With college tuition rates ever on the rise, today's
students of higher learning are coming face-to-face with the
prospect of looming student loan bills quite a bit earlier than
their predecessors and are being forced to look for creative
ways to save while pursing a collegiate degree.
Although pursuing a Bachelor's degree can be quite a
stressful endeavor, looking for ways to save money while you're
actually attending a University doesn't have to be. There are
plenty of opportunities available.
Start by looking in the classroom.
Nobody said you have to buy a brand new text book for every
class. Instead of going for the shiny, new book - look for
gently used options. You can find these either on campus in
your school bookstore, or online at websites such as
www.amazon.com. If you register for Amazon Student, you
get free Amazon Prime benefits for six months, which includes
2-day shipping of textbooks. Some universities even offer the
option to rent your textbooks, or provide e-textbooks that can
be priced at as much as a 50 percent reduction from print
textbooks.
Work your student status.
Amid all the grumbles about homework, all-night study sessions,
and tough teachers, there should also be some enthusiastic
cheers about summer vacations, the potential for no classes on
Fridays, and the slew of discounts and perks available to
students. There is likely no other time that you will receive
as many perks, discounts, and offers than you will when you're
a student. Use your Student I.D. for discounts on
everything ranging from the movies, the gym, travel, sporting
events, and online subscriptions to your favorite newspapers
and magazines. If you're not sure if an organization offers a
discount, ask. Flashing your Student I.D. can save you big
bucks in the college years ahead.
Two heads are better than one - and more cost
efficient.
Housing is one of the top expenses when it comes to moving away
for college, and aside from compromising on quality and
location of a residence, your only other way to save funds is
to get a roommate. Sharing the expenses of rent and utilities
with another student or two can make for quite a cost efficient
living situation and can also provide a support network for the
days when those tests or presentations just don't go the way
you'd hoped.
Walk it or ride it.
If you live on campus or in close vicinity thereof, consider
the need to keep your car. The payments for insurance, gas, and
parking permits can add up. If you're able, walk to campus, or
consider using public transportation such as the bus, subway,
metro, or trolley. If you have roommates or friends in the same
classes as you, look into starting a carpool where you can
share the cost of a parking permit, making the financial strain
a little less of a burden.
Watch what you eat (and drink).
The selection of a meal plan can be one of the trickiest parts
about starting college. You might be tempted to go straight to
the most expensive plan, with the most options - but in fact,
you should take time to think about what you really need. If
the basics will suffice, along with an option to buy some of
your own necessities, that could be the best option to save you
money. In addition, be aware of the amount of money you spend
out of pocket on dining out with friends, purchasing snacks and
coffee, and even alcohol once you turn the age of 21. Your body
typically only requires the need for basic nutritional
elements, which can be found at a reasonable price on campus or
in your local grocery store. Steer clear of overloading your
budget too much with unnecessary dining-out options.
Offset your expenses.
Financial aid and paying directly out of pocket are just two
ways to fund your college education. Check your university's
financial aid office or search online for information on
scholarships available to you, either due to your major, an
organization you're involved in, or a career path you hope to
pursue. Consider looking into a paid internship opportunity or
obtaining a part-time job. Many campuses have employment
opportunities for students on-site. Not only will the
additional funds help with your expenses, but the experience
will be a great addition to your resume upon
graduation.
These are just a few things to consider when looking for
ways to reduce costs while in college. There are plenty of
other options available to you in regards to your specific
campus or university and community. Be sure to check with your
Financial Aid office and your campus Student Life &
Leadership organizations for specific offers and
information.
FPA member Mary Beth Storjohann, CFP®, CDFA, is a
Senior Financial Planner with HoyleCohen in San Diego,
Calif.
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