4 answers
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Questions
4 answers
Updated
Doc’s Answer
How much money do you need to be saving and in how much time Jessica? Let’s say, for instance, that you’re a high school sophomore (age 15 or 16) and hope to start college in 2024 at an in-state public university. Chances are you won’t be able to save enough to cover all your expenses while in college, but opting for an expensive private university across the country over the public college in your own backyard, for example, could double your higher education costs. That’s not something you’d want to undertake unknowingly. Saving up for college while in high school could be made harder — or easier — by choosing a school that’s within your means and strategizing a payment plan. You also may consider sticking to a college budget, which will also help you save money and avoid student debt. You should carefully monitor your college spending so you do not end up borrowing as much.
START WITH TWO YEARS OF COMMUNITY COLLEGE – While in-state public institutions may offer a more affordable choice than private institutions — for many students — paying for a four-year public college can be a challenge. Community colleges, especially those designed to serve as feeder institutions for public state colleges and universities, can be a more affordable alternative for the first two years of a degree program. As long as the community college is an accredited institution, students completing the required credits have the opportunity to transfer credits to a four-year institution. When selecting classes, it’s important to work closely with a counselor at the community college to ensure core classes and electives are eligible for transfer to the school where you plan to complete your degree.
APPLY FOR SCHOOLERSHIPS – While not all scholarships cover a majority of these costs, they come in handy when you need to accelerate the process of paying for school. A scholarship is a grant or payment made to support your education, either by academic or athletic achievement. Some scholarships don’t even require you to be a high school senior or junior to apply for one. If you’re an honor roll student or a successful athlete, apply for a scholarship as soon as possible.
ADVANCED PLACEMENT COURSES – Advanced placement courses offer college credit for those that have successfully passed the exam. What this means is that once the student enters college, they will have less courses to take, and will be able to save on college tuition fees. Each advanced placement exam cost $94, but that small investment will save you money in the long run!
GET A JOB – If you haven’t already, start looking for a job that will give you a substantial enough income boost so you can make the saving process seamless. Getting a part-time job at a supermarket, arcade, or fast food restaurant would be an excellent place to start. You could also look for a full-time summer job in case school is too demanding for you, such as a lifeguard at a beach, working as a cashier, and other jobs. Building up a good income for three or four months accelerates the process a bit more, so when you start school again, you’ll have a foundation to build on.
OPEN A BANK ACCOUNT – One of the best ways to prepare for college financially is to open a dedicated bank account in your own name. In fact, you can even earn money for doing so. The best banks for students offer cash bonuses for opening new accounts, giving you a head start on saving for college. Once you open a bank account, you can direct a percentage of your earnings from your part-time job and scholarship awwards etc. You might consider a high-yield savings account to grow your money and keep it accessible, or a 529 savings plan that can be used exclusively for qualified educational expenses.
START WITH TWO YEARS OF COMMUNITY COLLEGE – While in-state public institutions may offer a more affordable choice than private institutions — for many students — paying for a four-year public college can be a challenge. Community colleges, especially those designed to serve as feeder institutions for public state colleges and universities, can be a more affordable alternative for the first two years of a degree program. As long as the community college is an accredited institution, students completing the required credits have the opportunity to transfer credits to a four-year institution. When selecting classes, it’s important to work closely with a counselor at the community college to ensure core classes and electives are eligible for transfer to the school where you plan to complete your degree.
Doc recommends the following next steps:
Updated
Lauren’s Answer
apply for scholarships and financial aid (FAFSA), get a job, start saving money early on
Updated
Veronica’s Answer
John has some great answers.
I had quite a unique experience with paying for school. I paid for my degree independently. I got to know the financial aid staff really well, and I highly recommend you get to know them too. I applied for any scholarship that I could (even if I wasn't sure I'd get it). I applied for student loans. I even took out a payment plan with my school so I could make monthly installments. I worked full time while I was in college, but I'll be honest and tell you that it was harder than you'd think. Definitely stick to part time if you can. Waiting tables was my go-to for easy and fast income. Find a fancy restaurant if you can. Most restaurants often give you free/discounted meals and not starving while you're in college is super important. I got permission to take more classes at a time and shortened my time in school by a full year. That may not be the way to go because it makes having a social life virtually impossible, so I'd say that could be a good in-case-of-emergency plan. Work-study jobs at your school can be helpful too. A bonus to work-study jobs is getting to know professors in your chosen field. Networking is a huge benefit to your career.
There are ways to hustle and make things happen, but they take a lot of determination and willpower. One regret I have is not getting an internship. Internships might have low wages sometimes, but the benefit to your resume (and just getting your foot in the door somewhere) is invaluable. Definitely try your absolute best to get an internship if you can. If you have hobbies, try to find a way to make money off of them (selling art, tutoring in a subject you're good at, etc.). A friend of mine was making really good money just tutoring high school kids while she was in college. Just remember, you're studying for a better future.
