How to Make College More Affordable
May 21, 2019 12:27pm
Face it, college is expensive. It costs tens of thousands of dollars to attend and years to complete a degree. But if completing your college education is something you have set your sights on, you shouldn’t let the price tag deter you. There are several ways to make earning a degree more affordable for yourself. Here are just a few.
Search out Scholarships
Scholarships are the best way to cut down the cost of attending college. If you aren’t sure where to look for scholarships, call your college of choice. The admissions or financial aid department should be able to steer you in the right direction as to what scholarships the college itself offers or other scholarships that are available. Don’t assume that you don’t qualify – the requirements vary for each scholarship and there is a wide variety of options. You can find many of these online. You should also check with your bank, church, and employer on possible scholarship or reimbursement dollars available. And if you are a member of the military, veterans, or dependent, there are multiple scholarships available to you. Do some digging. The money is there and the best part about it is that you never have to pay it back!
Apply for financial aid
Along with checking into scholarships, your first steps should be to call your school’s financial aid office and fill out the Free Application for Federal Student Aid (FAFSA). This will allow you to see if you qualify for any Federal Pell Grants, which are aimed at helping lower income individuals earn their undergraduate degrees. Pell Grants do not have to be paid back, so it’s worth it to see if you qualify. The FAFSA will also determine how much money you can borrow. The key to loans, however, is to only borrow what you need to cover tuition, fees, and books. If you borrow the maximum amount, not only will you owe more in the end, but you run the risk of running out of eligibility before you complete your degree. If you can afford to pay anything out of pocket – even if it’s just tuition and fees – do it. It will be nice to start your career without the extra stress of large student debt.
Test out of classes
There are several ways to test out of classes. One is advanced placement (AP) testing. Many colleges will offer college credit for scores of 3 or higher, so it’s definitely worth looking into if you think you have already mastered the subject matter. The College Level Examination Program® (CLEP) is another route you can take. CLEP offers intro-level college course material that learners can test out of and earn three or more credits for. The tests are administered at CLEP test centers and take about 90 to 120 minutes to complete. These are especially helpful to adult learners who may have mastered certain material after years of work experience, but who don’t have a degree. Often used in conjunction with CLEP are DSST (formerly DANTES Subject Standardized Tests) which are used for both lower and upper level college credit. The DSST program includes more than 30 exams in college subject matter similar to a final examination in undergraduate courses. While CLEP and DSST exams cost about $85 each, it’s still a fraction of what a college course would cost.
Transfer credits
Why spend time and money taking classes that you have already earned credit for? Even if you didn’t earn the best grades, you should absolutely give your college ALL of your academic transcripts. They can evaluate what you have already taken and transfer those credits toward the degree you are seeking. You might be surprised to learn you are closer to that bachelor’s degree than you originally thought! This is an easy way to save money and time!
Stay on track
One of the best ways to keep cost down is to stick to your plan. Once you have a path toward your graduation date mapped out, it’s important that you stay on it. The longer you stay in school, the more money you are going to borrow. Tuition tends to rise every year, making it more and more expensive to earn your degree. In fact, the average tuition increase for 2014-2015 was 3.7% at private colleges and 2.9% at public colleges, according to The College Board ®. The faster you can earn your degree, the less you will pay. The other factor to keep in mind is your degree program itself. Over time, colleges change their programs, altering the types of classes and the number of classes required. If you wait too long between classes, you could wind up in a revamped program and have to take several more classes to earn the same
When it comes to estimating the total cost of your college education, there are other things to consider than just the cost per credit hour. The overall price tag may vary based on a number of things including fees, transfer credits, and varying credit hour requirements. Make an appointment with your admissions counselor so you can get a better idea of what your total cost will be. Then you can start looking into other ways to save yourself precious time and dollars.
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