How To Save Money On College
How To Save Money On College
With the pursuit of higher education comes power. That power often results in student loan debt. Read below to see how you can save money on college.
Parental Involvement
It is important for parents to set their children up for success. Financial literacy begins at home. Many schools do not teach financial literacy courses as part of a normal curriculum nor do they educate students about the real cost of student loan debt. Parents want to give their children the best education they can have while still affording the ability to assist them with paying off student loans or educating them about how to pay down student loan debt so that it is one less thing to worry about when graduating.
Scholarships
Community colleges and universities provide scholarships if certain criteria is met such as academic achievements or financial need. These can be partial or full scholarships to help you financially with college. The source of money from scholarships can come from various sources including organizations, charities, and businesses. Since criteria for each scholarship is different, do your research to see how you can meet eligibility requirements.
Job Tuition Reimbursement
If you are working through college, some companies offer tuition reimbursement. Since each employer’s eligibility requirement may vary, it is important to do your research to make the most of getting college paid for. Not everyone can hold down a job and go to college at the same time. Some people work during their breaks and resume full dedication to college during the semester. Take advantage of all of the resources available to you to help you save money on college. Do what works for you as long as you can maintain balance and not let work conflict with your education.
Rent Books
If your school library does not have a book that you need for your course, you can rent books in various formats from physical textbooks to e-textbooks. A great place to rent textbooks is Amazon. This is not only usually cheaper than buying the book but it can reduce the accumulation of books that you end up with while still providing you with the information that you need for your studies.
Education Tax Credit
If you are a dependent at the end of the tax year your parents can claim tax credits on your behalf if you are enrolled in college.
The American opportunity credit is for qualified educational expenses for the first four years of college with a maximum credit of $2,500.
The lifetime learning credit is for qualified tuition and related expenses. This credit can also apply to vocational courses to improve your job skills. There is no limit to the number of years you can claim this credit but the credit is worth up to $2,000. You can claim this tax credit even if you did claim the American opportunity credit in the past. However, you cannot claim both credits in the same year.
Know what you want to go to college for
Knowing what you want to go to college for often begins in high school. Many high schools offer college level courses to prepare you for college. Some schools also offer college career fairs to assist students with identifying what they are interested in studying in college as well as meeting prospective employers for network opportunities. If you begin at a community college and transfer to a university there are often 3+1 courses at discounted tuition to get your graduate degree.
If college is not for you there are other avenues to pursue such as vocational courses, apprenticeships, and certifications.
There are some who go to college because their parents make them which is abusing the privilege and money their parents are providing to them for an education. Some do not take school seriously and end up failing classes which is wasting money if you have to retake them. Others are uncertain about what major they want to pursue and end up changing halfway through which can waste money if the classes already taken cannot transfer to another major. This may be like starting again from square one.
Before you begin, know what you want to pursue. Take advantage of the mentors in your life whether they are your parents, a trusted friend, or a college advisor. You have to know your end goal and plan before you begin. Sure, life is unpredictable and you may change your major but try to start with assured intentions.
While you are in college take advantage of internships and job placement resources to assist you with employment after college which are all in place to help you succeed in the next phase of your life.