Cutting Costs and Being Frugal in College
by Debra Walters
It’s hard to think about college without the finances alarm going off in your head. If you’ve envisioned yourself selling your home and all your possessions in order to put your child through college, take a deep breath because I have great news for you. You don’t have to spend a lot of money to get a quality education.
If you’re counting pennies, we’ve got some ways to cut down the costs of education and stretch your dollar. Let the savings begin!
Tuition
Although this is one of the main expenses, it is one of the easiest to lower. High school students can begin to work on this cost even before they graduate. Most high schools offer Advanced Placement (AP) courses. If a student scores a high enough score on the AP exams, they may receive college credit without paying for the class.
Some colleges have a College Level Examination Program where students can test out of taking certain courses. There is a small fee for the exams but, it is much cheaper than tuition. As a bilingual student, I was cleared from taking a foreign language course through this program, without even taking the exam. All I had to do was ask.
Look for lower cost schools, such as a community college. Attending a local Community College for two years will lower this cost tremendously. Since students can live at home, the cost of living expenses will be reduced. Just be sure that the classes from the community college will transfer to the four year college of their choice. Some four year universities do not accept all community college classes. Check in advance. After two years, students can transfer to a four year college to complete their degrees.
If your child is counting down the days until they move out and would never consider a community college, try a university in your state. Staying in your home state is highly recommended so that you do not have to pay out-of-state tuition. You also can find out if your state participates in the Reciprocity Program, where neighboring states agree to charge students from nearby states the instate fee.
Another idea in saving money by going to a state-supported university is for honors students. If your child qualifies for the Honors College within the state-supported university, it’s like getting a private college education at a public college. Although not all the classes they attend will be strictly for the honors college, many will be, and they will be smaller. At some universities, those in the honors college get to register for classes first, so they are more likely to get the classes they want. It also gives them a small group within the large university that they are already a member of when they arrive at college.
Books
There are many surprising ways to cut costs on books. One popular way is by ordering books online. Just be sure that you get the right edition of the textbook. You get up to 30% off new textbooks and and up to 90% off at Amazon.com Textbooks
and BetterWorldBooks.com
also has free shipping to US addresses and every purchase funds global literacy.* Buying used books is always more affordable than buying new. Let’s face it; some of these “used” books never met their owner. At the end of the semester, be sure to sell your books back to make a little extra cash.
My best friend and I used to buy our books together. We were in the same program and lived close to each other. We made a schedule and took turns with the books. This only worked because our classes met weekly and we were disciplined.
If sharing is not for you, try what our classmate did. Check at the college library. Many college libraries, carry textbooks that you can check out and use for free.
Entertainment
Students can enjoy free and discounted services including but not limited to:
$ Sporting events
$ Bus fees
$ Movie Tickets
$ Restaurants
$ Museums
$ Other entertainment: theater, bowling, pool, skating, etc.
Check with the university to find out all the students benefits. Don’t be afraid to ask for a student discount wherever you go. Search for a community calendar where organizations advertise their free events.
Living
The other major expense is the summation of the every day little things. From groceries to shoes, everything takes money. Buying in bulk is one way to keep the pantry stocked and also save money. A pack of paper towels from Sam’s Club can last an entire semester. (Just be sure you have the room for the bulk supplies. Dorm rooms don’t lend themselves to buying in bulk.)
Eat in whenever possible. Buy meats and foods in large quantities. Prepare them and freeze individual portions in ziplock bags. When it is time to eat, simply pull out what you need. It will be quicker and cheaper that way. This applies only if you have a place to freeze food and cook on a regular basis. For freshmen with a meal ticket, the best advice is to use the meal ticket instead of eating out or buying lots of snacks at the campus store where prices are high.
Tax Savings
The IRS offers two tax credits to help pay for higher education. Tax credits offer dollar-for-dollar reductions in your final tax liability. The Hope Tax Credit, worth up to $1,650 per student, is for first- and second-year students who are enrolled at least half-time. The Lifetime Learning Tax Credit is equal to 20% of a family’s tuition, up to $10,000. It applies to undergraduate, graduate and professional degrees, and even for less than half-time study. For more information on these tax credits and other tax benefits, go to www.irs.gov, IRS Publication 970, Tax Benefits for Higher Education.
You can get sweet deals on almost anything related to college. All it takes is a little research and sometimes a lot of nerve.
* Christian College Parents gets a small commission if you buy your textbooks through these links.