College Education Costs – Manage the Factors You Can Control

When it comes to reducing college costs there are several factors that students can control.

Cutting Expenses

Students can consider living at home for a semester or two. They can consider a community college for their basic requirements for either their first semester, year or even their first two years.

Students can also consider a quality state school, generally a third to a half less than the cost of a private school. As with a community college, students can consider a year or two at a state school then transfer to a more selective school for their junior and senior years.

Another simple suggestion that students should carefully consider is to take one additional course per semester, regardless of the cost of the school they are attending. Doing so for five semesters will generally allow students the chance to complete their program in three and a half years.

Finishing just one semester early means a significant reduction in non-tuition costs, eliminating one semester of room and board and academic-related fees. Being able to take a semester off during the four-year period also gives students a chance to work full time to earn funds and thus reduce the amount of money that must be borrowed.

In fact, one of the more interesting ideas that has been thrown around of late is for schools to examine three-year degree options for students. Students should keep an eye open for such schools as finishing a full year early can really reduce the costs for students.

Negotiating College Costs

In addition, when it comes to the costs of college, Lauren Starkey, admissions expert for the Examiner, insists it is possible to negotiate the costs of college. While most of us tend to focus on the price which is indeed likely to be fixed, Starkey notes that students and their families should treat college like any other retail purchase.

In other words, prospective students should not simply accept the financial aid offer from the school without at least meeting with the aid officers to see if they just might be able to do better by you.

Those in Best Position to Negotiate

First off, it must be noted that one group of students is in the best bargaining position. Those who have a record of achievement, either in the classroom, in the athletic arena, or on stage, are in the best position to negotiate.

In addition, students accepted at more than one school also are in a better position. Students can compare aid packages then use those packages as a negotiating tool.

In fact, a decent aid offer from one school can be used as a bargaining chip with a second school that maybe did not come through with any aid. Used in a positive, non-threatening manner, you just might receive an aid offer from the second school after all.

Additional Aid Options

Once you have filled out the Free Application for Federal Student Aid (the FAFSA), you will know what sum you are expected to pay for college. Here Starkey offers some solid advice.

“If school A costs $25,000 a year and FAFSA’s equation says you can afford $12,000, your need is $13,000 a year,” notes Starkey. She then goes on to relate a critical aspect of that need calculation.

While schools will expect you to carry some loans, “many schools don’t expect you to carry all of that in loans,” writes Starkey. “They have work-study programs, grants, and loans to help close that gap.”

One of the more interesting developments is that the more selective a school is, the greater chance a school will “meet 100 percent of a family’s need.” Here again, only students with strong credentials will be considered at these colleges, so high-achievers are the ones most likely to secure additional funds.

But the critical step, according to Starkey is not to simply accept the offer without first asking if the school can do any better. In other words, “you have to ask.”

Cost of College

The increase in college costs in recent years have led to enormous challenges for students and their families. Unless you are one of the very fortunate folks for which money is no object you need to give careful consideration to controlling college costs.

A college degree can be a ticket to a good job and a better future, but that is only true if you can earn that degree while minimizing the debt you take on.

Leave a comment