Tag Archives: college costs

college costs, college planning, financial planning

5 Reasons why College Costs So Much

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college

There is one thing you can be sure of in life: college tuition will rise every year. Prices rise and fall all around us, but tuition never seems to go down.

College tuition prices are a lot higher today compared with two decades ago. For instance, the average cost for tuition and fees among ranked public and private National Universities – schools that are often research-oriented and offer bachelor’s, master’s and doctoral degrees – has risen significantly since 2001, according to U.S. News data.

From the 2008 edition of the U.S. News Best Colleges rankings to the current 2022 edition, in-state tuition prices among public National Universities grew by almost 79%. Experts say state schools have typically had more room to increase tuition levels compared with their private counterparts, and finding a bargain price at the state level is becoming harder.

The economic downturn resulting from the coronavirus pandemic may also affect tuition costs in the years to come.

In just comparing the 2020-2021 school year to the current 2021-2022 academic year, tuition rates at both private and public National Universities have increased by at least 2%, according to U.S. News data.

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college costs, college housing

Saving Money While Living Off campus

saving money

Have you been thinking about some of the things that you can do when it comes to saving money while living off campus? There are plenty of options here that you can consider. In this article, we’re going to be looking at a few tips that will always help you to save money when it comes to your off campus home, so keep reading down below if you would like to find out more. 

Grocery Shopping

The first thing that you are going to save money on is your grocery shopping. If you are only ever buying named brands, why? Have you tried the cheaper alternatives? A lot of them taste just as good as the larger brands as they are made from the same things. We’re of course, not saying that this is always true, but even if there is a little taste variation, there is a huge price variation. The last thing that we want is for you to be spending money unnecessarily when there are cheaper options that you do actually like. If you try the alternatives and decide you don’t like them, that’s completely fair enough, but you have got to try them first. 

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college costs, college planning, financial planning

10 Ways to Save Money in College

save money

College is expensive. However, college students tend to take a casual attitude toward spending; hence they waste money in college. After tuition, room and board, students often find themselves tapped out and living on ramen noodles. But it doesn’t have to be that way. Students can save money by making wise choices and being cognizant of their spending. 

Following are 10 ways to save money in college:

1. Create a budget

Any smart spender creates a monthly budget, especially college students who have limited discretionary funds. Even if you’re being subsidized by your parents and have a work-study job for expenses, it’s smart to watch your spending. Pizza and fast food delivery can add up.

2. Take on a job

If you qualify for financial aid, most colleges will offer work study. This allows you to work on campus during school and use that money for college expenses. Even if you don’t qualify, get a job while you’re in college. Not only will it subsidize your spending but studies show students who work in college get better grades.

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college costs, college planning, financial aid, financial planning

Using College Calculators

college calculators

Parents and students who understand and plan for the cost of college are wise consumers. Before applying to college, it makes sense to plan ahead and know your options before making a decision about college. The College Board and FinAid.org provide parents and students with several different college calculators to determine college costs, the expected family contribution for financial aid, and how much student loan payments will be upon repayment. Knowing these figures will help you better plan for the costs associated with college.

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college planning, financial planning, parenting

Saving Money on College Costs

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During these tough economic times, parents are committed to saving money on college costs. College tuition rises each year and there is little you can do about it; but there are other places that small savings will add up. Tuition will definitely be the huge chunk of your expenses. However, there are other expenses related to college where you can find some costs savings:

