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9 Game-Changing Ways to Save Money on College Costs

May 12, 2020 by Finivi

There are plenty of ways to save money for future college costs, track down financial aid, and take out student loans. And having that money to invest in education is truly invaluable.

But what’s even better is decreasing the cost upfront. So you spend less of your savings and reduce — or even eliminate — the need for student loans you’ll repay down the road.

So what steps can you take to save money on college costs and help your family afford college expenses more easily? These nine smart strategies will help you slash that sticker price.

1. Maximize Your Free Money

Scholarships and grants — virtually free money for you — are the ultimate win in cutting college costs. And finding, applying for, and stacking those scholarships is one of the most important and exhilarating parts of the college planning process.

Start with college-specific scholarships. Look at schools that offer scholarships that match well with your family’s college-bound student — awards for academic achievement, sports prowess, musical ability, leadership skills, children of alumni, women engineers, etc.

Scholarships and grants may be based on merit, financial need, or a combination of the two. Be sure to complete the FAFSA and any other application materials needed to be considered.

Then look outside the school as well. Seek out government-funded grants. And search the millions of awards offered by individual businesses and organizations. Even small amounts awarded for just one year can add up to significant savings when you combine multiple scholarships.

Finally, consider working while taking college classes. Many companies offer employees partial or even full tuition reimbursement. So you’ll earn a salary while spending next to nothing on a college education.

2. Study Seriously for Standardized Tests

Acing a standardized test gets you more than bragging rights. High scores can put you in the running for countless scholarships offered privately or through colleges.

Start with the PSAT, which most students take during their junior years of high school. A top-notch performance may earn you a National Merit scholarship.

Then tackle the SAT or ACT. Doing well can mean admittance to competitive colleges and consideration for partial scholarships. Stellar scores can earn you automatic scholarships at schools across the country.

Preparation for these tests is critical. If you’re willing to invest financially, consider a private tutor, in-person class, or online class offered through a respected test prep program.

Those same businesses often produce high-quality workbooks that identify your weak spots, teach you essential skills, and offer plenty of exercises and practice tests. Buy your copy for less than $50 a book. Or borrow yours for free. Most libraries have many test prep books on their shelves.

3. Earn Deeply Discounted College Credits in High School

After free money for college, your next best bet is beefy discounts. And high school is the perfect time to rack up those savings.

Start early. Plan ahead so your student can participate in advanced classes that offer AP tests or CLEP exams. Then commit to a study program to maximize test scores.

Depending on the test subject and a student’s score, colleges award credits that typically equate to one or even two college classes. Examine the admissions materials for each school on your college list to review policies on AP and CLEP scores. The credits you earn may fulfill one of the general requirements at the college or cover an introductory course needed for your student’s major.

In addition to AP and CLEP exams, see if your student is eligible for dual-enrollment classes. If so, he or she can earn inexpensive college credits at a nearby or online school while still working toward a high school diploma.

4. Get Low-Cost Credits Locally

Staying close to home can net some significant savings when paying for college. In-state schools, for instance, typically cost students 73% less than private colleges.

But you’re not necessarily limited to the state in which you live. Look into your area’s state and regional exchange program. You’ll be able to pay in-state tuition while attending an out-of-state school.

5. Implement a Two-Step College Plan

Starting at a community college before finishing up at a four-year school offers students several significant advantages.

First is a massive reduction in cost. The average price tag per credit hour at a four-year private college is $1039. You can save with a state school, where you’ll find an average credit cost of $325. But a community college will set you back just $135 per credit hour — saving you nearly 60% off in-state, four-year colleges, and more than 87% off private college tuition. And applying for aid and scholarships at a community college can reduce your expenses even further.

Second, at a community college, you’ll generally receive more individualized attention with smaller classes and increased flexibility. So students looking for part-time schedules, night classes, and established online courses will find those options readily available.

Third, students can use their time at community college to improve their transcripts or résumés. Pick up an associate degree or professional certification within two years. Or use the opportunity to boost grades. Higher marks can increase a student’s chances of admission and scholarships when transferring to a four-year school.

The key to succeeding with this two-pronged strategy is this: Before choosing a community college as a stepping stone to a four-year degree, first check on your ability to transfer credits. You want to know upfront which classes will transfer to your chosen college and what grade your student must earn to receive the credit.

