12 Ways to Slash the High Cost of Earning a College Degree

pathdoc / Shutterstock.com

Earning a college degree can greatly increase your earning power, but you’ll have a hard time achieving financial success if you graduate with a huge student loan debt.

Not all students fully realize how much their college education will cost, says Brian Martinek, a college funding specialist at Texas Financial Advisory.

“It’s more than just the tuition,” he explained. “Books, housing, meal plan, going out with friends, travel and personal expenses need to be taken into account. Depending on your major, textbooks could cost $1,200 for just one semester. These other costs sneak up on people.”

The national total for student loan debt in the U.S. has reached $1.4 trillion, according to a 2017 report by Experian, the credit reporting company. More than 13 percent of U.S. consumers now have one or more student loans on their credit file, with an average total balance of $34,144.

The price of an education shouldn’t be so high that you enter the workplace overwhelmed by debt, says Eric Tyson, the author of “Personal Finance for Dummies.” In some cases, the benefits of higher education may be outweighed by the cost.

When choosing a college, “people should look at what they’ll get for the money they are spending,” Tyson said. “What will be the payback? As with anything else, you should look for value.”

Fortunately, there are practical ways to reduce the cost of earning a four-year degree. Here are 12 tips for saving money while attending college.

Popular Articles

6 Tips to Age-Proof Your Resume
6 Tips to Age-Proof Your Resume

Finding a job isn’t easy — and it sometimes feels like too much experience actually counts against you. These tips will help.

How All 50 States Tax Your Retirement Income
How All 50 States Tax Your Retirement Income

Find out which states are friendly, and not-so friendly, with the money you’ll need in your later years.

7 Reasons You Should Rent a Home in Retirement
7 Reasons You Should Rent a Home in Retirement

Renting is a better fit than owning for many retirees. Here’s how it can pay off during your golden years.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments

911 Active Deals

More Deals