I had quite a unique experience with paying for school. I paid for my degree independently. I got to know the financial aid staff really well, and I highly recommend you get to know them too. I applied for any scholarship that I could (even if I wasn't sure I'd get it). I applied for student loans. I even took out a payment plan with my school so I could make monthly installments. I worked full time while I was in college, but I'll be honest and tell you that it was harder than you'd think. Definitely stick to part time if you can. Waiting tables was my go-to for easy and fast income. Find a fancy restaurant if you can. Most restaurants often give you free/discounted meals and not starving while you're in college is super important. I got permission to take more classes at a time and shortened my time in school by a full year. That may not be the way to go because it makes having a social life virtually impossible, so I'd say that could be a good in-case-of-emergency plan. Work-study jobs at your school can be helpful too. A bonus to work-study jobs is getting to know professors in your chosen field. Networking is a huge benefit to your career.
There are ways to hustle and make things happen, but they take a lot of determination and willpower. One regret I have is not getting an internship. Internships might have low wages sometimes, but the benefit to your resume (and just getting your foot in the door somewhere) is invaluable. Definitely try your absolute best to get an internship if you can. If you have hobbies, try to find a way to make money off of them (selling art, tutoring in a subject you're good at, etc.). A friend of mine was making really good money just tutoring high school kids while she was in college. Just remember, you're studying for a better future.
Updated
April’s Answer
There are many paths to take to have an affordable college experience. All of these will depend on how well you do in high school, the information you know, and what you are willing to do.
Tip: Start off my making sure your grades are good.
Why: This can open doors to college scholarships and grants for you. Scholarships and grants are free money that you do not have to pay back. You can also work on extracurricular activities in high school so that you demonstrate that you are a well-rounded student, not just intelligent. Scholarships are available from schools, the different programs at schools, and also independent organizations such as Fastweb. For schools that you are interested in, look into what types of scholarships/aid they have.
Tip: Since you're in California, you can also look into Cal Grants.
Why: The Cal Grant program have grants that are merit-based (good grades) and needs-based (needing financial assistance). These grants do not have to be paid back. You simply apply for them and that goes towards your college fees. I used Cal Grants when I was an undergraduate student and they were a lifesaver! Most of my degree was paid for by this! I received a grant for year 1-4 of college. This is a program that you will want to look into.
Tip: Do research on schools that are more affordable.
Why: Schools in state will probably be less expensive. Out-of-state- fees can be close to double what a native would pay. Then consider the type of school. For example, maybe you want to start at a community college and get your GE (general education) courses out of the way. These courses are usually less expensive. Many community colleges also have it where you can start taking classes while you're still in high school. Doing your basic courses at a community college makes it so that you are spending less money overall in comparison to paying full price for four/five years. In terms of cost from least to greatest, the order typically is: community college, state schools, UCs/private universities. Public universities are also less expensive than private universities. Keep that in mind.
Quick recap: Scholarships, grants, community college, in-state schools, public schools. Following these guidelines will definitely have a positive financial impact. If you want to go further, you can also apply for financial aid through FAFSA. You can receive loans or work-study. Work study positions are student worker positions where you work and get paid. The good thing about this is that you work a set amount of hours and you don't have to worry about balancing school and a full-time job.
Overall, think about what career you want and what you need to accomplish to get there. Being practical with your college choice and getting your degree can pay off in your future. Don't be afraid, be strategic. The fact that you're already thinking about this is a good sign. Just follow through! You've got this!
Tip: Start off my making sure your grades are good.
Why: This can open doors to college scholarships and grants for you. Scholarships and grants are free money that you do not have to pay back. You can also work on extracurricular activities in high school so that you demonstrate that you are a well-rounded student, not just intelligent. Scholarships are available from schools, the different programs at schools, and also independent organizations such as Fastweb. For schools that you are interested in, look into what types of scholarships/aid they have.
Tip: Since you're in California, you can also look into Cal Grants.
Why: The Cal Grant program have grants that are merit-based (good grades) and needs-based (needing financial assistance). These grants do not have to be paid back. You simply apply for them and that goes towards your college fees. I used Cal Grants when I was an undergraduate student and they were a lifesaver! Most of my degree was paid for by this! I received a grant for year 1-4 of college. This is a program that you will want to look into.
Tip: Do research on schools that are more affordable.
Why: Schools in state will probably be less expensive. Out-of-state- fees can be close to double what a native would pay. Then consider the type of school. For example, maybe you want to start at a community college and get your GE (general education) courses out of the way. These courses are usually less expensive. Many community colleges also have it where you can start taking classes while you're still in high school. Doing your basic courses at a community college makes it so that you are spending less money overall in comparison to paying full price for four/five years. In terms of cost from least to greatest, the order typically is: community college, state schools, UCs/private universities. Public universities are also less expensive than private universities. Keep that in mind.
Quick recap: Scholarships, grants, community college, in-state schools, public schools. Following these guidelines will definitely have a positive financial impact. If you want to go further, you can also apply for financial aid through FAFSA. You can receive loans or work-study. Work study positions are student worker positions where you work and get paid. The good thing about this is that you work a set amount of hours and you don't have to worry about balancing school and a full-time job.
Overall, think about what career you want and what you need to accomplish to get there. Being practical with your college choice and getting your degree can pay off in your future. Don't be afraid, be strategic. The fact that you're already thinking about this is a good sign. Just follow through! You've got this!