.
Going to school does not have to put you on the financial edge! Remember that there is a balance between a need for a higher education and a need to have some money in the bank. You’ll thank yourself when you graduate and start looking for that first big job.
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[...] learn more, check out my earlier post on Tips for Cutting College Costs and our three part series on How to Get into College. Our sister site, The Beehive, also has a [...]
[...] out our previous post on Tips to Cut College Costs. You can also visit our sister site, The Beehive, for more information on how to pay for [...]