The expenses that cost the most

  • Computers—In today’s technological world a computer is no longer a luxury, it’s a necessity. When your teen goes off to college, they will need their own computer. Personally, I recommend a laptop instead of a desktop. Since it’s portable, they can take it with them to class, to the library, and to group meetings. To save some bucks, shop online for refurbished or even last year’s models. If you buy online, consider purchasing a service contract to go along with your computer purchase (Note: This will pay for itself—I learned from experience!)
  • Dorm furnishings—Most dorms come furnished with a bed, a desk and some sort of dresser. Beyond that, it’s up to you and your teen to decide what additional furniture and accessories they want. My recommendation is to buy used. You can find everything from small appliances (microwaves, coffeemakers, etc.) to furnishings (bookshelves, chairs and lighting) on Craigslist, Ebay or at local thrift stores. Be careful not to overload the room because they are traditionally small.
  • Room and board—Room and board can be a huge portion of your teen’s college expenses. One option is to live at home if the college is within driving distance. Another option to save might be to purchase a home near campus and rent it out to other students, allowing your teen to live in it. Not only will this save you on room and board, but it will also provide you with an investment and tax write off as a rental. However, make sure the home is zoned as rental property. And here’s one of the best savings of all: after freshman year, your teen can apply to become an RA (Resident Assistant) in one of the dorms, which will provide you with a huge break on room and board costs.
  • Meal plan savings—Most freshmen are required to purchase a student meal plan. But, there are usually options available. My recommendation is that unless your teen is an athlete with a large appetite, the full meal plan (3-meals a day) is costly and you will not get your money’s worth. Opt for the 1 or 2 meal a day plans. Most freshmen eat takeout with friends, microwave food in their rooms, skip meals periodically, and snack voraciously. Providing them with an in room fridge and microwave will save you some bucks in the long run.

Textbook savings

College students can spend nearly $1000-1500 a year on new textbooks. The good news is that you don’t have to spend that kind of money if you don’t want to. If you can, prior to the beginning of each semester, find out what books your teen will need (title, author and ISBN, or international standard book number). Then get busy and here’s a word of extra advice: DON’T WAIT UNTIL THE LAST MINUTE! (Note: Look at my List of Website Links in the Expert Links for all the links related to Textbooks)

  • Buy used–Never buy new textbooks if it’s possible (unless you are a fan of throwing money away). Used books are just as sufficient. Most students use their textbooks only while they are in class and end up selling them back to the bookstore at an incredibly reduced rate. (Many times the bookstore won’t buy them back because the professor changes texts or the textbook has been updated). You can easily find used books online at discounted prices and your teen will arrive on campus with their books in tow and won’t have to fight the last minute panic rush.
  • Try renting–There are numerous websites available that offer textbook rentals to students per semester. This is a fairly new concept, but seems to be taking off as more and more sites pop up offering this option.
  • Purchase Ebooks–Consider purchasing electronic textbooks. With the recent introduction of the new Kindle College version, your student can download their textbooks and carry all of them with them. Without purchasing a Kindle, they can download the ebook versions and store them on their laptop for easy access. These versions are typically 50% less than the printed text version. The only downside is that not all textbooks are offered in ebook format.
  • Share books–After freshman year, my daughter shared textbooks with her roommates. It was a huge cost savings. They were usually taking some of the same classes and would get together before classes began to discuss who would purchase which textbook. If your teen is a freshman, the likelihood of having the same courses as their roommate is extremely high. Sharing the book will save both of them money in the long run. There is also the option of using a library copy.
  • Look for free books–There are a few sites that offer free downloads of some electronic texts. Before you purchase, visit those sites to see if any of the books you need are listed and downloadable.
  • Evaluate the necessity—Do you really need the textbook? Wait a few days into class and get a feel for the professor. If he or she states that the tests will cover lecture notes, then consider not purchasing the book. Worst case scenario you can borrow one from a classmate if you truly need it or find a copy at the library.

The small things add up

It’s amazing how those little expenses can add up: gas, takeout, necessity items. But just as little expenses add up, small savings add up as well and you will be saving money on college costs.

  • Ditch the car–Many campuses don’t allow freshmen to have a car on campus. But if your teen opts to live on campus and the college allows cars, consider ditching it. Everything your teen needs can be found on campus. And many colleges offer student transportation at very inexpensive rates if they need to leave campus or there is always the option of purchasing a monthly bus pass. In emergency situations, one or more of their friends will usually have a car that they can use or will offer to drive them.
  • Use the student ID card for discounts–Most fast food restaurants and local eateries offer discounts to students with campus ID’s. Those small 10-15% discounts can add up.
  • Finish in 4 years or less–Encourage your teen to stay on track and finish in 4 years or less. Most financial aid packages are only good for 4 years. Staying an extra semester will tack on additional expense and is not necessary since most degree plans can be completed in 4 years.
  • Use family insurance coverage if allowed–Some colleges charge students for health plans. If you have a good family health plan, and the student insurance duplicates what is already covered, get any charges waived.
college books, textbooks

Making College Textbooks Affordable

textbooks

It’s no secret that higher education in America is pricey. Tuition is on the rise, and debt is skyrocketing. With more students relying on loans to pay for school, the average borrower now graduates with more than $26,000 in debt.