6. Rethink Summer and Winter Breaks

College break periods offer students an appealing and underused opportunity — the ability to pick up course credits for less than what they’d typically pay during the school year.

And taking a class or two during these months doesn’t mean losing all your time off. Often, colleges offer summer- or winter-term classes at an accelerated pace. So courses that typically run 15 weeks are condensed to eight or even four weeks of intensive learning.

Even if your student is home for break, he or she may be able to take a summer or winter class. Look into your local community college’s course offerings and confirm that the credits will transfer.

7. Create a Course Strategy

The more time your student spends in college, the more money that education will typically cost. So heading to school with a thoughtful plan can save your family both time and money.

For full-time students, plan for graduation within four years. Then sit down with the college’s coursebook, the listing of required general classes, and the list of courses needed to complete your student’s chosen majors and minors. You’ll want to create a preliminary four-year plan for all the required courses:

    • How many credits do you need to graduate? Spread those out over the four years, according to your needs.
    • Identify necessary prerequisites, so you can appropriately order the courses your student will take.
    • Take note of courses that are offered only in the fall, the spring, or every other year.
    • Pair up classes that should be taken simultaneously. For instance, science classes and their corresponding lab sessions may be listed separately.
    • See which courses allow you to consolidate general requirements. A single class, for instance, may cover both the history and literature requirements.
    • Leave room to allow for future course additions and for your student to choose electives along the way.

8. Slash Costs for Room & Board

While you’re looking to lower the price tag on tuition, don’t overlook the significant expense of food and housing. On average, the annual cost of room and board is $11,510 at public colleges and $12,990 at private schools. Try these tips to cut that number down for your family:

    • Explore all your housing options — on-campus vs. off-campus living, splitting rent with roommates, or having your student live at home.
    • Examine available meal plans. Is it dining à la carte or all-you-can-eat? How many meals each week will your student need from the cafeteria? From grab-and-go locations? Choose the cheapest plan that meets those requirements.
    • Look into the possibility of having your student handle the cooking. If you choose off-campus housing or a dorm with a kitchen, you may be able to reduce or eliminate the paid meal plan.

9. Skip High-Priced Textbooks

College books and necessary class supplies typically cost $1000 to $1500 each year. So finding alternatives to costly, brand-new books can net savings of hundreds or even thousands of dollars.

Bypass the books that are fresh from the printer, and seek out used textbooks. Find them on shelves in campus bookstores or through online retailers. Shop around to find the best price.

If your student knows someone who’s already taken the class, see about borrowing the text for a semester or tracking down a student book swap. You might also find great deals by renting textbooks or buying digital-only versions.

Don’t forget your local or campus library. They may have limited textbooks available, but you’ll often find novels, autobiographies, translation guides, and other books also needed for class.

Finally, don’t forget to sell unwanted books back when courses end. You’ll be able to recoup some of that cash you spent at the beginning of the semester.

It is possible to pay less for college while receiving an excellent education. And when your family can save money on college costs, you get the best of everything — the right school at the right price, the ability to save toward other financial goals, and increased financial security now and in the future.

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Eric C. Jansen, ChFC

Fun Facts About Me

When he is not researching the next great stock to add to client portfolios, you can find him travelling frequently with his family to Jackson Hole Wyoming.

  • Hometown: Chicago, IL
  • Birth Month & Year: November, 1964
  • Favorite Hobby: Goldmining in Nome, AK
  • Favorite Food: Steak at Charley’s Steakhouse in Orlando FL
  • Can't be interrupted when: Watching the Discovery Channel
  • Hidden Talent: Finish Carpenter
  • Something on bucket list: Obtain Helicopter Pilot License
  • Family Pet: Goldfish

Steven C. Johnson, ChFC

Fun Facts About Me

Steve would tell you that one of the best parts of the day is spent talking to clients and relationships that result from it. When away from the office, he loves to travel the back roads of New England enjoying all the great sites that can be found off the beaten path.

