The reality of the high cost of college is just now hitting some families as they’ve pored over financial aid offers from colleges. At many schools, self-help is up and gift aid is down. That means that colleges are offering less in the way of tuition discounts or grants, and are expecting families to assume a greater part of the college financial burden. Parents may pay expenses from savings and wages, students through part-time employment, and both parents and student may meet some expenses through educational loans. No wonder families are eager to find ways to cut college costs. Here are some ideas that you might want to investigate:
- Graduate on-time or even early. In order to earn a bachelor’s degree in four years, students need to choose appropriate classes and stick with them. Dropping a class may leave you with too few credits, thereby lengthening the time you will need to spend in college. Changing majors or double-majoring may also add to the length of your stay. Consider using the summer to explore possible majors through internships or shadowing. No idea about your intended major? Career testing might help point you to possible careers (and majors) that fit well with your interests, personality and abilities.
- Get a jump on credits through AP classes or CLEP exams. Passing scores on AP exams taken in high school may lead to college credit, while high scores on the College Level Examination Program can shorten the time you need to earn your degree. Check out www.collegeboard.org for a list of schools that award credit through CLEP exams.
- Consider taking some of your credits at a nearby community college during summer breaks. Community college classes are generally less expensive per credit. Make sure that they’ll be acceptable to your college before registering for outside courses.
- Get a job. Part-time employment provides extra structure to the college student’s day and yields extra money to meet college expenses. Most college students are able to work 10-15 hours per week during the school year at a job on or near campus.
- Investigate college meal plan options. Choose a plan that fits you—there’s no point in paying for meals that you will not eat.
- Check out housing options—double rooms are less expensive than singles; triples or quads will save you even more money. After your first year, consider applying for an RA (resident advisor) position. RAs often receive their room for free in return for service.
- Textbooks are expensive. Buy used books whenever possible and sell them back at the end of the course if you will not need them later on.
Attending college pays handsome dividends, but students and families should be careful not to take on so much debt that their future options become limited by the need to repay college loans.