We need to do more to solve this crisis. But in the meantime, one key way to bring down the overall cost of higher education is to cut down on the nickel-and-diming students are facing just to participate in class. 

You see, along with covering tuition, many students struggle to pay for school supplies that are required to succeed. Two thirds even skip buying books in the first place, according to a report from U.S. PIRG Education Fund. And if they can’t pay those costs, their grades are sure to suffer.

Our analysis estimates $3 billion of student aid is spent on buying class materials. And with a handful of major textbook publishers controlling the marketplace, we can expect prices to continue to rise. This control allows them to hike up costs and lock out affordable alternatives by employing access codes (where students have to pay to submit homework) or by publishing frequent new editions. 

Avoid paying high textbook prices

If you’re a student, there are several ways you can avoid paying exorbitant textbook costs. For one, you should consider the price tag on materials when registering. Find classes that don’t require books, have no-cost resources such as free open textbooks, or require low-cost (under $40) materials. Several states require price transparency at class registration, so this information is sometimes easily accessible. When possible, avoid class sections that require the use of access codes, which force you to pay additional fees to submit homework for courses. 

For those classes where you cannot sidestep important materials, be aware of your college or university’s textbook policies. At some schools, publishers are allowed to automatically charge you for materials. Pay attention because you can usually opt out of these billing programs if you catch them quickly enough. This will allow you to seek out more affordable alternatives such as used books.

Seek affordable textbook alternatives

Oftentimes, more affordable alternatives are available. Your school’s library may have copies of required textbooks on reserve for free. Students have also created Facebook groups or other “for-sale” pages at many schools, and you can compare sites like Amazon to your institution’s bookstore to find the best deal. You should invest some time shopping around for the best deal if you want your own copy to keep. You can also consider a digital etext or a rental book from sites like Chegg. Before doing that, compare rental costs to how expensive the book would be if you were able to resell it for 50 percent of its value.

Finally, ask your professors to switch to open textbooks — which are available at either no cost online or for under $40 in print. They are written by professors, just like regular textbooks, but are published under an open copyright that makes them freely available to the public. By switching to open textbooks in introductory classes, your professors could save college students billions each year. 

It’s also important to remember that textbooks aren’t the only financial threat facing students. Some debit cards marketed on campus come with exorbitant fees. And, expensive electronics can seriously ding your wallet. For other money-saving tips, including how to shop for cheaper, refurbished electronics, check out U.S. PIRG’s full back-to-school guides.

At the end of the day, for students to avoid the burden and distractions of these weighty costs,  policies must be put in place to end these unnecessary expenses. But until further action is taken, these back-to-school tips are a surefire way for students to save hundreds of dollars.

__________________________________________________

Today’s guest post is from Make Higher Education Affordable campaign director Kaitlyn Vitez of U.S. PIRG, The Federation Of State Public Interest Research Groups. U.S. PIRG is a federation of independent, state-based, citizen-funded organizations that advocate for the public interest.

college costs

College Sticker Shock

If you’re a parent with a college-bound teen you might be feeling just a bit overwhelmed. With tuition costs rising and many colleges reducing their financial aid packages, it’s easy to wonder if you’ll be able to afford that hefty college price tag and focus on college sticker shock. Whether you are looking at fall college admission payments coming due, or you have several years to go before forking over the cash, you’ll appreciate these simple cost savings tips.

Encourage your teen to search and apply for scholarships. There are all types of scholarships available for all types of students at all ages and education levels. Summer is the perfect time to search and apply, thus conquering summer boredom.

Get college credit early with AP exams. If your teen is enrolled in high school AP courses, make sure they take the AP exams. If they score well, they will receive college credit, which can save you thousands of dollars in tuition alone.

Don’t discount private universities. Your EFC (Expected Family Contribution) will be the same no matter which college your teen attends. Private universities often have substantial alumni donors and also have the largest aid packages with many paying the total cost of tuition.

Consider programs that provide funds during college in exchange for a service commitment. These programs such as ROTC, AmeriCorps, VISTA and the Peace Corps offer tuition reimbursement, stipends and also provide an opportunity to serve.

