How to Afford College: 7 Effective Tips

The average cost of college has more than doubled in the 21st century. With college degrees getting less valuable over time, it’s difficult to justify the high cost of a college education. 

Education is valuable in and of itself, even without a high-paying job on the horizon, but you don’t want to put yourself into lifelong debt. 

We’re here to talk about how to afford college (or at least put a dent in tuition). Read on to learn more. 

1. Start Saving Early

This tip applies to both prospective students and their families (though in different ways). If it’s possible for you to do so, start saving for college as soon as possible.

If you’re a parent or guardian of a future college student, it’s best to start saving from the time your child is small. Even putting away ten dollars per week from the time that your child is born will mean that they have over nine thousand dollars to put toward college by their eighteenth birthday. 

You can invest that money for even higher returns. Because this is an important investment, it’s best to work with a financial professional unless you’re already savvy with the stock market. 

For future college students, try to start saving money while you’re still in high school (if you’re going to college straight after high school). Try to find a summer job (if you’re old enough to do so) or do odd jobs like babysitting, raking leaves, and so on.

Working most jobs that are available to teenagers won’t pay for your college tuition outright, but it will help you make a dent in the massive cost of your college education. 

2. Apply for Every Available Scholarship

Too many future students don’t consider the importance of scholarships. They may think that their performance isn’t good enough for scholarships, or that they won’t otherwise qualify. 

There are over a million private scholarships. Not all of them will be available to every student, but you’ll definitely qualify for at least a few.

Some scholarships are academic, but there are also sports scholarships, scholarships from clubs, scholarships that you can get for volunteering, and demographic scholarships. 

Talk to a school counselor about applying for scholarships. They’ll help you make a list of ones that you qualify for and aid you in the actual applications.

It’s far better to apply for scholarships and not get them than it is to ignore them altogether. If you send out enough applications, you should get at least one scholarship. 

3. Look for Financial Aid Options

There are other types of financial aid aside from private scholarships.

Many people qualify for financial aid grants through the government. If you (or your parents) are below a certain income level, you’ll get a set amount of money toward your tuition. For some people, this is enough to pay off college completely. 

You may also be able to take out a government loan. 

Student loans are controversial and for good reason. They’re high-interest loans and many people have a hard time paying them off. It’s not uncommon to owe more on your loan than the initial loan was worth even after several years. 

That said, if you know that your degree will end in a high-paying job, it can be worthwhile. Just be careful and avoid predatory student loans if possible. Always read the fine print. 

4. See If Schools Offer Tuition Discounts 

Some universities offer tuition discounts and payment plans for students in need. You may be surprised at how many discounts are available, even at “high-level” universities (such as Ivy League universities). 

These are sometimes referred to as need-based scholarships, but they’re through the university instead of private parties. 

You may also be able to get tuition discounts or tuition remission if you work for the school (though this is often only possible for graduate students). For example, some students teach while they’re in school and make a small stipend on top of their tuition remission. 

If a school is very impressed with your application, they may even give you a full ride without the need to work. That said, you may need to maintain a certain GPA if you don’t want to end up paying in the future. 

5. Start at a Community College

Don’t let TV and movies fool you. There’s nothing wrong with starting at a community college before going to an “actual” university.

Community colleges will teach you the basics. You’ll be able to get your prerequisites out of the way and you may even be able to take a few major-specific classes. If you’re still choosing a major, a community college is an even better choice because you won’t be wasting time or money.

Community colleges are almost always more affordable than traditional universities and they often even have some of the same professors. 

Make sure that the university that you plan on transferring to accepts credits from your community college of choice. 

6. Commute If Possible

Part of the high cost of universities is the cost of room and board. If it’s possible to do so, commute instead of living on-campus.

Some schools require students to live on-campus at least during the first year. Students who still live with their parents nearby may be able to avoid this requirement, but it depends on the school.

Living in nearby apartments is often cheaper (and better) than living in the dorms, especially if you get roommates. It will make paying for college more accessible.

7. Don’t Underestimate State Schools 

Yes, private universities look glamorous, but they’re also more expensive. Don’t underestimate state schools, at least for your prerequisites. 

There are high-quality professors at state schools, and these schools are usually more affordable than private universities. The benefit of a private university is an impressive name on your resume and the potential for better professional connections.

While these things are important, if you absolutely need a degree to get into your field of choice, there’s nothing wrong with a state school. 

How to Afford College: It Isn’t Easy

We know how difficult it is to figure out how to afford college if you’re not already well-off. These tips might not get you a full ride, but they can make a huge difference. 

Good luck with your college journey!

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