How To Supplement A College Tuition

During my college years I worked as an administrative assistant at a marketing company. My work experience enhanced my college career and helped me to build job skills. I felt a sense of financial independence not having to rely heavily on loans to pull me through. Additionally, I benefited through the company's education reimbursement program.

My son supplemented his college freshman year by hiring himself out as a clown for parties and special events. He often reflects on how much fun he experienced working during the summer break that year. He admits, at $65 per hour, it was one of the highest paying jobs he has ever had. Of course each job was only a couple of hours, but for a college student it was richly rewarding.

Today's college tuition is quite expensive. Many students find that even with scholarships, the cost to attend requires extra income. The ideal income resource will allow for a student's tight schedule; and if off-campus, a commute to and from college or home. Thus, the challenge is to find employment that meets income and personal requirements. Our present day job outlook is dim, but there are still many opportunities for working college students; they just require a little more ingenuity.

According to a 1998-1999 study, the basic cost of attending a post secondary, local community college was less than $1,700 per year; with added fees and expenses the total cost was around $3,243 annually. The basic cost to attend a four year, public college was $4,000 per year; this was the preference of sixty-six percent of the total college population; and, with added fees and expenses, the total cost was $10,500 annually. (Source: 2.ed.gov/pubs/prepare)

Today the average annual cost to attend a four year, public college is $17,000 ($29,000 out-of-state) and $30,000 for a four year, private college. The cost varies with the specific college chosen and type such as in-state, out-of-state, private, or public. The projected annual increase for college tuition is approximately 5%.

Included in this cost are expenses such as:

• Room and board
• Books
• Supplies
• Transportation
• Sports fees
• Insurance
• Miscellaneous expenses

Additional expenses to consider are:

• Computer/laptop/printer
• Cell phone
• Lab fees
• Music fee/tuning fee
• Greek/social fee
• Food/entertainment

There are several ways to fund college tuition and expenses. Three main types of funding are financial aid, grants or scholarships, and loans. Students usually combine options to cover the cost and supplement by work-study programs, or other employment off-campus. However, if parents have saved money through the years for a child, the funds will greatly reduce the stress of that important first college year.

Financial institutions often encourage parents to set aside college funds when children are young to offset the cost. If possible, this is future planning that will pay off for parent and child when you consider the college choice may require extra funding. The chart below shows how much a parent would need to save to have a savings fund of $10,000 for a child's college entrance. Imagine the savings you can accumulate if you increase the monthly dollars to twice the amount!

As I mentioned earlier, I worked my way through my undergrad and masters college years. It was years of study, hard work and very little social life. It cannot be understated, college is expensive and requires dedicated effort; however, the results are a much wiser, knowledgeable, balanced and successful individual.

If a scholarship is awarded, the cost to attend is greatly minimized, but most of us have to work to cover the cost of tuition, fees and other associated expenses. The benefit of working your way through college is in the actual learning experience on a job and skills applicable to your personal professional resume.

Why work? A working college student can build a savings account to tide them over when between jobs, having to cut work hours, or to meet a personal emergency (this is not for late night pizza runs!). Listed below is a chart that suggests possible income opportunities to help pay for tuition and may also allow you to save a little on the side.

Many students have enjoyed the flexibility of earning money writing online. Hubpages offers you flexibility, creativity and personal enjoyment while building your individual writing skills. The extra cash will certainly help pay for some of those college expenses and add to your emergency savings fund. Best of all, it's free to join!

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