Apply for financial aid even if you don’t think you will qualify. Every family should complete the FAFSA (Free Application for Federal Student Aid). Every college uses this form to distribute need-based and non-need based aid. Even if you don’t qualify for need-based aid, your teen might qualify for an academic campus-based scholarship.

Be a penny pincher. You can save big bucks on textbooks, computers, meal plans, dorm furnishings and transportation. Investigate alternatives to paying top dollar for new items and save on second-hand items.

Encourage your teen to take summer classes at your local community college. The cost for these courses will be substantially less that at a four-year university. However, make sure that these credits will transfer to your teen’s chosen college upon completion.

Before your teen heads off to college, create a simple budget that will help your teen and your family plan for college-related expenditures. These simple college cost savings tips should help you save a large chunk of change; and in today’s economy, every dollar counts.

college costs

Coping With the Crippling Cost of College

 

cost of college

College can be cripplingly expensive for many families, particularly those with a low income.

Even if we were to put the tuition fees to one side, you still have the rent, living expenses, travel costs and so on to consider… indeed, the prospect of sending kids to college can be a genuine uphill struggle for many families as tackling cost of college isn’t something all families can manage; however, where there’s a will there’s a way and there’s a lot to be said for adopting a state of resourcefulness at times when a lack of resources could otherwise hold you back.

Firstly, it should be noted that if you’re looking for a more frugal way to facilitate a decent college education, the majority of major universities are now offering distance learning as one of their platforms.  These courses can often save a huge amount of money in terms of travel, accommodation and daily living expenses. They also tend to be cheaper tuition fees as the college itself has less overhead to cover in comparison with people physically attending a course.  

That said, college isn’t purely about the educational experience in terms of academic understanding; there’s a lot to be said for the diverse social and experiential side of attending college in addition to the connections and networking opportunities they facilitate.

This article looks at how to cope with the crippling cost of college, from a ‘making money to fund college’ perspective, but before we go into that it seems pertinent to talk about the concept of making money particularly when it comes to people entering college and the world of work.

Once upon a time, we were told to work hard at school, get a good job, work our way up through the ranks and then retire with a secure financial future ahead of us.  Today, this advice is not only archaic, it’s potentially hazardous to our financial future, as everything has changed since we entered the new digital age of globalisation.

Today, it’s imperative to learn about topics such as personal branding, portfolio careers, side hustles and passive income in order to secure our financial destiny.  There’s been a huge social shift in the way we are making money; and it’s important to become more educated in this growing area of concern.

Whilst an academic education remains valuable it’s important students expand their view of education to incorporate money making and personal marketing concepts.  

There’s a popular saying that states the “more you earn the more you learn”.  This is a sound concept, however, when looking at education from a money making perspective, it should be noted that there are many people that dropout of college and financially surpass their well educated white collar friends by simply selling things on eBay.  

With this in mind, it should be noted that learning is not limited to academic education; indeed, if you were to learn how to invest in property these skills are likely to get you much further in life, on a financial basis, than having a generic degree.  There are some academic courses that are required to enter a particular profession, and these should be considered, but bear in mind, that oftentimes, you’ll find highly educated white collar workers attending weekend seminars on topics such as real estate investing, amazon trading, and digital marketing that are being led by people that didn’t go to college – they just got out there and did it.  

The one thing to bear in mind, when it comes to learning, is to ensure the time and money you put into the course provides a decent return on investment.

Now, let’s take a look at some ways to cope with the crippling cost of college from a money making perspective.  The majority of these tips are going to be focused on the student making money, yet as a parent, there is a great way to consider coping with the burdensome cost of rent.  

As an example, you could get a housing loan and purchase a four bedroom property, near campus, that you can then rent out to other students and make a profit each month on the loan from the rent paid.  This way, you can provide your family with a secure home that is cost neutral and actually goes some way to paying for trips home and so on.

If, however, you feel more inclined to put them to work and have them stand on their own two feet whilst still having enough time and energy to fully focus on their studies, you’ll want to consider these quirky ideas to make additional money whilst studying.

FLIP THRIFT STORE ITEMS ON EBAY

A quite enjoyable way to make money is to treasure hunt around thrift stores and yard sales, looking for items that you know have a strong desire on eBay.  Often, people aren’t aware of the value that’s in amongst the vats of items in thrift stores and with a bit of careful research and rummaging around boxes, you can find some incredible high profit deals.

