Tips to Make College More Affordable

Open a Dedicated Savings Account

One of the easiest ways to start saving for college is by opening an account specifically for your education fund. Keeping this money separate from your other savings helps prevent accidentally spending it and keeps you focused on your goal. Even if you’re starting small, every dollar counts. The sooner you begin, the more you’ll have when it’s time to attend college.

To make saving effortless, consider setting up automatic transfers. This tool allows you to designate a specific amount to transfer to your savings account on the date of your choosing. Whether this account is a stepping-stone or your primary college fund account, the key is to start now and build the habit. Over time, those small contributions can make a substantial difference.

Earn College Credit in High School

Enrolling in select Advanced Placement (AP) classes or College Prep courses while in high school can help students get ahead in their education. These courses may count toward college credits, reducing the number of courses needed to fulfill their major requirements. The fewer classes needed, the lower the cost of tuition.

Students may even be able to graduate ahead of the typical four-year timeline. Take time to meet with high school counselors and college admissions advisors. They can help students select the best course options based on their intended college and career path.

Explore Financial Assistance

Free money is always better than borrowing! Research the financial assistance programs available to you or your student. Explore scholarships, grants, and other financial aid opportunities. Some organizations and businesses, particularly local ones, offer scholarships or other programs to give back to their communities and promote pursuing higher education.

The best place to begin your scholarship research is through teachers, school guidance counselors, or career centers. Local Chambers of Commerce are also great resources for discovering businesses in the area that are awarding scholarships to college-bound students.

Be Smart About Student Loans

For most students, borrowing money to attend college is a necessity. However, that doesn’t mean you need to become overwhelmed with student loans like you often see in the news headlines. There are many ways to incorporate student loans into your college plan without your balance getting out of hand.

Consider On-Campus Employment

Many colleges offer various work-study programs that allow students to earn money while gaining valuable work experience. Students may even luck out by securing a work-study opportunity that provides career-relevant expertise, giving them an upper hand when entering the job market after graduating.

On-campus jobs offer flexible schedules since supervisors consider students’ class times, making it easier to balance work and school. Students may even be able to knock out some studying and homework on the clock if it’s a slow shift! Contact the school’s financial aid office to inquire about available on-campus opportunities.

Apply for Off-Campus Jobs

If you or your student cannot secure a coveted on-campus job, all hope is not lost. There are likely plenty of employment opportunities available off-campus with local businesses. In college towns, most companies experience steady turnover as each batch of graduating students leave and incoming students arrive, which means they regularly hire new employees.

Paid internships are another opportunity to earn additional income. Internships can provide valuable experience, networking opportunities, and sometimes even tuition assistance. Some employers may even offer tuition reimbursement programs so students can recoup some of the costs of pursuing education.

Remember, every dollar you earn while at school helps to offset how much you need to borrow. Even small part-time jobs can significantly reduce your loan burden once you graduate.

Stay Local to Cut Costs

When you begin researching colleges, you’ll instantly notice the annual cost can be astronomical! However, if you remove the room and board and meal plans, the costs are significantly lower – often tens of thousands less per year.

If feasible, consider attending a good university close to home. Your financial costs will likely be cut in half or even more. If you prefer to attend a school that isn’t local, staying in-state will still help keep your overall college costs down.

Finally, if you prefer to go out-of-state for school, consider completing your introductory and general education courses at a local college that is more affordable. Then, transfer to the desired school to complete your degree.

We’re Here to Help!

Preparing for college is an exciting journey, and with the right financial plan, it can also be an affordable one. By setting up a dedicated savings account, exploring scholarship opportunities, finding ways to cut costs, and earning extra income, you can reduce the financial burden and focus on your education. The key is to start now – every small step adds up. With some planning and smart money choices, you can make college more manageable and set yourself up for a strong financial future.

If you want to learn more about savings options to start a college fund or want to speak with a financial advisor about tax-advantaged plans, we’re prepared to help. Please stop by any of our convenient branch locations or call 888-777-9982.