Sending a kid off to college is a bittersweet experience for most parents. While you’re excited that your child is getting a higher education and growing up, college tuition comes with a hefty price tag. In addition to tuition, there are other expenses such as decorating a dorm room, paying for food, etc. However, what most people don’t realize is that there are plenty of ways to save on college tuition. Some of these you may know about, while others you may not. We have a few parenting tips on ways to save on college tuition.
- Apply for scholarships
First, there are plenty of scholarships out there. So, be sure you and your child do your homework and look for what’s available. Talk with your child’s school, local government, your employer, and any other places that could potentially offer scholarships. In addition, check out websites like scholarships.com that provide you with a list of all available scholarships on the market today. Even if your child only gets one of the scholarships he or she applies for, it’s better than having to pay full price to go to school.
- Apply for financial aid
Along with scholarships, financial aid is available to certain students who qualify. Applying is easy and you’ll find out just how much you qualify for during the application process. Furthermore, it may be a good idea for parents and the student to both apply and see what works best in your favor. Just keep in mind that some financial aid programs may be required to be paid back at a later date. Additionally, be sure you’re always reading the fine print before you accept any money from the government, lenders, etc.
- Find money around the house
Unfortunately, not everyone has a savings account set up to send their kid to college. However, there are still ways you can cut down on the cost. For example, can you sell a damaged car in order to earn some extra cash? Can you rent out a room in your home to earn extra money? Can you put a hobby to work and earn extra dough? Think about all the different ways you can turn old items or new hobbies into extra income that can go toward the school tuition.
- Think outside the school
Schools are good at packaging everything together and making it seem like a great deal. But, what they don’t tell you is that most of these things can be itemized and broken down to reduce costs. For instance, instead of including room and board in your tuition expenses, determine if there are other options. Can your child either commute to school while living at home or by renting an apartment nearby the campus. Unpacking some of these university perks could end up saving you a lot of money in the long run.
- Enroll in work study
Most schools offer a work study program. It allows student to work and the “money” earned during their shifts is applied to their tuition. At most schools, this is a very minimal working requirement (like 5 hours a week, if that). But, the impact it can make on your tuition costs could be impressive. If your school offers a work study program, be sure to have your child enroll in it so you can save money.
- Take pre-requisite classes somewhere else
Most colleges require you to have a certain set of classes completed before you can graduate. However, most of these pre-requisite classes can be taken anywhere and credits can be transferred. So, consider taking the pre-requisite classes at a local community college where the tuition is much cheaper. Doing this can save you a great deal on tuition. Most importantly, be sure the credits will transfer to your school of choice when the time is right.
College tuition is getting more expensive by the day, and it’s hard for parents and students to afford going. However, if you use these tips you’ll find that there are a variety of ways you can cut down on the expenses.