SELL FREE ITEMS

Lots of people have items that are “free to a good home”, presuming you have the means and manpower to come and pick them up.  

You could simple use eBay, but If you match this with people putting requests in the ‘want to buy’ sections of newspapers and online listings, such as Craigslist this will be the most efficient and reliable way to ensure you are gathering items that you can sell on; after-all, you don’t want to have to rent out a storage unit just to put things nobody wants in storage.  

The most expensive aspect of this set up is having a vehicle large enough to transport the items, but this can pay for itself, if on top of the sale price for the item, you are able to charge a few dollars for delivery to the new customer.

DONATE BLOOD PLASMA

There’s a limit to how much you can make doing this, as there is a restriction to how many times a week you can attend, but typically your time investment would be around three hours per week in order to make $250 to $350 per month.  

Understandably, this isn’t everyone’s cup of tea but it’s a rewarding way to make money on the basis your blood plasma is necessary to help fuel life saving operations.

BABYSIT

Babysitting can be a great way to make easy money.  

If you’re lucky, in the evening the kids will be asleep most the time which means you’ll get free time in someone’s home to study in a distraction free environment.  There’s no greater feeling than being productive with your studies whilst at the same time, making money from doing very little.

MOW LAWNS

Whilst this is clearly restricted to three seasons of the year, if you were to charge $25 per lawn, and mow ten lawns a week (basically a weekend’s work) you’ll make $250 per week – that’s a $1,000 per month.

The best part of this, is that once you get regular customers, you can build up a monthly ‘round’ of appointments that generates a reliable stream of income; and doesn’t require you constantly getting new customers.

ONLINE OPTIONS

Today, you can even make an income online by being paid to browse websites or answer online questionnaires.  There are many ways to make money online that simply require an internet connection and a laptop. If you have creative skills in the area of web design, for instance, you could check out freelancer.com and get a variety of gigs direct from employers looking for freelance talent.

In summary, college can be cripplingly expensive but where there’s a will there’s a way and with such a vast plethora of money making opportunities available anything is possible.

admissions, college apps, college costs, college planning

Application Tips for Low-Income Families

 

application

Families and students with low-income backgrounds often find going to college a looming task. They don’t know where to start or how to push past the initial idea of college. I’ve compiled some tips & resources that we regularly use with our students to help make the trip to college more affordable. So, let’s just hop into it then!

One of the most expensive parts of applying that we come across first are the application fees. Oh my gosh the fees. Some college applications are free while others can cost upwards of $100. And those are state schools I’m talking about, not Ivy-leagues. So, how do you get around them?

      • Counselors and Advisors.
        Check in with your student’s school. Many schools have college advisors or counselors that have contacts at the schools your student might be considering.
      • ACT Fee Waivers.
        ACT has this nifty little program where they will waive the registration fee for 2 tests if a student qualifies for free or reduced lunch and meets the other qualifications listed on this website. Some states have specific requirements as well for how to utilize these waivers so, I suggest doing a little more research to make sure you qualify.
      • Application Fee Waivers. These are some of the most useful pieces of paper you can come across.
        • Most colleges have their own fee waiver processes they have specifically for low-income applicants. Most of the time you have to provide proof that your student was able to utilize an ACT Fee waiver to take their ACT. (See above for information on this.)
        • The National Association for College Admission Counseling has a fee waiver as well that you can use once the school counselor has signed off on it.
      • Ask.
        If all else fails, call the college admissions office and ask if they provide any assistance. They are used to this question and it will not phase them a bit. If they respond with “I don’t know.” ask to speak to the recruiter for your area. They typically have a little more information available.

    Another expensive part that we don’t often think of is postage. In our district we will mail the applications, supporting documents, and correspondence between the student and the college for them. I would definitely see if your student’s school has this service provided. If this isn’t available to your students, contact the college they are applying to and see if they will accept materials via email or fax.

    Try to save money on your college visits. If you have a student that is interested in 5 or 6 different colleges, it can get expensive to visit them. We always recommend that students visit a college before making a final decision. To help students who can’t afford to visit, some colleges have fly-ins or diversity programs that allow students to learn about a school while staying on campus for a short visit. These programs for high school seniors usually cover part or all of students’ travel costs. There typically aren’t many spots open so, apply early and follow up often.

