By now, most college-bound high school seniors are getting ready to head off to their chosen campus. Choosing the right school can be extremely stressful—but how do you find the school you love AND can afford???
Paying for college is a big issue and a tiresome task. But it doesn’t have to be if you start early and get prepared. There are lots of ways to find the funding to go to school; you just need the right information and determination to follow a budget and find the funds.
Save your current income. Get a summer job and/or a job during the school year if you can pack it in. It’s not only a great way to meet new friends but it also gives you more freedom and responsibility. Then, start putting away every penny you can while you’re still living at home with the “parentals”. You should also be looking into a 529 savings plan early on—a tax-advantaged education savings plan that is specifically designed to help families put aside funds for future education costs. If you visit or call MEMBERS Financial Services located at Kohler Credit Union they’d be more than happy to help you out with this!
Make a list of what you need most and want in a college: two-year vs. four-year, academic strength, area of study, size, surroundings, location, religion and price. Try these great sites to help you narrow down your list, princetonreview.com or collegeboard.com.
Visit the website of each school you’d like to apply to for more information on their financial aid deadlines plus any special requirements they might have. Most colleges have deadlines that are earlier than the government’s deadline for completing the FAFSA. Meeting deadlines is important since some funds are limited and run out. After applying and filling out forms, in addition to a much anticipated admission letter, you’ll receive a financial aid award letter from the school if you qualified. It will outline how much and what specific aid you’ve qualified for.
If you still feel the cost of school is out of your budget, then you might consider student loans…and Kohler Credit Union is a great option for something like this! You should also look into any and every scholarship you can find. You don’t have to be a star quarterback or a valedictorian to receive a scholarship. Many are based on the area of study you go into, community service or ethnicity. Many local businesses, such as KCU, offer scholarships so jump on Google and start searching!
Create a game plan to ensure that you graduate according to your budget. At many colleges, the number of credits required to graduate (or, if you’re taking on a double major) are too many to complete in just four years…it could take 5-6 years. So, you may want to look into taking courses during your senior year of high school or during the summer months while attending college. The Advanced Placement Program and CLEP exams are examples of how to accomplish this. Just make sure you check ahead of time that your credits will transfer!
Another big money saver is commuting to college. If you plan on going to a community college, technical college or a school that is very close to your home, this is a great way to lower room and board and meal plan costs (ask mom and dad first!). You could even choose to start at a community college and transfer to a larger school to save some money and get into the swing of your new independence and freedom, before you venture off away from home.
When buying your books for the new semester make sure you check out eBay, Amazon, Craigslist, etc. to find used books instead of paying top dollar from the campus bookstore. If you feel like you have some free time amongst all of that studying…“wink, wink”…getting a job is not a bad idea. Check out the student employment office and ask for their help in finding either an on-campus job or a nearby internship in your field of study. And hey, at many on-campus jobs you will find that there is plenty of time to open your book and get your homework done…while getting paid! BUT those fill up quick so be sure to ask early!
Most people look at the price of a college degree as an expense like rent or the cell phone bill, but what if you looked at it as an investment instead. The time to start saving and planning is now!
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