Money-Saving Strategies for College: How to Cut Costs and Reduce Debt

College tuition costs have been skyrocketing over the years, making it difficult for students to afford higher education. With student loan debt at an all-time high, it’s more important than ever to find ways to save money on college expenses.

College Expenses

It’s never too early to start thinking of how you will save money on college costs.

With college costs rising faster than the inflation rate, it’s more important than ever to start investing early and identifying ways to reduce the future cost of higher education without sacrificing college quality.

Average Fees

According to the College Board for the 2021-2022 academic year, tuition, fees, and room and board for full-time students averaged:

·        $27,330 for in-state residents at public four-year colleges and universities

·        $44,150 for out-of-state at a public four-year college

·        $55,800 at a private nonprofit four-year college

And that’s just the base price without textbooks and everyday expenses. While students can receive financial aid, grants, or scholarships to bring that average cost down, a few strategies can slash the college price tag, further saving thousands of dollars.

Peter Dufresne, Chief Academic Officer at Knovva Academy, offers the following ways parents can help cut the costs of college.

Related: How to Get Free Text Books from Bill and Melinda Gates

Encourage Your Student To Enroll in Dual Enrollment or AP Courses

College credits obtained in high school are significantly cheaper than at a university. By collecting transferable credits in high school, students can decrease the number of classes required in college and even consider graduating early. Doing so could save about $9K to 12K on tuition.

Explore In-State University and Community College Options

In-state residents at public four-year colleges and universities spend significantly less on tuition than out-of-state public colleges and private nonprofit colleges. When beginning the college search and sending out applications, keep in mind the value of in-state schools or even transferring after starting off at a local community college.

Find Scholarships

There are scholarships available for everything – from promoting vegetarianism around your community to writing about the zombie apocalypse. There’s no limit on the number of scholarships your student can apply for or receive. According to The National Scholarship Providers Association, nearly $100 million in scholarships go unclaimed each academic year due to a lack of applicants.

Apply for Financial Aid

Billions of dollars in financial aid are distributed each year, so submit the FAFSA and any other required financial aid applications on time. Financial aid can take care of a significant portion of the college bill.

College can be an excellent time for many students, and the value of higher education can be significant. However, student debt is a big problem for many Americans, and graduating from school with large amounts of debt can be highly detrimental. Encourage and guide your child to reduce college costs as much as possible.

This post originally appeared on A Dime Saved.

 

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