how to save money in college – Tuition for a public university in the state averages around $25,290. Private college tuition costs twice as much, at an average of $50,900, according to Value Penguin . If you want to go to an elite four-year college, the cost goes up to $68,000 per year.
And, if you go to college for something like medicine or law, you can end up paying hundreds of thousands of dollars over the years that you’re in school.
As you can see, college can be very expensive.
However, I want you to know that you can learn how to save money in college so you can earn a valuable college degree on a realistic budget.
Many students take out student loans to pay for college, and it can be easy to borrow more than you really need. While student loans help you pay for college, having those loans on your head can set your finances back for years and even decades.
And if you’re a parent trying to help your child, I’ve heard too many stories of parents going to great lengths to pay for school. Some take out second mortgages, personal loans, or borrow from retirement to send their children to college. The problem with this is that these parents make it even more difficult to retire at the intended age. Remember, you can’t borrow for retirement!
How to save money in college
College is very expensive, but for many students it’s an important part of how they work toward a job or career they’ve always wanted. But I want you to know that you can learn to save money in college.
By lowering college costs, you can reduce your student loan debt, or you can help parents reduce the amount they are borrowing or withdrawing from savings to pay for their children’s education.
Or, with these tips on how to save money for college, you can attend college without racking up any student loan debt. Remember, that is also possible!
THINK ABOUT THE VALUE EACH COLLEGE WILL OFFER YOU.
I know a lot of students who think about which college their friends are going to or which one is ranked higher. But, you should think about which university is best for you and your specific major.
Sometimes the highest ranked or most expensive college may not be the best for your current major, which can hurt you in the long run and is not how to save money on college.
When thinking about whether or not a college is right for you, here are a few things to consider
- Accreditation – This is especially important if you want an advanced degree, such as medicine or law, because accreditation can determine whether or not you can go on to the next level of schooling.
- Degrees- What are offered by the university?
- Cost – This includes the cost of tuition or the program you are entering, as well as whether scholarships or financial aid are available.
- Location: If it’s close to home, can you save my life at home? But if you’re away, you’ll need to think about dorm fees and total cost of living.
- Student-Faculty Ratio: If you need more one-on-one help with your studies, this can be an important number to know.
- The experience of teachers. For me, I always liked having professors with practical knowledge in the fields they taught.
- Networking Opportunities – A lot of life is about networking, and this is a must for some professions.
There is a myth that expensive universities are always better than cheaper ones. As if higher college costs mean you’ll automatically get a great job, an extremely high salary, and more. One way to learn how to save money for college is to simply stop believing that myth! In fact, according to an article in The Wall Street Journal
