How to Save Money on Your College Education

We often think about teens and young adults when we talk about studying, but more and more people are choosing to continue their learning journey into their 20s, 30s, 40s, and beyond.

Studying has become more accessible and affordable thanks to the rise of online courses, but cost can still be a barrier. If you’re eager to embrace further education or undertake additional studies or training to enhance your career prospects, this guide outlines steps to make learning more affordable at any age. 

1. Pick The Best Campus and Course.

For starters, cut back on costs by picking the best campus and course for your needs. Keep in mind that different universities charge different amounts, so you can immediately save some money by selecting a more affordable institution.

Most are accredited in the same ways, so you shouldn’t have to forfeit any benefits. Make sure to research this thoroughly though, to be sure.

While it’s nice to be able to say you graduated from a well-known college, the fact is that these places have higher fees to go with their brand names.

And usually, after a little bit of time in the workforce, it won’t matter where you went anyway. The main thing is that you have the necessary qualification for your career and job type.

Be careful about which specific degree you choose too.

Don’t rush into a decision or make one based on what your family or others say you have to do. If you do, you may realize you don’t like the course, and then just have to start all over again with your preferred subject matter. This not only wastes time and energy, but also a lot of money.

Read also: 8 Money Management Tips for College Students

2. Borrow Money.

Borrowing money is one of the most common ways to afford college courses, training, workshops, and further education.

If you can’t afford to pay for a course or go to college, or you’re worried about gaps in your income, taking out a loan or borrowing money from somebody you trust can provide a solution.

Depending on your financial circumstances, the cost of the course, and how much you need to borrow, you could explore options like student loans, personal loans, and borrowing from your parents, partner, or a close friend or sibling.

Whichever path you take, it’s crucial to check the terms and conditions and make sure you understand the repayment schedule. Key details to check include the interest rate and repayment term. 

3. Study Online.

Next, why not consider studying online, rather than attending a campus?

Globally, more than 100 million people across the world are enrolled in online courses. Online programs have made education and training much more accessible in recent years.

One of the best things about studying online is the flexibility it gives you. Many people who learn online continue working full-time or take on part-time jobs to enable them to earn while they’re studying.

There’s a vast range of online courses available. It’s an excellent idea to browse options, research and compare course providers, and read about qualifications and certificates.

Once you know what you want to study, you can filter results based on the course subject, delivery method, assessment and entry criteria, cost, and duration. 

Online study will help you save money in a few ways.

For example, by choosing this option, you won’t have to move to attend university. You can enroll in your preferred program no matter where you live, and save on moving costs and, if you’re currently living at home, costs involved with moving into your own place.

By attending your courses remotely, you will also spend less when it comes to travel costs like petrol, parking, or public transport fees.

If you’re currently working in a full-time job, and want to earn a degree without having to give up the financial and career rewards that come with your work, online study is also a good option. Simply schedule your classes around your job commitments, and keep on earning a full-time wage.

4. Utilize Financial Aid.

What many students don’t take advantage of during their university days is the financial aid which is available. Most colleges have various types of scholarships and grants you can apply for, as well as bursaries and other aid.

These might cover tuition, or things like books, accommodation, student exchanges. Often, this aid never has to be repaid or, if it does, it will likely come with very favorable terms.

Note, too, that you might also be able to find programs run by private organizations, or by state and federal governments. Many of these organizations like to support students and future community leaders

You might have to spend some time putting together detailed applications to have a chance of being chosen, but that time is well worth it if you save yourself considerable money.

Read also: How to Quickly Get Out of Debt

5. Reduce The Amount of Time You’re at University.

Another good way to cut costs is to reduce the amount of time you end up being at university.

After all, each week, month, and year that you’re attending classes and paying for board, books, food and the like, and not out in the workforce, costs you money.

To reduce your study time, consider a combined degree, rather than two separate ones back to back. Or opt for an accelerated program that shaves months or even a full year off your program.

Your university may also allow you to obtain credit for prior knowledge or for completing extra units during holidays.

6. Find Ways to Cut Living and Studying Costs.

While you’re at university, you should also be able to find ways to save money by spending less on day-to-day expenses too.

For example, be frugal when it comes to where you live (e.g. room with multiple roommates or choose accommodation further away from campus). You can also keep living at home while you study.

Other examples include taking advantage of student savings and discounts via membership schemes and cards, and buying books and other resources second-hand where possible.

You’ll also reduce expenses if you cook for yourself rather than eating out. Avoid partying and shopping a lot and take public transport rather than more expensive cab or Uber rides.

Final words

Studying has become more affordable in recent years due to the availability of online courses, but cost is still a barrier for many, especially those who want to go to college or university. If you’re eager to pursue further education or training as an adult, it’s beneficial to explore some of the options above.