Amy Fontinelle
According to FinAid.org, the average cost
of earning a bachelor's degree is increasing at a rate of 5-8%
per year, making a college education quite expensive.
In Depth: Pay For College Without
Selling A Kidney
1. Choose Your School
Go to an in-state public school or a
public school in a surrounding state that has reciprocity for
reduced tuition, which will be much lower than rates at a
non-reciprocal out-of-state public school or a private school.
If you are not satisfied with the quality of the state schools
where you live, consider moving to a state with schools you like
and establishing residency. To establish residency, you will have
to meet strict requirements that vary by state and sometimes even
by school - but for the savings, it may be worth it. Most states
require you to live in the state for at least one year in
order to be eligible, but there are other criteria to meet as well.
In California, for example, it is very
difficult for students who don't have a parent living
in California to establish residency
before their mid-20s. In addition to living in-state for 366 days
immediately prior to requesting resident status, potential students
must provide objective documentation demonstrating an intent to
make California their permanent state of residence, such as a
driver's license, ownership of property or steady employment,
as well as financial independence. If you can wait it out and meet
these criteria, then you can attend quality schools at in-state
rates.
Another money-saving strategy that doesn't involve postponing
college is to apply to schools that have a shortage of people like
you. People like you could be people interested in your major,
people from your state, people with your ethnic background, people
who are as smart as or smarter than others applying to the school,
people who play the unusual instrument you play or any other number
of traits. Schools where you'd be a unique
addition may give you scholarships. (For related reading,
see Invest In Yourself With A College
Education .)
2. Think About Cost of Living
Keep in mind that housing and other
living costs will vary by location, especially if you choose to
live off campus. An apartment in New York City
will be much pricier than an apartment in the
Midwest. Also, the college where you obtain your
undergraduate degree can sometimes influence where you will end up
working and living after school. If possible, choose a location
where you'd actually want to live, where the cost of living is
affordable, and where your school will be a recognizable name that
will allow you to get more mileage from your diploma. UCLA may be
considered a good school in the West, but may not be held in the
same high regard in New York.
3. Don't Get Just Any Job to Pay
For School
Make your job count by sticking to
high-paying work. To find high-paying work, especially for summer
jobs when you'll be free during business hours, seek out office
jobs through temp agencies. Temp agencies do most of the job
hunting work for you, and the office jobs they offer tend to pay
well above minimum wage , provide work experience closer
to the situations you'll encounter post-college, and may give
you connections that will help you land a meaningful internship or
your first salaried position. Also, despite what the name implies,
you can find both short and long-term jobs through temp agencies.
(For more, see Start Off On The Right Foot With An
Internship .)
If you can't get a high-paying job, get a job that will keep
your living expenses down, such as working in a restaurant where
you get free food. If you work at a bakery, for example, any unsold
goods at the end of the day may be fair game for employees since
the business can't sell day-old bread. Another possibility
is to find a campus job that offers perks. If you can get a job in
your school's residential life office, you may be able to get a
discount on housing during the school year or the summer.
4. Be Flexible With Your Schedule
Some college programs, such as engineering, are more intense than others, making it quite difficult to work while in school. For these programs, consider attending school part-time so you can still work part-time. Even if you're not in an overly demanding program, attending school part-time can help you spread out tuition costs and free up more time to work. However, part-time students may not have the option of living on campus, which can make it more difficult to be involved in the social aspects of college.
5. Wait
Another option is to take a year or two off after high school to work full-time so you can save up enough money to make school affordable. If you don't want to postpone college, you could take your classes during evenings and weekends in order to work full-time during the week. This strategy may take more than four years to complete, but it can be easier to budget. One argument against this approach is that many people find it easier psychologically to go straight from high school to college because study habits are still ingrained.
With education costs as high as they are and certain financial situations that fall outside the norm, even some middle-class parents may not be able to make significant contributions to a child's higher education costs despite what the formulas insist.
If you have a lot of patience, you can wait until you become an independent student as defined by the Higher Education Act, which has a different definition of "dependent" than the Internal Revenue Service (IRS). If you identify with some of the following you may qualify as an independent student.
- 24 years or older by December 31 of the award year
- Armed Forces Veteran or serving actively
- Graduate or professional student
- Married
- Dependents other than a spouse
Being an "independent student" under the Higher
Education Act could make you be eligible for more financial
aid because the financial aid formulas applied to this
group won't take parental contributions into account.
Some of these measures are purely
practical and don't take into account many of the intangibles
of the college experience, such as the learning experience of
freshman dorm life. Before you start on your college plan, consider
everything you want to get out of college so that you don't
have regrets later. Although you may have to make some sacrifices
that your peers don't, such as starting school later or staying
in the state, you can still have the experience you want and attain
a degree that will lead to a financially successful and stable
future.
More From Investopedia.com:
Graduate With A Degree In Financial Security
College Dorms: Good Value Or Ripoff?
Tuition Insurance Takes Sting Out Of Withdrawal
