5 Ways to Cut Costs For College
| August 18, 2008 | Posted by Roshawn Watson under Uncategorized |
Dear Roshawn,
Future College Student
Dear Future College Student,
This is a great question and one that will potentially shape your financial future for years (in some cases for decades) to come.
Tip #1 Consider Public Schools
Tip #2 Become an Attractive Student
Take on a challenging high school curriculum (including taking honors and advance placement courses), achieve high grades, score well on standardized tests (enroll in prep course and repeat tests if necessary), such as the SAT and ACT, and become a leader outside the classroom. Depending on how good of job you do here (and possibly your family’s income), you could get a free-ride by becoming an attractive student.
Tip #3 Research Scholarships
I personally used fastweb, but regardless of which books or services you use, try to find as many as possible. Do not be afraid to apply for community and church scholarships. Such scholarships decreased my tuition burden by at least $10,000.
Tip #4 Don’t Borrowing Too Much
If you do take out loans, don’t borrow too much just because you can. My rule for the maximum amount someone should borrow for all four-years is no more than half of what you intend to make in the year following your graduation. For example, if you intend to make $40,000 the year after you graduate, then taking out more than a total of $20,000 in student loan debt means that it would be difficult to pay that loan off. I know people often borrow more than that. Perhaps that’s why most take forever to pay those loans off. Consequently, their own investments suffer.
Tip #5 Consider Working
School is a top priority, but after you get stable, consider taking a job to simultaneously decrease some of your expenses while gaining valuable experience. Personally, I think the best jobs for undergraduate college students are ones that ultimately help you in school or in your chosen career path (once you have decided). For example, if you do exceptional in a class, consider tutoring for the class. You can earn some extra cash while helping your fellow students and developing good relationships with faculty. It’s a win-win-win!
Lastly, if you like this post, please click here to get my Brand New eBook FREE and Propel it, Stumble it, and tag it on Delicious.
Copyright 2008, Roshawn Watson, Pharm.D. All Rights Reserved.
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These are some great tips Shawn. Thanks for sharing
Your first point about choosing public over private doesn't always work. I admonish students to consider schools carefully and apply to the schools that they think will be a great fit for them personally. Don't exclusively apply to public schools. Apply to a wide variety, see who accepts you, and what aid they're willing to offer.I applied to a wide variety of public and private schools and was accepted to all. While the private college costs were approaching $25,000 a year for tuition and expenses, the in-state price tag at the public schools seemed more reasonable, hovering at $7,000 and below for tuition and expenses. When examining the financial aid packages, some of the public schools with the lower cost of attendance offered the least generous packages. Even with a significant scholarship to one of them, the amount of money they expected me to pay out of pocket was crippling. Some of the private colleges included generous grants and scholarships in my financial aid packages, making expensive schools not just within reach – but actually more affordable than their public school counterparts. My brother chose the "cheaper" public university, I chose the "expensive" private university and his student loans far exceeded mine by the completion of his degree.
I understand your point, but since your brother had to pay more than you even though statistically the his tuition bill was less than the typical tuition bill at the private school, I have to ask… are you both equal students?In other words, were you a better student than he was. That would explain why he would pay more for public than you did for private school? (unless your private school was uncharacteristicly cheap)I 100% suspect this to be the case. Also, I would argue that your tuition at the private school probably increased at a much greater rate than his (at the public school).Lastly, I would almost never say turn down a free-ride. I also never said do not apply to private schools.I am telling people to do a CBA (cost-benefit analysis). Are private schools that cost 10X more than public schools 10X better. Over 90% of the time, the answer is clearly NO.Go with what you can afford!
Thanks Peter!