Top Tips and Tricks for Making College Affordable

Top Tips and Tricks for Making College Affordable

Graduating from a four-year college is an accomplishment worthy of your time and effort. But if you’re like many students, you’re worried about finishing those four years and leaving with a large amount of debt. You’re right to worry. College can be expensive. If you’re not careful, you can easily sign on to hundreds of thousands of dollars in student debt that could be difficult to pay off. But your financial fate isn’t sealed just yet. Here are the top tips and tricks you can use to make college affordable. 

Research Your Student Loan Options 

Whether you plan on taking out a small student loan to help supplement your income or you decide to pay for tuition and housing with student loans, it’s important to understand the way these loans work and what’s available to you. You can apply for three types of student loans: 

  • Federal loans – nearly everyone can apply, regardless of credit history.
  • Private loans – people with better credit history may not need a cosigner. 
  • Refinance loans – may benefit those who are returning to school or have already graduated.

There are different types of loans in each of these categories, and it is worthwhile to map out all of your options to find out what will work best for you. Some federal student loans are need-based, meaning that you have to show a financial need to qualify. Other loans are available for just about anyone. Private banks and credit unions may offer loans to students with good credit or to students who can provide a cosigner, but these loans may have higher interest rates and less forgiving repayment terms. 

If you know that you will not be able to attend college without student loans, you should always start with the most forgiving federal loans such as direct subsidized loans. Then you may want to consider direct federal unsubsidized loans, and then, if you have to, move on to private institutions to finance any remaining balance. As always, it’s best to take as little in student loans as possible so that you minimize the burden of repayment after college. 

Keep Refinancing in Mind

Student loan refinance might be an attractive option for you if you have current student loans with high-interest rates, if you have multiple student loan payments that are difficult to manage, or if both situations apply to you. In most cases, you will have to pass a credit check to apply. And keep in mind, if you consolidate federal student loans into a private refinance loan, then you will lose the privileges and protections of those federal loan terms. 

After completing your research and discussing your options with a qualified person, you should apply for your chosen student loans as early as possible. 

Consider In-State Colleges and their Affordability

One way to save money on your education is to apply at in-state institutions. “In-state” just means that the college is located in the same state where you have a residence for the majority of the year. If you live in Arizona, you would qualify for in-state tuition at Arizona State University. The cost of in-state tuition varies across the country, but it can save you up to or more than fifty percent of tuition costs.

There may be situations where you have to travel away from home to attend college. In that case, you may consider moving to the state where you want to go to college before you begin your studies. Once you’re there, you can live and work in that state for a specific amount of time in order to earn resident status, which would then help you qualify for in-state tuition at most public universities. Each state has different residency requirements, as do some university systems within the same state, so make sure to do your research.

Consider Community College

If you are looking for an even more inexpensive way to study, you can enroll in a community college. These publicly-funded institutions offer courses like Math, English, and History along with other specializations such as Business and Accounting. The biggest difference between community colleges and universities and private colleges is that most courses of study at community colleges end in an Associate’s degree rather than a Bachelor’s or Master’s. 

One path that many budget-conscious students take is to begin their college education at a community college. You can enroll in one to two years of community college classes. Then you can transfer your credits to a four-year institution. This may save you time and money because you won’t have to move or pay huge costs for tuition during those first two years. 

As with everything, it’s crucial that you do thorough research based on the institutions you want to attend and the place you live or want to live. 

Chart Your Affordable Career Path Early

Many students head to college without a clear idea of what they want to study and why. This can lead to costly years of school that essentially go to waste when you realize you either didn’t need a four-year degree to do your dream job or you have to return to school to complete a different degree or certificate specific to what you want to do in life. Although it may seem difficult to imagine, you can save time and money on your education by mapping out your career path as early as possible.

For some job paths, you can land an entry-level position after just two years at a technical school or trade school. If you want to practice a skilled trade such as carpentry, plumbing, or cosmetology, a trade school may be the best place for you. A technical school might be a good fit if you are interested in careers such as HVAC installation and repair, entry-level information technology, or automobile maintenance, making college much more affordable. 

Keep a Budget and Cut Costs Where You Can

Once you start college, there are ways you can make your two or four years more affordable. You could start with making a budget for your expenses and keeping track of how much you spend every month to make college affordable. If you don’t dedicate time to understanding your finances, you could end up spending more money than you have available. That might lead to increasing your student loans to cover the difference. Instead, watch what you spend and keep entertainment costs to a minimum. 

You could also consider picking up a part-time job or applying for work-study on your campus if you qualify. If you aren’t working, you could load up on extra classes and try to graduate early to save on costs. Here are some additional tips to help you save money while going to college: 

  • Opt to live off-campus where you can share housing and find more reasonable food and lodging. 
  • Skip your college’s pre-paid meal plans and bring food from home instead. 
  • Choose pre-owned textbooks and ask for PDF readings for your courses whenever possible.

Keep These Tricks Handy

Having a Bachelor’s or Master’s degree can make it easier to earn more in your career, but that doesn’t mean you have to dig yourself into debt to get there. Use these tips and tricks to set yourself up for success when you go to college to make it affordable. All it takes is a little planning, researching, and budgeting, and you can save stress, time, and money while getting a college education.