Ways To Save Money For College

You know, the thing that frustrates me about all the sad stories I read about students compromising their “dream school” for a smaller community college or lesser known state school, is that the students have rarely put themselves in a position to be able to financially afford the “dream school” tuition other than assuming their parents will cave to their desires and cover 100% of the tuition expenses, no questions asked. What’s more is that students can rarely articulate why they have selected that particular college as their “dream school”, aside from saying it’s where all their friends are going, or it’s the most popular school in their area. Popularity shouldn’t put you into debt!

Here’s the thing. Although college is a well respected life decision and arguably a necessity these days, it is very similar to buying your first car. Of course we all want to have our parents fork out the money for a fancy BMW when we first get our driver’s license (I mean a car is a necessity, right?) the truth is that many of us don’t really do ANYTHING to earn this type of gift from our parents. So, more often than not (to teach the value of money) they will purchase a used but reliable vehicle that is much less glamorous but still gets the job done. (Did someone say 1986 Oldsmobile?)

Now how about if you same students had spent the 2 years before you got your license, working part time jobs and taking safe driving courses (that will reduce your insurance costs) so that when the time came around to buying this BMW (or whichever car you prefer) you were able to bring something to the table? Although I doubt any of us could have worked enough part time hours to afford a car on our own, having SOME money saved up could demonstrate (1) your worthiness of such a nice car and (2) more leverage in adding to the down payment of a nice car (that could potentially land you a monthly payment that mom and dad are comfortable with).

Going to college is no different. I don’t know when, but somewhere along the line we all began to assume that college is something we are entitled to, and that choosing our “dream school” was all we really needed to contribute to the process of going to college and mom and dad would take care of the rest. Boy, were we wrong.

The simple fact is that for most of us NOT attending an Ivy League school, where you go to get your degree will be for the most part, totally irrelevant when it comes to looking for a job. What employer will look at that Bachelor of Philosophy degree from Wesleyan University vs the Bachelor of Philosophy degree from the University of South Florida and know the difference when it comes to hiring you? I can tell you one big difference: If you choose the former, you will have spent close to $38,934/year versus the latter which comes in around roughly $3,167/yr. Granted, Wesleyan may be your “dream school” (Mom, they have coffee machines in every dorm room!) but why would your parents be motivated to send you there when YOU yourself have not done anything to show your own motivation? Come on. I am not trying to sound like a parent, but I am trying to wake you all up into realizing that if it really matters all that much to you to go to the “school of your dreams” then you need to take matters into your own hands. It’s just that simple.

So, how do you do this? It is going to require a little work on your end, but in the long run these proactive decisions could affect the rest of your life. Why not be in the one in the drivers seat?

1. Get a part time job, already! High school is not just about getting your first car and finding a way to survive your calculus class. This is also a crucial time in your lives that could potentially affect how the next 10 years will go. Work as many part time hours as you can (without compromising your grades, of course) and ideally try to do this in an environment that could also land you some community service hours. (Hello, scholarships!) The harsh reality is that 70% of high school seniors will apply to colleges that they can’t afford. This means that when you are searching for a scholarship, you will be one of THOUSANDS of applicants, and if they see you did nothing more than breeze through classes with no extracurricular, they are not going to be as eager to hand over free money regardless of need in most cases. Catch my drift?

2. Join a club or organization. This does not include the group of friends that come over every Friday to stay up and play Halo with you until 3 AM. More specifically join a club or organization that offers a scholarship to its members or alumni each year. Of course, not everything you do in high school should be motivated by what you can get out of it financially, but when it comes to your valuable free time, it makes sense to involve yourself in clubs that may have a payoff for you later. Plus, these groups make for great admissions application material and even for your first resume that you will need to fill (with little or no work experience) when you graduate.

3. Did I mention the part time job? Just checking.

4. Be creative. Start a business or make those hobbies pay off. So, you like computers? Are you pretty savvy when it comes to fixing them when they break down? Were you able to patiently teach grandma how to check her email or how to make a Facebook page? Why not use this to your advantage? Unfortunately, many older generations are at a disadvantage because computers and all the technology that came with them were something that they faced much later in their professional lives. This means that YOU, young student, are at a great advantage to help and earn some money while doing it. Create flyers, stop by local companies, offer your “IT Services” at a very low cost (or on a volunteer basis) and see where it gets you. This may surprise you, since more companies than you realize would love an opportunity to have a knowledgeable technical support person on call without paying the exorbitant salary that can sometimes come with this profession. Or maybe you like to paint? Or maybe you enjoy writing? Now is the time to get out there and see where these things can take you. You may not end up getting paid (or paid very much) during this time but you can at least continue gathering great experience and it will put you in a better position for scholarships later. Trust me!

5. Throw a party. Wait, what? Yes, you heard me right. Throw a graduation party! Now this may seem like a sneaky way to benefit from your family, but you did earn this right and why not use it to help pay for those upcoming college expenses? Send out handmade (your hands, specifically) invitations to everyone you’ve ever met letting them know that you have graduated and you are looking to celebrate. It is a long standing tradition to send a little $ to recent grads and this can be the beginning of your savings to use when you enter school. The best part is, it’s a fun way to raise some dough.

6. Part. Time. Jobs. I really can’t stress this enough.

7. Research, research, research. Take your time researching schools and degree programs that interest you. Now I am not saying to spend time on Google searching for “Really fun college degrees” but instead try “least expensive college degrees” or “cost of living in (enter city name)” and figure out how you can get the most bang for your buck. The secret to saving money when you go to college is to take the time to find out where you can get a solid education for the least amount of money. It is a radical approach to college but it is really that simple and totally possible. The fact is that what is good for one student, may not be good for the next. How do you know you wouldn’t enjoy getting your Business Management degree at a smaller, cheaper college in South Dakota versus a large, overpopulated, expensive university in North Carolina? What if the school in South Dakota really was 1/10 of the total cost? You need to decide how you want to learn, where you want to be while you learn it, and what will matter most to you out of all these options. Do you want small class sizes? Do you want to be able to take only night classes? Schools come in all shapes and sizes and if you take the time, you can find the best fit for you, and more often than not it will result in savings since you took the time to really shop around.

8. Study One other money saving secret is if you really aren’t sure what you want to study; don’t be afraid to look into a community college for the first two years of school. I really don’t understand why so many students are afraid of community college. There are so many perks to starting out a local CC. They are cheaper, the classes are smaller, they usually offer a variety of scheduling options, and you can get a taste of certain classes to figure out what it is you want to study for the rest of your college career…which will seem like FOREVER if you end up studying something you hate. Take a look at some of the community colleges in your area, or even in the area of the university you will eventually attend. Oh and take time to research the careers you are interested in. I mean, REALLY research. That means find the jobs and companies you would want to work for and CALL THESE PEOPLE. Ask what kind of degree their employees have and what type of experience is critical. Did you know that a lot of high paid designers were able to get their job with just an Associate of Science degree? Why waste 4 years in school when you can get it done in 2? Just research, people!

Like I mentioned before, unless you are attending a notorious Ivy League school, the odds of your employer knowing the difference between a $40,000/yr and a $4,000/yr university, will be slim. What will matter more is the experience you gained (i.e. clubs, jobs, internships) than the actual name of the school on your resume. They will look at YOUR skills and YOUR experience, and this will be much more important than the type of college you attended.