How To Meet The Steep Cost Of College

For many students across the United States, the high cost of studying is the biggest obstacle to getting into college. With tuition fees increasing every year and income not increasing, the cost of college continues to get expensive every year. Most students have to take out student loans worth thousands of dollars to cover these inflated tuition fees. While getting student loans may not be affordable, there are things you can do to reduce your debt.

But first, a look at why the cost of college continues to rise.

Why are university fees rising?

Experts disagree on the reasons for tuition inflated. One possible reason is that colleges are constantly working to provide better facilities and better support services to students. These additional costs are passed on to the students through the higher tuition fees.

Another reason is believed to be changes in local and state funding. The amount of money that local and state governments allocate to colleges is inconsistent. It fluctuates each year depending on tax revenue and market conditions. When schools do not get the required funds, they increase fees to cover the shortfall.

The ease of availability of federal and private student loans also contributes to higher tuition fees. Colleges raise their fees knowing that interested students will find a way to cover these costs. Even if it means borrowing thousands of dollars in student loans.

It's important not to get into the habit of taking on too much student debt. Student loan borrowers often spend a large portion of their adult lives repaying this debt. Ideally, you want to do everything you can to cover most of your tuition fees from your personal savings and borrow as much as possible.

What you can do to offset inflated tuition fees and reduce student loan debt

1. Start saving early.

Sounds like simple, straightforward advice that shouldn't be on this list. But the truth is that most students start saving for college too late. When they finally start thinking about saving, it seems like they'll never be able to save enough, so why bother?

You know you want to go to college when you're in middle school. Why don't you start planning now? You can start by saving money for gifts you get on birthdays and other occasions. Open a savings bank account and let the money accumulate interest and grow. Each deposit may seem small and insignificant, but remember that every dollar increases. Your kidney fund will grow over time. When it comes time to pay college, you'll be glad you started saving early.

2. Get a part-time job.

Getting a part-time job is another great way to save on your college tuition. If you are under 16, labor laws may limit the types of jobs you can take. But there are many part-time jobs that you can take in your area. You can babysit, walk the dog, mow the lawn, or deliver newspapers. There are plenty of opportunities that are safe and age appropriate and will not interfere with your studies. Your earnings will depend on the number of hours worked.

Remember that you are working towards paying your college tuition fees, so your earnings are not lost. Put whatever you earn into your savings account and let it accumulate interest and grow. 

3. Apply for scholarships.

Scholarships are free money. You have to work to earn the prize money but you keep any money you win. You do not have to pay it nor do you have to pay interest. Even better, there is no limit to the number of scholarships you can apply for. There is no limit to the amount of prize money you can win. So go for it! The time we spend searching for and applying for scholarships is well worth it.

When searching for scholarships, remember that there are many different types. Some are based on merit while others are based on other criteria such as minority status, cultural background or religious affiliation. There are even a few unusual scholarships awarded for criteria such as the ability to speak a Klingon language, hook up at prom, and Starfleet Scholarships.

Keep one thing in mind while applying for scholarships. The higher the award amount, the more competitive the scholarship is. So don't lose sight of these little prizes. Every dollar you earn through a scholarship will make the college cost a lot lower for you.

4. Understand what financial aid is available.

The federal government offers many types of financial aid to students who qualify for a college degree. Take the time to read and understand the eligibility criteria and other terms and conditions for each type of financial aid.

Visit the Federal Student Aid website and write down the types of financial aid available and the eligibility criteria. Most importantly, check the application deadline if any. Make sure to collect the necessary documents and submit your application before the deadline.

Many states also offer financial aid to residents who study at in-state colleges. Go through this list of government financial aid programs. Check eligibility requirements if your state offers assistance. If you meet the criteria, submit your application with the required documents.

It is also a good idea to ask the colleges you are interested in about what financial aid they offer.

5. Consider community colleges.

Completing two years at a community college and then transferring to a 4-year college can save you thousands of dollars. Think about what you can do with these savings! You can save more on accommodation if you enroll in an institution closer to home.

Choosing this route makes college more accessible to everyone. Even if you have to take out a loan to finance your education, it will not be a large amount. This will lay the foundation for a less stressful life after graduation.

6. Consider a less expensive school.

If a community college doesn't work for you for any reason, you can still pay lower fees by choosing a less expensive school. You will find many colleges that offer programs that interest you. Tuition costs at these colleges vary widely. Instead of choosing the most expensive school, consider attending the least expensive school. As long as it offers the programs you're interested in, that's fine.

7. Prioritize federal student loans over private student loans.

If you absolutely must borrow money, apply for federal student loans first. They have lower interest rates and more flexible payment options. They also provide options for deferment and patience for financially stressed borrowers. If you qualify, you can even forgive part of your debt.

Private student loans are more expensive and have stricter repayment terms. Private lenders offer no flexibility or protection and should only be treated as a last resort.

To obtain a federal student loan, you must submit a FAFSA (Free Application for Federal Student Aid) each academic year. FAFSA filing is required to receive any type of federal or institutional financial aid. This includes grants, scholarships, work-study and loans.

8. Work-study program

This is one of the options available when filling out the FAFSA. Study work is a facility offered by the federal government as a way for students to earn money while studying. If you think you can handle work while studying, it is worth applying for a work study. You can use the money you earn to cover your college expenses or pay off your loans early.

9. Reduce unnecessary college expenses.

There are some college expenses that are simply unnecessary. Living on campus is one such expense. Sure, it's convenient and fun, but it's also more expensive than living off campus. You can significantly reduce the cost of college when you live in off-campus shared accommodation. Not only is rent cheaper, but you'll also save money by cooking your own meals or home delivery instead of at the college café.

In addition, you can save more by renting textbooks instead of buying and using public transportation. Look for other opportunities where you can cut costs to make college more affordable.