Preparing for College: Money Saving Tips for the College Bound

by | Aug 2, 2018 | Blog

collegeSchool will be starting faster than you think.  August is here; are all your ducks in a row?  The costs involved with your college education are not going to go down at all. They are simply going to increase steadily as your time spent at the institution progresses. Do you have a plan in place to cover the increase in costs? While you are spending your time studying, there isn’t much left over for bringing in the cash.  What this usually means for students is DEBT, and lots of it.  However, with some money management tips, you may be able to save thousands of dollars over the course of your university experience—dollars you won’t be paying interest on when you’re 35.

    1. Submit a FAFSA. A Federal Application for Student Aid (FAFSA) provides access to Pell Grants and subsidized student loans that can make college affordable for almost anyone. Be sure to mark the box indicating that your parents are not giving you assistance for college – if they are not assisting you.If you are working a part time job, you can generally qualify for $5,000 a year in Pell Grants, along with $10,000 in yearly subsidized, low-interest student loans—loans that don’t even start accruing interest until you graduate.

    2. Community Colleges: If you are planning on graduating from a 4 year university, it is in your best interest to begin your studies at a local community college. You will be able to take your general education classes for less cost there, and then transfer to your “choice” school with only the upper division classes required for graduation.  Graduating from a community college will award you an Associates Degree. Depending on your high-school grades, beginning at the community college can even better your chance at attending your 4 year university.

    3.Invest in a Tablet/Laptop Computer: With the convenience of a tablet / iPad, the cost of your textbooks can be greatly reduced.  Using an e-reader program, Kindle, etc., you will have the ability to download your textbooks for a fraction of the cost.  In fact, some teachers now require you to download the text rather than use a regular textbook.

    4 Internships: To participate in an internship, you have to be enrolled in school. Doesn’t matter which school exactly. While it looks better to the business you’re applying to for the internship to be at the 4 year university, you could take classes over the summer at a less expensive school. Be aware, that there have been recent changes in the laws regarding internships.

While these are just some of the things you can do to save money during your time at college, there are many others as well.  If you would like to speak to a professional regarding money management or programs for education savings, the professionals at Next Level Accounting & Tax, would be happy to answer your questions.