Best Ways to Save During College
The true college experience can be enticing for those looking for a higher education, but be aware that it does come at a cost. According to Business Insider, the average annual tuition at public four-year colleges is $10,740 for state residents compared to $27,560 for out-of-state residents, and the cost to attend a private college is approximately 75% higher. College is already expensive, but these savings methods can make it more financially manageable.
Scholarship Programs
Scholarship programs help students receive extra funds while gaining recognition for their hard work. Scholarships are typically awarded for academic excellence, community involvement, a field of study, and specific talents. When you’re applying for scholarships, gather all documents you may need such as transcripts, letter of recommendations, and essays and go above and beyond the minimum requirements to give yourself an advantage over the other applicants.
Having a Budget for College Expenses
Following a budget can help students keep track of their spending habits and practice financial responsibility. If you need a little extra money to help with college costs, consider getting a part-time job. If you are on campus, see if there are paid work-study programs available to give you hands-on experience toward your degree.
“The money you need for college goes beyond just your classes. Make sure you have funds set aside each semester to plan for expenses such as textbooks, planners, and electronics. Ask your college to see if they can help you out with these expenses by putting extra money on your loan to help cover some of the costs,” says Rachel Goss, Assistant Vice President, Montrose Branch Manager.
Being a Student has its Perks
On-campus amenities are a great way to save money but are commonly overlooked. From the gym to the library to tutoring programs, there are plenty of services that cost little to no money. Occasionally, colleges may even invite guest speakers, such as renowned professors and former alumni, to share their knowledge and experience with the students.
When you’re a student, you can most likely receive a discount when shopping, traveling, or dining out. Discounts are usually offered through public transportation, event tickets, certain clothing stores, and subscription services. If you aren’t sure what is available to you, don’t hesitate to ask. The reason businesses have discounts in place is to help students no matter how little the cost may be.