3 answers
Elizabeth
Student
Sturgeon Bay, Wisconsin
5
Questions
Asked
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How to save and budget for college?
So I'm moving out with my boyfriend in a few months and I'm wondering if anyone has any tips on how to save money or what are some important things to know. We've been freaking out over it lately so I'd be happy to get some outside knowledge from people who've been there. Thank you!
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3 answers
Doc Frick
Career Coach and Mentor
1877
Answers
California, CA
Updated
Doc’s Answer
Elizabeth make sure your being realistic about the amount of college costs you can take on without jeopardizing your other financial goals and priorities, including RENT, FOOD, UTILITIES, INSURANCE ETC. To save on your college education, consider applying for scholarships, utilizing financial aid programs, exploring part-time work or work-study, buying used textbooks, and choosing a more affordable college options. Here are some strategies to consider:
❎ GET A JOB
Before you can save money, you need to have some. Getting a job is a fairly obvious way to earn and save money while in college. It always helps to have some cash coming in. That’s just one reason why having a job while in school can help. Look for a part-time job either on or off campus. On-campus jobs are particularly appealing because they’re easy to get to and can be a great way to meet other students. Plus, most on-campus managers are willing to work around your class schedule because they recognize that your degree is your top priority.
❎ ATTEND COMMUNITY COLLEGE FIRST
You can save a lot on tuition by getting all of your general education requirements out of the way at a community college before heading to your school of choice, because the price difference is insane. Seriously - a year of tuition at a private school is, on average, more than nine times the cost of a year of tuition at a community college. Just make sure your credits will transfer to the college of your choice.
❎ MILITARY TUITION ASSISTANTDANCE
Joining the National Guard or Reserve and get a FREE education. Through the Armed Forces’ Military Tuition Assistance Program, students can get up to 100% of their college tuition covered. Classes must be from an accredited two- or four-year institution on or off the installation, or by distance learning. The service branch will pay the school directly.
❎ FILE FOR FAFSA EVERY YEAR
The Free Application for Federal Student Aid (FAFSA) determines what need-based scholarships, grants, and federal student loans you're eligible for. Many schools also use it or its private counterpart, the CSS Profile, for deciding what school-sponsored, need-based financial aid you qualify for. An important note for those who rely on need-based financial aid: As you work to save money in college, student assets, like savings and any income you earn, may impact your financial aid eligibility.
❎ APPLY FOR SCHOLARSHIPS AND GRANTS
Scholarships and grants (aka the kind of funding that doesn't need to be repaid) aren't just for incoming first-year students. Your school and even private scholarship-granting organizations often reserve some of their cash for returning students. These may be need- or merit-based and may require an application, essays, and letters of recommendation. Check out resources like finaid.org to explore scholarships and grants you may be eligible for.
CONCLUSION
Make full use of your school's amenities
You're likely paying for more than just tuition when you attend college. Make sure you're getting the most out of your activities fee by using campus resources when you can. That could mean going to the school gym and health centers, which may be available for free or at a reduced price. Also check out whether there are cultural or entertainment events subsidized by your college.
Hope this will be helpful Elizabeth, make sure you look before you leap.
❎ GET A JOB
Before you can save money, you need to have some. Getting a job is a fairly obvious way to earn and save money while in college. It always helps to have some cash coming in. That’s just one reason why having a job while in school can help. Look for a part-time job either on or off campus. On-campus jobs are particularly appealing because they’re easy to get to and can be a great way to meet other students. Plus, most on-campus managers are willing to work around your class schedule because they recognize that your degree is your top priority.
❎ ATTEND COMMUNITY COLLEGE FIRST
You can save a lot on tuition by getting all of your general education requirements out of the way at a community college before heading to your school of choice, because the price difference is insane. Seriously - a year of tuition at a private school is, on average, more than nine times the cost of a year of tuition at a community college. Just make sure your credits will transfer to the college of your choice.
❎ MILITARY TUITION ASSISTANTDANCE
Joining the National Guard or Reserve and get a FREE education. Through the Armed Forces’ Military Tuition Assistance Program, students can get up to 100% of their college tuition covered. Classes must be from an accredited two- or four-year institution on or off the installation, or by distance learning. The service branch will pay the school directly.
❎ FILE FOR FAFSA EVERY YEAR
The Free Application for Federal Student Aid (FAFSA) determines what need-based scholarships, grants, and federal student loans you're eligible for. Many schools also use it or its private counterpart, the CSS Profile, for deciding what school-sponsored, need-based financial aid you qualify for. An important note for those who rely on need-based financial aid: As you work to save money in college, student assets, like savings and any income you earn, may impact your financial aid eligibility.
