Lower your costs of living away from home

Many students see college as a way to experience living on their own and that’s an important factor, too. If that’s your choice, here are some money-saving options to consider:

• Live with extended family near your college. This option is becoming more common, as it offers both financial savings and family support. But it very much depends on your relationship with the family you’d be staying with and what you want from your college experience. 
• Attend a college in your state instead of out-of-state. Prices for in-state citizens are usually lower and many states will reward students for staying in state.
• Dorm with roommates to share costs. Example: In the University of Florida’s Cypress Hall, a double room costs $3218 a semester while a single-person suite charges $4344.
• Go to college in lower-priced states. For example, college prices in New York and Washington DC are particularly high, while North and South Dakota are relatively low.
• Look for off campus housing that is cheaper than on-campus. Your federal financial aid can count towards off campus housing.

You can even lower your costs of college while you’re in high school

You can save money on college before you even leave high school. Here are some possibilities you can look into:

• Get good grades. High-performing high school students are more likely to earn scholarships.
• Apply for scholarships as soon as your senior year begins. Some scholarships are offered on a “first come, first served” basis, so start early.
• Take college-level courses while in high school or in the summer before college. This is called “dual enrollment” and courses like these are generally given at a community college. One very important note: Make sure that the courses you take will be accepted by the college or colleges where you’ll be applying.
• Take AP courses. If you get good grades in advanced courses, some colleges may give you credit. Again, make sure the college you’re planning to attend will accept these courses for credit.
• Take the AP or CLEP exam. This could be a good choice if you have a particular talent, or serious interest, and want to study a subject on your own. Many colleges (but not all) will give you course credit if you do well on these exams.

• Choose colleges with reasonably priced residency plans. These costs can vary greatly between different schools, so be sure to compare.

Graduate on time – or even early

It’s simple math: every year you spend in college costs you more. But did you know that 60% of undergraduates actually spend more than 4 years in college? That means they get the same value out of their education, but they pay much more due to the extra years of room, meals, and transportation. Here are some ways to pay no more than you have to for college:

• Graduate on time. Don’t take more than 4 years to get a four-year degree.
• Graduate early and save a semester of expense. You may also get a job earlier this way.
• Take online or summer classes from your college. This can help you gather credits sooner.

Keep your costs down while you’re in college

• Take a part-time job to help pay for your costs. This won’t lower the price of college, but it will earn you more money to pay for it. One key warning: Don’t work so many hours that it interferes with getting good grades. Also, if your work means you’re paying taxes, keep your textbook receipts: you can deduct part of the expense using the American Opportunity Tax Credit.
•  Buy second-hand textbooks. Many college bookstores offer this option. You may also be able to buy used textbooks online. You can find a variety of sources through an AI search.
• Stay on your parents’ medical plan, if possible. Family plans are usually less costly than individual student health plans.

Check out these helpful sites

Want some more details on what drives college costs? Here are some useful pages to visit:

educationdata.org/average-cost-of-room-board-at-college

research.collegeboard.org/trends/college-pricing

collegemoneymatters.org/before-you-decide/calculate-your-costs-of-college/