Six Great Ways to Help Pay for College
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According to the Trends in College Pricing and Student Aid, the average cost of going to a four-year university in 2020 was $54,880 for private universities, $43,280 for out-of-state students in public universities, and $26,820 for in-state students in public universities. This cost includes tuition, fees, textbooks, plus room and board. For many American families, the cost of higher education can seem overwhelming. Families with college-age students often take student loans or an equity line on their home to help pay the steep price tag. College alumni owe over $1.7 trillion in student loans, which is almost twice as much as all the US credit card debt.
The cost of going to college may seem unmanageable, but there are ways for college students to help pay for college. While going to college is not the only way to succeed, college alumni have, on average, significantly higher salaries, better job security, and more choices in life than those with only a high degree. This article will explain how people can earn a college degree without piling up debt.
1. Apply for Multiple Scholarships.
College is expensive. Luckily, there are numerous scholarships available that can reduce or eliminate the cost of a college degree. High school students can apply for academic or athletic scholarships from the university that they plan to attend. The federal government, state governments, local governments, foundations, and many companies also award scholarships to college students. While having good grades in high school is important, some scholarships focus on financial need, community service, leadership abilities, demographics, and even hobbies. Moreover, there are many scholarships available for students who are already in college, and they are usually non-exclusive, which means that students can apply for multiple scholarships. In addition to helping with tuition, scholarships can also be used to cover the cost of textbooks, rent, and living expenses.
Each year, there are over 1.7 million private scholarships, totaling more than $7.4 billion. Families can use websites like www.scholarships.com and US News Scholarships Finder to search for scholarships. Students who have good grades, start searching early, have solid letters of recommendation, and engage in community services have the best chance of obtaining scholarships. Individuals can use the same resume and letters of recommendation to apply to multiple scholarships. Smaller scholarships are usually less competitive.
2. Take Courses at a Community College
While it is beneficial to get a degree from a university, students can slash the cost of their bachelor’s degree by taking courses at a community college. College students can take courses at a local community college or online during summer and winter breaks. Taking summer classes at a community college can help students save time and money. Furthermore, it can also help them maintain a good Grade Point Average by taking classes that they struggle in. As long as they pass the course, they can transfer the credits for the course without hurting their GPA.
Students can also complete their first two years of higher education at a community college. Most universities have agreements that guarantee which courses will be automatically transferred from various community colleges. Some universities even have a bridge program that allows students to stay on their campus while attending a nearby community college for a fraction of the cost. What matters to employers is where students get their college degrees, not where they start their academic careers. Studying in a community college can save a lot of money. In 2020, the annual tuition was $41,411 at private universities, $26,809 for out-of-state students in public universities, and $11,171 for in-state universities in public universities. By contrast, the average cost of attending a community college was only $8,589 for out-of-state students and $4,808 for in-state students in 2020.
3. Test out of Courses
Another great way to save on college tuition is to test out of courses. Students can test out of courses while in high school by taking Advanced Placement (AP) or International Baccalaureate (IB) courses. High school students should consult with their counselor about available college-level courses. You do not even need to take an AP class to take the AP test, and there are inexpensive online courses that will help you prepare for AP exams. Most universities give credit to students who get three or more points out of five on an AP exam, while some select universities only accept a score of four or five.
In addition to taking college-level courses while in high school, students can receive credit for most university core classes by passing a College-Level Examination Program (CLEP) test. CLEP exams are offered in over 2,000 testing centers, currently cost just $89, take less than two hours to complete, and allow students to receive credits in 34 subjects. You can find more information and a list of available courses at clep.collegeboard.org. If you test out of enough courses you save a year or more of paying tuition.
4. Work as a Resident Advisor
Being a Resident Advisor is one of the most challenging and most awarding jobs a student can have in college. RAs assist students in residence halls and ensure the residents’ safety. They often have resolve conflicts and enforce the university’s rules. They must lead students who are about their age or slightly younger. RAs often have to work in the evening or on the weekend. Although it can be a tough job, RAs receive several benefits. RAs typically get to live on campus for free and receive a complimentary meal plan. Students in many universities are required to live on campus, at least in their first and second year, and residing on campus can be expensive. So, getting free housing is a huge benefit. RAs may also have additional benefits such as a modest stipend and the opportunity to check-in early. Additionally, RAs learn important social and leadership skills that are extremely valuable to employers.
5. Purchase a Home and Rent its Rooms.
Another great way to way for university students to save on housing is by purchasing a house and renting the extra rooms to other students. In an urban campus buying a house could prove too expensive. However, buying a house in a college town can be a good investment since there is usually a high demand for property rentals in these towns. Students may need a family member to help with the down payment and to co-sign the mortgage. However, for families that can afford to purchase a home giving a college student the chance to be a landlord not only cover the cost of housing, it also teaches students pivotal interpersonal and financial management skills.
If you are considering buying a house while you attend college, remember that some universities require Freshmen and sometimes Sophomores to live on campus, so you may not be able to move off campus right away. Although, you can rent rooms even while you live on campus. You should think of your house as a business investment. It is not, for instance, a good idea to rent rooms to your friends unless you are confident that they are responsible.
6. Save on Textbooks with Used and Electronic Books
In addition to paying high tuition and fees, students spent an average of $1,240 in 2020 on textbooks and other course material. There are also several ways students can cut the cost of textbooks. For starters, most textbooks have electronic or loose-leaf versions that are considerably cheaper. Used copies of the book can cost less than half the price of a new book. Similarly, renting an e-book is cheaper than buying it. Students who want to save more should also contact their professors and ask if they can use older editions of the book, which are often available for under $20 on Amazon or www.abebooks.com. Many universities are aware of the financial burden of course materials on students and are working on ways to cut this expense by using Open Educational Resources textbooks, which are free, publicly accessible. Before you apply to a university, you may want to find out if they are committed to reducing the cost of textbooks.
