The Cost of College

If you or your child is a senior in high school, you’re probably overwhelmed by all of the college preparation. There are a lot of things to consider when choosing which college you want to commit to. One of the biggest considerations is cost. Continue reading to learn how to research and prepare for the cost of college.

Tuition and Room & Board

The first cost to consider is tuition and room & board.

In-state and out-of-state college tuition costs differ based on the university. Are you looking at only in-state schools, or are out-of-state schools an option too?

Some universities in nearby states will consider your state or city as in-state if it isn’t too far away. If you or your child is looking out of state, look up which schools will offer you in-state tuition for that out-of-state experience at an in-state cost.

Do you or your child plan on living in a dorm on campus? If so, which meal plan is the best fit?

If your child decides to live off-campus or at home, determine if the commute and parking costs would be worth room and board savings.

Making a Budget

The cost of college is much more than just tuition and living costs. There are textbooks, transportation, groceries, technology, bills (cell phone, health insurance, utilities, etc.), and money for fun spending. You may already have some of these items, like a laptop or a car, but it’s also important to plan ahead for unexpected costs in case something happens to them.

If this is your or your child’s first time living independently, be prepared for your money to disappear quickly. Suddenly taking on different responsibilities and expenses can be intimidating and unexpected. Creating a budget is the best way to prepare to ensure mindful spending.

Reducing Costs

Reducing costs is an important goal for many college students. There are a few options that can help with the costs of tuition. Scholarships, grants, and work-studies all can help cover the costs of tuition.

Scholarships and grants are types of financial aid that is awarded to students based on some sort of achievement.

Work-study is a federally funded program that helps students earn financial funding through a part-time work program while attending college.

Student Loans

Many high school and college students have heard of FAFSA. The FAFSA form is an application that students fill out annually in order to determine their eligibility for financial aid. For more information on FAFSA, read our Smart Money Financial Blog on FAFSA Applications.

If you don’t receive enough federal aid, your next step is to apply for private student loans. At Education First, we offer private student loans at lower rates and flexible repayment terms for both undergraduate and graduate students. Learn more about our student loans here.

Another way to cut tuition costs is to attend a community college for your first couple years for general education requirements before transferring to a four-year university for your major-specific courses.

If you’ve already cut tuition costs and need to cut more, try finding cheaper living alternatives off campus. Find a couple of roommates to share the apartment and costs with. You can divide expenses such as rent, utilities, and even some groceries.

If you’re choosing to live with roommates, make sure to sit down and decide what expenses you’re all going to split and how to avoid any arguments or confusion.

Preparing for college costs can be stressful. At Education First, your education is our priority. If you have any questions or are interested in our student loans, reach out to a loan officer in our branches for assistance.