10 Ways to Reduce Your College Expenses
Pursuing a higher education is a great opportunity to not only help you reach your dream career but also enhance your personal development. However, the cost of higher education is not easily affordable for some people. Consider reducing some of your education expenses and implement some cost-reduction strategies will help you manage your budget and reduce debts while still in school.
1. Choose a college program wisely
If you are planning to take 2 or 3-year diploma program, you should consider choosing a community college. The cost of two or three-year diploma program at a community college is more affordable than the undergraduate program in a university. You can always transfer your college diploma to a university degree after you graduate. It is also important to take a program based on your interest and intuition so that you won’t regret later. You may need to start thinking about what college program is best for you while you are still in high school.
2. Choose a college near you
There are many positives you can get if you choose a college near home. You can get a lot of support from your family during stressful times, save money on transportation and accommodation. If you don’t find a program that you are looking for at a college near you, try to find another college with less cost. Schoolfinder.com is a great site to find a perfect school for you.
3. Explore student aid options
Apply for scholarship, grants, or bursary to help you reduce your college expenses or student loan debt. Make sure you apply early and ask the Financial Aid Office about the requirements and what type of scholarships that you are qualified for.
4. Earn money while in school
If your timetable allows you, you can manage to work part-time while in school. Make sure you don’t sacrifice your study. If you can’t manage your time, don’t work while in school. You can always find a summer job when you are on summer break.
5. Buy used books
If it is not necessary, always buy used books or rent one. You also sell your books to get extra cash after completing your semester.
6. Ride public transportation
Using public transportation is more affordable than driving a car. You may be eligible for a public transit tax credit if you ride public transportation.
7. Save your receipts to claim education tax credit
Keep a receipt anytime you buy something from a school including tuition, books, public transport receipt. You may be eligible to get education tax credit when you file an income tax return.
8. Avoid student line of credit
A student line of credit has higher interest than federal or provincial student loan so avoid it if you can. You don’t need to have a lot of student loan debt upon graduation, do you?
9. Take Advantage of student deals
Many companies offer student deals on some products such as softwares, subscription products or any products that you need for school. You can also get a checking account for no monthly fee at some Bank Institutions while you are still in school. You may need to present your student ID or your timetable to qualify.
10. Take a semester off if necessary
Depending on your financial situation, it might be helpful to take a semester off to work full-time and save up more money for your college education. Certain programs may not have this option, or you won’t be able to get into co-op if you take a semester off. So make sure you understand your program’s policy and ask your academic advisor for advice before you take your semester off.
A college education can be very expensive if you don’t know how to cut down your expenses. These tips will help you make your college education achievable.