  • Hometown: Townsend, MA
  • Birth Month & Year: December, 1967
  • Favorite Hobby: Playing Hockey
  • Favorite Food: Chicken Caesar Salad
  • Can't be interrupted when: Watching the Bruins
  • Hidden Talent: Cooking – Makes a great Thanksgiving turkey
  • Something on bucket list: Travel to Italy and Greece
  • Family Pet: Max – our Pomeranian

Frederick M. Lane, ChFC, CASL

Fun Facts About Me

When not managing client portfolios, Fred can be found relaxing with family and friends.

  • Hometown: Nutley, NJ
  • Birth Month & Year: July, 1954
  • Favorite Hobby: Dog Walking
  • Favorite Food: Italian
  • Can't be interrupted when: Listening to Pink Floyd
  • Hidden Talent: Landscaping
  • Something on bucket list: Space Flight - Tourism
  • Family Pet: None

Catherine M. Gareri

Fun Facts About Me

When not caring for her clients Cathy enjoys relaxing in her yard at home.

  • Hometown: Bellingham, MA
  • Birth Month & Year: July, 1957
  • Favorite Hobby: Cooking and Entertaining
  • Favorite Food: Steak at the Capital Grille
  • Can't be interrupted when: It's family time
  • Hidden Talent: Dog Whisperer
  • Something on bucket list: Spending a couple months on the Almalfi Coast
  • Family Pet: In Between Mastiffs now so a little blue fish “Willy”

Katie E. Moore, CLTC

Fun Facts About Me

When Katie is not busy taking care of her clients, she spends her time being a mom to her two little ones, Owen and Isla.

  • Hometown: Modesto, CA
  • Birth Month & Year: September, 1982
  • Favorite Hobby: Swimming
  • Favorite Food: Mexican Food
  • Can't be interrupted when: I'm cooking
  • Hidden Talent: Climbed Yosemite's Half Dome, twice - no fear :)
  • Something on bucket list: See the Northern Lights and Potty Train my 2 year old
  • Family Pet: Caddy and Sierra – our two cats

Hesper Duval

Fun Facts About Me

Loves spending time with 2 daughters and enjoys participating in 5k obstacle races throughout the year.

  • Hometown: Charlton, MA
  • Birth Month & Year: October, 1981
  • Favorite Hobby: Running
  • Favorite Food: Cheesecake
  • Can't be interrupted when: Reading a good book
  • Hidden Talent: Interior Design and furniture restoration
  • Something on bucket list: To travel cross-country in an RV
  • Family Pet: Charlie and Nora, both black labs from the same litter

Donna Fournier

Fun Facts About Me

When not cheering for the Patriots, Donna spends her free time travelling throughout the United States looking for new haunted places to explore. She loves to wear her cowboy hat and boots when travelling out west.

  • Hometown: Swansea, MA
  • Birth Month & Year: February, 1961
  • Favorite Hobby: Exploring haunted locations
  • Favorite Food: Pizza
  • Can't be interrupted when: Eating my pizza
  • Hidden Talent: Rollerblading
  • Something on bucket list: Travel to Australia
  • Family Pet:  Had a pet skunk

Danielle Drew

When Danielle does not have her head in a book studying to expanding her financial planning knowledge, she enjoys anything active and outdoors, including visits to the beach and hiking.  

  • Hometown: Dennis, MA
  • Birth Month & Year: November, 1985
  • Favorite Hobby: Working out, concerts, and exploring wineries
  • Favorite Food: Lobster pot pie, cheeseburgers, BBQ, the list goes on...
  • Can't be interrupted when: Working out 
  • Hidden Talent: Country line dancing
  • Something on bucket list: To hike the 48, 4000 footers of New Hampshire
  • Family Pet: none, hopefully a big dog someday

Jay Willwerth, ChFC

Fun Facts About Me

Jay’s days are spent helping clients achieve their financial goals, followed by nights and weekends typically watching his daughters play competitive volleyball.

  • Hometown: Melrose, MA
  • Birth Month & Year: September, 1959
  • Favorite Hobby: Golf
  • Favorite Food: Anything at a Patriot’s Tailgate
  • Can't be interrupted when: Watching the Patriot’s Game
  • Hidden Talent: Competitive Volleyball Watcher (Mostly his 2 daughters)
  • Something on bucket list: Play a round of Golf at Pebble Beach
  • Family Pet: Bella, our Shih-poo
 

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