Savvy Students Cut College Costs

Savvy Students Cut College Costs

It should be no surprise. College costs are increasingly expensive. Tuition, books, equipment and supplies, room and board, utilities, travel, etc. are college costs that have starkly risen over the last few decades. Why? It’s quite simple.

Wielders of knowledge understand its inherent power. Knowledge may be tangible or illusory, subtle or candid, merciful or savage. On one hand, knowledge motivates, strengthens and leads to a champion’s success. On the other hand, knowledge deters, obstructs and completely annihilates anything or anyone in its path. Everyone wants a piece of knowledge pie.

The commodity called intellectual property (IP) – a creative, combination of knowledge, understanding and wisdom – is a prime asset, where demand value varies from negative (unproductive and harmful) to positively priceless. “Good conversation” -- at times -- resembles memorabilia and individuals’ conceptualization of knowledge casts its own rainbow. Enter in our high-tech, media-frenzied economy, one’s ability to wield knowledge becomes a lucrative ascension through the atmosphere.

Colleges create a marketplace for trading this commodity of knowledge. Universities, colleges, trade schools and other adult education institutions sell knowledge to students in exchange for payment (i.e., cash, debt, labor, government assistance, philanthropy, etc.). Within this dyadic relationship, students conveniently access and exchange knowledge with other students as well. As demand value for college knowledge increases, costs associated with attending college likewise increase. CNBC states, “Students at public four-year institutions paid an average of $3,190 in tuition for the 1987-1988 school year, with prices adjusted to reflect 2017 dollars. Thirty years later, that average has risen to $9,970 for the 2017-2018 school year. That’s a 213 percent increase. The difference is stark at private schools as well. In 1988, the average tuition for a private nonprofit four-year institution was $15,160, in 2017 dollars. For the 2017-2018 school year, it’s $34,740, a 129 percent increase.”

Be aware that college costs are still on the rise. However, there is hope for the college-bound student. Savvy students plan ahead and seek cost-saving strategies to decrease college costs. While many different options for cutting college costs exist, below are three (3) effective strategies to ensure you pay least for an utmost college experience.

1. Maximize Your Course Load. Students should satisfy as many college courses in high school as possible, such as advanced science or math, electives, foreign languages and writing. These core courses are required within almost every college major’s curriculum. As most public high schools are completely tuition-free, private high school tuitions are usually much cheaper than college tuitions. Once college courses are satisfied on the high school level, students simply transfer course grades to college transcripts – earning college credit per course. Students should confer with college advisors, deans or registrars regarding particular requirements for transferring high school course grades to college transcripts, as each college’s policies differ. Some high schools permit students to take high school courses before and after high school graduation. Furthermore, many colleges offer students a flat rate for full-time enrollment, which requires substantial time management expertise. In accordance with a student’s schedule and precise time management abilities, the student may consider accelerating degree/major requirements by increasing course loads per semester. For example, a dexterous student who is required to enroll in five courses per semester for eight semesters (or four years of college) for graduation, instead enrolls in seven courses per semester for six semesters (or three years) for graduation. Since the student pays a flat rate for full-time enrollment at the college, the student saves a year’s worth of college tuition and graduates a year early as well. Transferring college courses or credits, along with accelerating degree requirements, will further reduce overall college tuition costs.
2. Live Cheap or Free. Housing and board (i.e., rent, utilities, food, etc.) are the second most expensive college costs for students and substantially multiple over time. Since most college-bound students reside at home, continually residing at home allows students to minimize or completely avoid housing and board costs altogether. Students who go away to college team up with other traveling or local college students to share small spaces. For example, two bunk beds in a room rental houses four students cost-effectively. While most students prefer simple and free rental arrangements for sharing spaces with family or other college roommates, precise rental arrangements for payment amounts, times, types and other terms should be secured within a formal written agreement. Students may also consider bartering with landlords for housing, such as providing landscaping, house chores, babysitting, deliveries, etc. An increasingly-popular option for student housing is live-in home aid employment or senior assistance, as both options usually offer free housing along with income.
3. Government Financial Resources. Federal and State governments in the United States of America offer students multiple financial resources for college education, including tax credits, loan forgiveness and repayment plans, military service options, scholarships, grants, low-interest loans and consolidations, free financial counseling and literature, public assistance, work-study, internships, full and partial tuition coverage, veteran and senior discounts, government employee discounts, etc. Certain government employers offer full reimbursement for college tuition and college-related expenses. Available resources depend on the location of the student or college. Students should contact college financial aid offices to review all available government financial resources for students at the college. Students who retain free tuition options along with scholarships and tax credits, for example, receive enough assistance to cover all college-related expenses along with additional savings for post-college living. Students who receive loan forgiveness or reimbursement for college costs, for example, can allocate personal costs to cost-of-living budgets formulated through the college. Financial resources available to college students from Federal and State governments ensure all individuals obtain an equal opportunity to attend college.

These are three effective strategies for slashing college costs. Now imagine the advantage of combining all three!

Students are always recommended to plan ahead for college while in high school or prior to commencing college courses. Preparation, organization and planning for college always equate to less college costs overall.

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