Are you set to shuffle off to school soon but don't know what to do about the gap in costs versus cash, or are you hesitant to enroll because you don't know how you'll ever fund it without signing your life away to loans?
College expenses don't end with tuition and run the gamut from computers to late-night pizza. Follow the cost-cutting strategies below to make your college dreams a reality and keep you out of line at the plasma donation center.
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1. Start at a junior college
Completing your first two years of college at a two-year instead of a four-year institution could save you thousands of dollars. Tuition and fees cost, on average, $2,272 per year at a two-year public institution instead of the average $5,836 charged at four-year public colleges in 2006-2007, according to the College Board's Trends in College Pricing.
On top of that, full-time students enrolled
in public two-year colleges receive about $2,200 in
grants and tax benefits on average from the federal
government, state governments, institutions and private
sources. This aid reduces the average tuition and
fees paid to a net price of less than $100!
2. Take advantage of student exchange.
Staying in-state or participating in a regional
student exchange, in which some states offer reduced
tuition rates for students from nearby states, will
score you big savings. Out-of-state students attending
public colleges and universities pay an average total
cost of $26,304 instead of the $16,357 average cost
for in-state students, according to the College Board.
3. Work for housing.
Room and board costs can add a whopping $6,000 or more to the cost of your college education -- per year. According to the College Board, room and board fees at public four-year universities averaged $6,960 per year in 2006, rising to $8,149 at private four-year schools. Colleges offer Resident Assistants discounted room and board. Looking for other work-for-room opportunities near campus could really pay off. If possible, stay with mom and dad or another relative -- it's not unreasonable to expect commuting from home to cut your total college expenses in half if you're at a public university.
4. Buy used textbooks.
Not only are you helping save a tree, you could save 50 percent buying used books as opposed to new, according to Mark Kantrowitz, a college funding expert and publisher of FinAid.org. Try finding out what books are needed for your classes as early as possible and before you search the bookstore, look for campus postings and online exchanges. Selling your books when you're finished is another way to defray the cost.
| -- Posted: Sept. 17, 2007 |
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