❎ APPLY FOR SCHOLARSHIPS AND GRANTS
Scholarships and grants (aka the kind of funding that doesn't need to be repaid) aren't just for incoming first-year students. Your school and even private scholarship-granting organizations often reserve some of their cash for returning students. These may be need- or merit-based and may require an application, essays, and letters of recommendation. Check out resources like finaid.org to explore scholarships and grants you may be eligible for.
CONCLUSION
Make full use of your school's amenities
You're likely paying for more than just tuition when you attend college. Make sure you're getting the most out of your activities fee by using campus resources when you can. That could mean going to the school gym and health centers, which may be available for free or at a reduced price. Also check out whether there are cultural or entertainment events subsidized by your college.
Hope this will be helpful Elizabeth, make sure you look before you leap.
Thank you so much, Doc!
Elizabeth
Disraeli Partridge
Accounting
26
Answers
Detroit, Michigan
Updated
Disraeli’s Answer
Hello Elizabeth,
To lower the price of college you should apply for scholarships, financial aid programs, and academic awards.
The first step towards paying for college should be filling out the FAFSA. This is a requirement for most school-sponsored scholarships and will immediately alert you if you are eligible for some of the federal need-based programs, such as the Pell Grant.
Your second step should be looking at your chosen college's financial aid department for scholarship applications. At my university there was one application online that included every question for every scholarship offered through the school, but there may be a different setup at your college. There maybe scholarships offered to students from individuals or there will be programs offered by the college itself that are based on your gpa, major, or financial need (usually as determined by the FAFSA). The requirements for each academic based award will probably be on the school's website.
The third step you should check is scholarships offered by your community. You should consider reaching out to either your high school or local organizations (such as the Lions Club, men's and women's organizations, and other groups) to see if they have scholarships to offer.
Once you have applied for scholarships and aid, you can see if your college has a payment plan option. This will not lower the price of college (and the college may actually add a fee for this service) but it will give you more time to work and get the payment together. An additional savings area is the cost of books. After you get the list of required books, look online for used copies (make sure to check the edition!). Check online bookstores or Facebook groups for a "Your College Buy/Sell/Trade books" online community to get a reduced price. I also recommend buying any required codes for online books and services directly from the publisher to avoid any cost markups.
There are many ways to reduce the prices of college, but they do take work. Good luck with college!
To lower the price of college you should apply for scholarships, financial aid programs, and academic awards.
The first step towards paying for college should be filling out the FAFSA. This is a requirement for most school-sponsored scholarships and will immediately alert you if you are eligible for some of the federal need-based programs, such as the Pell Grant.
Your second step should be looking at your chosen college's financial aid department for scholarship applications. At my university there was one application online that included every question for every scholarship offered through the school, but there may be a different setup at your college. There maybe scholarships offered to students from individuals or there will be programs offered by the college itself that are based on your gpa, major, or financial need (usually as determined by the FAFSA). The requirements for each academic based award will probably be on the school's website.
The third step you should check is scholarships offered by your community. You should consider reaching out to either your high school or local organizations (such as the Lions Club, men's and women's organizations, and other groups) to see if they have scholarships to offer.
Once you have applied for scholarships and aid, you can see if your college has a payment plan option. This will not lower the price of college (and the college may actually add a fee for this service) but it will give you more time to work and get the payment together. An additional savings area is the cost of books. After you get the list of required books, look online for used copies (make sure to check the edition!). Check online bookstores or Facebook groups for a "Your College Buy/Sell/Trade books" online community to get a reduced price. I also recommend buying any required codes for online books and services directly from the publisher to avoid any cost markups.
There are many ways to reduce the prices of college, but they do take work. Good luck with college!
Thanks, can't wait to put this advice into action!
Elizabeth
Rafael Diaz Montelongo
Consultant
395
Answers
Raleigh, North Carolina
Updated
Rafael’s Answer
Hi Elizabeth,
Getting ready to move out and start college is super exciting but can be tough, specially with someone else, so budgeting is key. Start by making a list of all expected expenses like rent, utilities, groceries, and college costs, and keep track of your spending, you can use mobile apps for that. Remember, to save for emergencies and find ways to cut unnecessary costs. Tip: use student discounts and consider buying second-hand items if applicable. Maybe chat with your boyfriend about shared expenses to figure out a fair split. If you can, think about getting a part-time job to boost your income, and make sure you're using financial aid and scholarships. Good luck in this new phase!
Getting ready to move out and start college is super exciting but can be tough, specially with someone else, so budgeting is key. Start by making a list of all expected expenses like rent, utilities, groceries, and college costs, and keep track of your spending, you can use mobile apps for that. Remember, to save for emergencies and find ways to cut unnecessary costs. Tip: use student discounts and consider buying second-hand items if applicable. Maybe chat with your boyfriend about shared expenses to figure out a fair split. If you can, think about getting a part-time job to boost your income, and make sure you're using financial aid and scholarships. Good luck in this new phase!
Thank you for the advice, Rafael.
Elizabeth