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how much money do i have to save for college?
what are the cheapest careers to do in college?
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Martha’s Answer
Hi, Chris - tuition doesn't vary across majors so I am going to answer your questions a little differently:
- If you are looking at expense only, you might want to consider going to a community college for the first year or so . But make sure that all your credits will be transferable to a 4-year institution.
- Generally, going to the state college/university in your state is going to be a lower-cost option. But there may be reciprocal deals with neighboring states. Also, to attract high-caliber students, some colleges have "honors" colleges with all or partial tuition reduction so look into that.
- Plan your credits so you can graduate in 4 years. If it takes you 5 or 6, that's extra tuition and living expenses, plus lost income since you could have been working.
- Pay attention to all the costs related to college, such as travel, housing, food and books. The further away you go, the more expensive travel to and from home may be. You will likely have to live on campus during your first year but living off campus - with roommates - may be less expensive after that. Similarly, having a minimal or no dining plan may be less expensive if you cook your own food.
- Expense may not the deciding factor, but if it is, choose a career that you could start after a 4-year degree. If you are interested in medicine, aim for nursing versus medical doctor. In law, aim to be a paralegal instead of a lawyer.
- If you will need a master's degree, see if you could combine it with your undergraduate one so you pay for one added year, not two.
Many banks and mutual funds have college cost calculators on their websites. Finance magazine, like the Forbes link below, have information. Some colleges/universities have them on their websites. Try more than one calculator because their assumptions and methodology may vary. Below is a link to further information from the College Board.
Good luck!
Forbes calculator - https://www.forbes.com/sites/markkantrowitz/2022/11/23/updated-rules-of-thumb-for-saving-for-college/?sh=33d0a94d6b71
College Board information - https://bigfuture.collegeboard.org/pay-for-college/get-started/how-to-start-saving-for-college
- If you are looking at expense only, you might want to consider going to a community college for the first year or so . But make sure that all your credits will be transferable to a 4-year institution.
- Generally, going to the state college/university in your state is going to be a lower-cost option. But there may be reciprocal deals with neighboring states. Also, to attract high-caliber students, some colleges have "honors" colleges with all or partial tuition reduction so look into that.
- Plan your credits so you can graduate in 4 years. If it takes you 5 or 6, that's extra tuition and living expenses, plus lost income since you could have been working.
- Pay attention to all the costs related to college, such as travel, housing, food and books. The further away you go, the more expensive travel to and from home may be. You will likely have to live on campus during your first year but living off campus - with roommates - may be less expensive after that. Similarly, having a minimal or no dining plan may be less expensive if you cook your own food.
- Expense may not the deciding factor, but if it is, choose a career that you could start after a 4-year degree. If you are interested in medicine, aim for nursing versus medical doctor. In law, aim to be a paralegal instead of a lawyer.
- If you will need a master's degree, see if you could combine it with your undergraduate one so you pay for one added year, not two.
Many banks and mutual funds have college cost calculators on their websites. Finance magazine, like the Forbes link below, have information. Some colleges/universities have them on their websites. Try more than one calculator because their assumptions and methodology may vary. Below is a link to further information from the College Board.
Good luck!
Martha recommends the following next steps: