College Expenses: Seven Ways to Save on an Education

Many people graduate from college owing thousands of dollars in student loans. It isn't uncommon for students to graduate owing $30,000 to $40,000. For people that get married shortly after graduation that means starting out with around $80,000 in debt. Thats a lot of debt for a young couple just looking to buy a house and possibly replace their aging vehicles.

While you may not be able avoid taking out a loan for college, here are six tips to help minimize the cost of your college education.

Choose an affordable school. Quality of education is not directly related to the cost of education. Usually you have several options cover various price ranges. State schools are partially funded by the government, so they are often less expensive.

Consider changing your residency. Most state schools offer greatly reduced rates for residents. Depending on what is required to establish residency, it might be work moving before starting college in order to get the less expensive tuition.

Take a summer job. Getting a summer job that can give you lots of work hours can significantly reduce the amount you need to take out in student loans. You have to save the money you earn in order to have it available for school expenses. If you can find a job that is related to your area of study, it will not only help you financially, but help make you a better student as well. Ideally find a job where they can use your help when you are on spring and Christmas break.

Look for scholarships. Many scholarship programs have been cut back in recent years, but there is still money available. Check with your financial aid department. Also check with your professors. They often know of scholarships that are handled on a departmental level instead of through financial aid.

Try to get a job tutoring. Work study usually isn't at a very high pay rate, but getting paid to teach your favorite subject will often make you a better student while giving you some extra money for expenses.

Consider the total cost. Don't just look at the cost of tuition when evaluating a school. Keep in mind other factors. If a nearby school would enable you to live at home, it might be much less expensive than a distant school with cheaper tuition. If you wouldn't need a vehicle at one school, it might be much less expensive than on that would require your own transportation.

Consolidate college debt. Once you've graduated look for programs that will let you consolidate any debt that you have at a low interest rate. This will allow you to put more money toward the principle and pay it off quickly.

For more information and strategies for staying out of debt, visit the Debt Reduction Blog.

---

5 Ways to Absolutely Destroy Your Finances!

Ben Stein has a book called How to Ruin Your... Read More

Save Money on your Clothing Budget. Tame the Closet Monster!

Reducing the clothing budget was a serious challenge for me.... Read More

Budgeting: A Tough Love Way to Handle Your Household Budget

Developing and living by a household budget is by far... Read More

Budgeting -- The Critical Flaw That Causes Most Budgets to Fail

Budgeting. It's a word we're all familiar with. Everyone knows... Read More

Bankruptcy Chapters Explained

Chapter 7The potential chapter 7 debtor should understand that a... Read More

Eight Ways To Sink Yourself Financially

1. Don't focus on your finances.The reason most people get... Read More

Money Saving Tips. Maximize Savings on Everyday Items!

Frugal living is more than a lifestyle. It's a passion.... Read More

Estate Planning Basics

You have probably accomplished a great deal with your life.... Read More

When do You Need a Financial Management Company on Your Side?

We live in a crazy world. Someone ought to sell... Read More

10 Tips To Save Money When Dining Out

Here are some tips that can help you save money... Read More

Saving Money - The Magic 20 Percent

Saving money is not easy and is made more difficult... Read More

Budgeting is Essential for a Single Mothers Success

Today many women are struggling with debt and it's even... Read More

Budget Planning - Its Elementary My Dear Watson

Does it feel like you have to be Sherlock Holmes... Read More

Safely Save for Your Childs University Studies Using An Education IRA!

This investment retirement account (IRA) is useful to you as... Read More

Vesting and Your 401(k)

Do you have a 401(k) retirement account? Are you vested... Read More

Financing Collectibles for Fun and Profit

With the advent of the internet and especially auction services... Read More

How to Draw a Personal Budget that Works

Many people spend their little income haphazardly without any planning... Read More

Why You Should Seek Professional Help With Asset Management

Everyone needs to maintain their lives. What I mean by... Read More

Budgeting your Savings - Did You Let Your Piggy Bank Get Away?

I think most of us have at some point in... Read More

Personal Checks ? Extreme Benefits

Millions of people have a checking account and many people... Read More

Save Money Off Your Home Utility Bills

Many don't realize that our basic utility bills provide the... Read More

Take Control and Master Your Kitchen

Those who keep a watchful eye on where their money... Read More

Improving Your Financial Position

If you want money you need to learn how to... Read More

Single Mother Resources Directs You Towards Success

As a parent you are bound to face a few... Read More

Budgeting the Key to being Financially Stable

Single Mother's in need of Financial GuidanceBudgeting is key to... Read More