How to Save Money on College Education

Thursday, May 10, 2018

A college education can be a great thing that gets you far in the world but it can also be a huge expense.  In order to make the most of your education you should make sure you do as much as you can to save money so that you end up having less expenses and debt when you're finished.

Here are a few ways to save money on a college education.

Scholarships are a vital source of funding for your education so make it a point to find as many possible scholarships to apply for as you can.   Take the time to carefully apply, review your applications, and track which loans you applied for and how much you can get.  There are all kinds of scholarships, both big and small, for all kinds of things so you should absolutely apply to anything you can.

Here are a few resources for scholarships:
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Financial Help from Family
Some people have a family that really wants to help them out and if they are financially able to do so, that's a great resource.  Have a discussion with your family about any possibility of financial assistance from them and decide whether it will be on supplies, housing, or general tuition. 

Know What Expenses You're Looking At
It's a good idea, long before you go to college, to sit down and map out how much every aspect of it will cost.  Make sure you get an idea of what you'll spend on everything from housing and fuel to groceries. This will also help you set up a monthly budget and if you get scholarships and take out student loans you can better allocate those funds.

Smart Housing
If you can commute to college and live at home still with no housing expense that would be ideal but not everyone can do that.  Consider getting a roommate or even several if you decide to live off campus.  Consider the utility bills as a living expense as well, not just your rent!

Being A Smart Spender
Student loans can benefit you if you use them for only what you need.  Some people decide to use their student loans on general living expenses like fun, going out, shopping for clothes, etc.  If you don't have the actual money up front to do those things, you shouldn't.  Keep a frugal state of mind.  Don't purchase things you don't need and have a budget set up to manage your finances and your spending.

Looking for Secondhand Supplies
Books and general supplies can be expensive so look for secondhand books that others are selling.   When you're finished with your own books, consider selling them to get some money back.   While it's easy to get sucked in to shopping for college supplies, make sure you are very frugal and try to find the best deals possible.  Make every dollar count!

Hopefully, with these tips you can save money on your college education and have less debt to pay off afterwards.

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