12 Tips for Reducing the Cost of College

ABC College Planning is passionate about helping students find the right career path. We do this, not just because it helps lubricate the wheels of their development as they pursue higher education, although it does do that. We do this primarily to help the parents PAY for their kids’ education. You see, education is valuable. That is why is comes with a price tag. The longer the kids stay at the stay at the banquet table of higher learning, the more it costs somebody, and usually it’s the parents who cough up the dough.

We occasionally get thank you notes and e-mails at ABC College Planning Institute. So far here’s the score: Thanks for helping me score high on the SAT – zero. Thanks for helping me choose the appropriate career for my skills, values and morals – zero. Thanks for saving us
thousands of dollars on our son/daughter’s education costs – seven!

Is the money more important? Not really. But it’s easier to count money than it is that more etherial thing, success in life. Money isn’t everything, but it is usually how we keep score. So here are 12 tips on how to find money and save money when paying for college.

1. Some colleges and universities offer special grants or scholarships to students with particular talents. Music, journalism, and drama are a few categories for which these awards are made.

2, Some students choose to attend a community college for one or two years, and then transfer to a four year school. Tuition costs are substantially lower at community colleges than at four-year institutions.

3. A state college or university charges lower fees to state residents. Since public institutions are subsidized by state revenues, their tuition costs are lower than private schools’ costs .The  college selection process should include consideration of a state school. Although cost should be a consideration, students should not base their choice of a school only on cost.

4. Cooperative education programs allow students to alternate between working full time and studying full time. This type of employment program is not based upon financial need, and students can earn as much as $7,000 per year.

5. Most colleges and universities offer merit or non-need-based scholarships to academically talented students. Students should check with each school in which they’re interested for the criteria for merit scholarships

6. The National Merit Scholarship Program awards scholarships to students based on academic merit. The awards can be applied to any college or university to meet educational expenses at that school.

7. Most States offer scholarship assistance to academically talented students. Obtain the criteria for this assistance from your state’s education office.  

8. Many schools offer scholarships to athletically talented students. Parents and students should be careful to weigh the benefits of anthletic scholarship against the demands of this type of award.

9. Many schools provide lists of housing opportunities that provide free room and board to students in exchange for a certain number of hours of work each week. Commuting is another way for students to reduce college costs. A student living at home can save as much as $6,000 per year!

10. Cooperative education programs allow students to alternate between working full time and studying full time. This type of employment program is not based upon financial need, and students can earn as much as $7,000 per year.

11. Some colleges give credit for life experiences, thereby reducing the number of credits needed for graduation. Students should check with the college for further information. You can also write to Distance Education and Training Council at the following address: 1601 18th Street, NW, Washington, DC 20009, or you may call (202) 234-5100.

12. Some parents may be financially able to purchase a house while their child is in school. If other students rent rooms in the house, the income may offset monthly mortgage payments. Families should make certain, however, that the property they buy meets all the requirements of rental property. There may be some tax benefits to this but you need to consult a tax professional in order to make this determination.

Even with these great tips on reducing the cost of college, it is always good to get the opinion from a trained professional about your personal situation. There may be ways that are unique to your situation. ABC College Planning offers free advise to any parent or student looking for a way to higher education. Visit our website or schedule your appointment on the right. Either way, be sure to get all the facts on making the most of these valuable four years!