    The last and most important tip is to complete the FAFSA. I cannot stress this enough. It could be the difference between having school paid for and having to come up with everything out of pocket. In order to complete the FAFSA, you’ll have to create a FSA ID for yourself and your student. Do not lose this. You have to have the same ID every year and if you have other children, you will need it for them when they go to college as well. After completing your FSA ID, make sure your tax information from last year is available and filed. If you didn’t file, you still have to complete the FAFSA. You will go to https://fafsa.ed.gov and complete the form. If you have trouble, your student’s counselor may be able to help.

    I really hope these tips are helpful. There are other sneaky ways to save up for college but, these are the big four that we use regularly. Prepare. Be organized. And  remember that you are working towards a better future for your student.

    ________________________________________________________________________

    Today’s guest post is from Beth Thompson, who currently works at a public school as a college advisor in the Arkansas Delta. Before starting this adventure, she worked in various university career services offices assisting students with their pursuit of a career applicable to their field of study. She is experienced in rural as well as urban job markets and has a deep love for the Arkansas Delta. She has a great, supportive family and two apathetic but cuddly cats. Feel free to visit her at FromApptoCap.

     

college costs, financial planning

Preparing for the High Cost of College

 

high cost of college

It’s no secret that college is expensive, and most parents will spend their working lives post-children saving for it. Unfortunately, there are no fixed costs when it comes to college, and fees and other expenses can rise and fall in line with the economy. Knowing what to expect when it comes to college expenses will help you and your child be prepared for the high cost of college, as well as be able to budget.

The rising cost of college

The cost of college has risen in recent years, and the same applies to universities all over the world. If you Google ‘the cost of college,’ you could be in for a bit of a shock. According to Forbes, going to an elite college could cost as much as $334,000 ($68,000 a year) by 2018, with four years at a public college costing up to $28,000 a year and private colleges $59,000 a year. While college has always been expensive, you might not have been expecting costs to be this high.

Housing

Some college fees will include the cost of housing and meals that make it easier for you to work out how much you’ll be paying for the basics. On average, you could expect to pay between $8,000 and $11,000 a year for this – depending on whether you go to a public or private college. If you choose a meal plan, this means you won’t have to worry about how your child will eat for the next four years when you say goodbye and can feel happy knowing that this has already been covered.

Housing costs, of course, can vary, and if your child is paying these costs themselves, they may not necessarily want to live on campus. Off-campus housing can often be cheaper, as there is a wider choice of properties available that they could share with friends and fellow students during their time.

Books

Books are another cost that can be unexpected when your kid goes to college. Book costs will vary depending on what they choose to study, but the average is around $1,200 and up to $200 a book. This is of course if you buy all of the books brand new, which is unnecessary in most cases.Many textbooks can be accessed online, and most college libraries will carry the books you need if you can get your hands on them.

Computers

Computers and other equipment are other costs you’ll want to factor in when working out the total cost of college. While it’s likely your child already has a laptop, it may be due for an upgrade by the time they leave for college. A laptop should last the four years of college, although it might be wise to invest in some insurance as well in case of theft or accidental damage. Another idea is to lease a laptop as a way to save money and to get an upgrade after two years without spending much more than it would have cost to buy the computer outright.

Entertainment and other expenses

Entertainment is another cost that will need to be factored in and might be where you draw the line at what you’re willing to pay for as parents. There are many hidden costs of going to college, including laundry and nights out. For these expenses, your child may need to consider a part-time job, or you could set them a monthly budget for these costs. This is the part that will teach them the most about managing their own money, and if they want to enjoy a more active college lifestyle than you are willing to provide – they will need to think about how they’re going to cover those costs.

Financing college

There are many ways you can finance college. While many colleges will offer a scholarship with their acceptance, you need to be prepared for the possibility that they may not. You can find ways to fund college without a scholarship and might want to consider grants, loans and payment plans to cover it.

For many parents, funding college will come out of your income. This will mean certain sacrifices while your child is at college such as vacations, a new car or home improvements. If things get tight, you might need to seek options for a larger payday from time to time. It might be a tough four years, but it will be worth it when your child earns their college degree.

Going to college is a huge achievement for your child, and for you as parents. The cost can be worrying, but there are other parents in your situation who have survived and made it through. Once you’ve worked out how to pay for college, you can look forward to this special time in your child’s life knowing that you’ve been able to help them on their way.