Planning for Education Expenses: Saving for College and Beyond

Apply for Scholarships Early

Goodman pointed out that scholarship deadlines are typically Dec. 31 and March 31. Don’t let these deadlines pass you up.  

“You need to apply early,” Goodman said. “Most don’t start looking until March, and that’s too late.”

Take College Courses in High School 

Many high schools offer advanced courses that pay off in college credits. Take advantage of these. 

“More colleges and universities are partnering with high schools in their areas to offer some classes to qualifying high school students,” said Housser. “These courses usually are free, or have a low fee, as they are offered within the high school curriculum. Seek these out and take full advantage.”

Look Into Possible Family Discounts

“If you have a relative who works at a college or education — teaching or staff role — see whether you could qualify for a family discount,” said Housser. “Some schools extend discounts beyond the immediate family.”

Consider Military Service

Yes, military service is not for everyone, but enlisting really helps you save substantially on college tuition.

“If you are willing to give several years of service to a branch of the military, the cost of your college classes will be covered,” said Housser. “Also, many colleges offer Reserve Officers’ Training Corps (ROTC) programs.”

Check Out Low-Tuition and Even Free Colleges

Some prestigious higher education institutions are eager to retain talent. They may grant you a “cheap” degree or even a free one. 

“Check out the Webb Institute in Glen Cove, [New York], the Cooper Union for the Advancement of Science and Art in New York and The Franklin W. Olin College of Engineering in Needham, [Massachusetts],” said Housser. “There are many state schools with very affordable tuition for out-of-state residents and many private schools with much-lower-than-average tuition.”

Think About Your Career Choice

“You don’t want to base your career solely on whether you have student loan debt,” said Housser. “But if you are in a position where you do need to take out a student loan, consider that teachers or public servants may qualify for loan forgiveness under the Teacher Loan Forgiveness Program and Public Service Loan Forgiveness program.”

“For example, in healthcare, the National Health Service Corps and National Institutes of Health both offer loan repayment programs for many medical and healthcare professionals,” said Housser. “The Indian Health Service Loan Repayment Program offers loan forgiveness for medical workers with a two-year service contract in Native American and Alaska Native communities.”

Graduate Early

You’re probably looking at a four-year degree right out of high school, unless you’re getting an associate’s degree. Do your best to graduate ahead of schedule to save on costs.

“If you can graduate in less than four years, you will sometimes pay less in tuition and always less in room and board,” said Goodman. “Students can do this by taking extra credits, online courses and summer school.”

If an early graduation is not feasible, at the very least, aim to graduate on time, so you don’t borrow more than you need to.