According
to the College Board, the average
cost per year of in-state tuition (including books, room and board) is $15,000.
Multiply that by the four years you're in school, and you're looking at $60,000
in loans when you graduate. The average student graduates with a total debt
load around $29,000 (CNN Money). With
the average college graduate starting salary at $45,000, that's a good chunk of
debt on your plate. The 4 benefits of getting your
bachelor's degree
include having a higher earnings potential, better resistance to the economy,
having a sense of personal achievement and the ability to attend school on
campus or online. Here are a few ways you can save money while getting your
college degree.
Look for scholarships The Department of Education awards
$46 billion in scholarships each year - it's just up to you to find them. There
are scholarships for each individual major, single parents, those with high
GPA's, those in the military, and more. It does take time and energy to find the
right scholarships for you and apply for them, but in the long run it can save
you thousands of dollars per year.
Get a part-time job Unless you're in medical or law
school, there's a good chance you can work part-time while in school. Consider
working on campus, at a restaurant, at a coffee shop or as a nanny. All of
these jobs have flexible hours and are usually willing to work with your school
schedule. Another option is to work from home. The freelance industry is
booming, with one in five Americans now working from home. You can be a writer,
an editor, a graphic designer or even a tutor - all from the comfort of your
living room.
Only borrow what's necessary Colleges are willing to lend out
much more money than it costs to actually attend the school. While it may seem
nice at the time, it will be a nothing but a burden when it comes time to pay
back those hefty loans. Borrow the bare minimum that you need
(tuition and books only, for example) and work to pay for the rest of your
expenses. You may have to live in a tiny apartment, only eat out once a month
and skip happy hours with your friends, but it beats drowning in debt when
you're graduated.
Go to a smaller, less expensive
school A degree is
a degree, and in the grand scheme of things it won't matter if you attended an
Ivy League school or a lesser-known online university.
Community
colleges are actually a great way to knock out the first two years of your
degree. Tuition is much less expensive and classes are available at night and
even online, which is perfect for accommodating your work schedule.
You
can also get degrees fully online now at nationwide online schools. Though
tuition is typically the same as if you were to attend on-campus, you can work
full time and fit school into your life.
About the Author: Sarah Brooks
writes on a variety of topics including personal finance, small businesses,
careers and travel.
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