Tips for Saving While in College

A college education is one of the most important investments you can make in your future. Below are some useful tips that can help you save money and enjoy your exciting new journey.

Reduce your tuition costs

Even with potential scholarships, a quality education can be pricey. If you’re still evaluating the costs of your college experience, remember that there are practical options you can consider to limit how much you spend on tuition.

Graduate early

• One way you could wrap up your undergraduate degree ahead of time is to earn college credit while in high school by taking Advanced Placement or International Baccalaureate exams. Some schools may also allow you to “test out” of certain general education requirements based on satisfactory scores on these college-level exams.
• Another option is to enroll in summer classes at your college or university that are applicable to your degree program.
• You can also consider taking the maximum number of classes recommended for the semester or even request to overload. Overloading, or enrolling in more than the recommended maximum number of classes, often requires permission. If you choose to overload, make sure you’re prepared for the extra commitment and work this will entail.

Start at a community college

Many prominent public universities have streamlined programs for accepting transfer students from community colleges. By taking your prerequisites and general education courses at a community college and then transferring to a university to complete your coursework, you could save a lot of money. Be careful with this strategy, though. If your transfer school doesn’t accept your credits, it could wind up taking you longer to graduate.

Pursue combined bachelor’s and master’s programs

If you already know you want to get a master’s degree in a specific field, look into combined bachelor’s and master’s programs. You may be able to shave off a year or two of tuition by focusing on a combined curriculum.

Borrow only what you need

While you won’t have to start repaying student loans while you’re enrolled as a full-time student, it is wise to borrow only what you need to cover your expenses. Borrowing more than you need, especially from higher-interest private loan programs, could lead to more long-term debt.

Use credit cards responsibly

Some young adults take out their first credit card while they’re in college. Credit cards are a great way to build credit, and they can be useful for emergency purchases; however, it is important to pay attention to the interest rate. Credit cards are not free money, and interest can add up quickly if you’re not careful. If possible, it’s best to pay off your credit card balance each month.

Follow a strict monthly budget

To avoid issues that would lead you to hit your savings account or reach for your credit card, map out a carefully planned monthly budget before the academic year starts. Don’t forget to plan for seasonal expenses, like back-to-school spending in the fall and travel during your breaks.

Use your transit benefits

Many colleges and universities offer substantial transit benefits, such as campus shuttle systems, discounted mass transit rates or free bus passes. Whether you plan to live on campus or commute, talk to current students and ask if it’s easy to be car-free. Even if you have a car, utilizing alternative travel resources can reduce the amount you spend on gas and result in big savings.

Get textbook savvy

The vast majority of students purchase textbooks straight from their college stores. While this is a convenient option, many spend hundreds of dollars on required course materials. Some expenses, like access codes for online resources, are pretty much unavoidable, and sharing physical copies with classmates isn’t ideal. That said, here are a few suggestions for spending less on textbooks.

• Contact the instructor — Your professor may have suggestions to help you find class materials for less or let you know when certain items will be needed. There’s also a chance some of the books on their syllabus are simply optional academic supplements.
• Buy used books — Still want the convenience of the campus store? Look for used books. They’ll cost a fraction of the original price, and many stores buy them back at the end of the semester.
• Buy e-Books — Electronic versions are typically less expensive than new hard copies. Make sure to check your instructor’s policies regarding in-classroom technology usage before buying e-Books.
• Buy books through a campus exchange — There may be formal or informal book exchanges in your campus community. Buying and selling directly with other students can help you avoid the markup that bookstores charge.
• Rent your books — Some textbooks may be available for rental. This is often the least expensive option, as long as you return books without any new damage at the end of the semester.

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