The constant increase in college tuition and costs associated with education have drastically increased in the last 20 years and according to specialists, it will continue to rise in the next years, reaching new heights and making it harder and less viable for students to attend college.
Given this dramatic increase over time and the current state of the economy, how can you and your child afford a decent education? Saving money would seem like the obvious option, but in reality students are saving less money every year due to the rising costs in other commodities. In fact, a study done by CBS found out that almost 15% of students save no money at all.
If you are planning on attending college, you might consider purchasing a pre-paid tuition plan. A pre-paid plan allows you to purchase credits now towards future tuition, allowing you to pay for school right now at the current cost of the classes rather than waiting for tuition to increase. In case the money doesn’t get used then the credits can be transferred to a family member or friend who can take advantage of this plan.
You might also consider finding a scholarship that will help you pay a portion of the tuition costs. You don’t have to be a straight A student or a sports wonder; in fact there are plenty of scholarships available for all sorts of people and while finding a scholarship you can qualify for can be a long and strenuous process, the benefits are huge and can be of great aid when it comes to picking a school and a major. Generally scholarships are considered gifts and do not have to be repaid. Major scholarships are sponsored by private companies, nonprofit organizations, religious groups, social organizations and even individuals such as The Gates Cambridge Scholarships.
Another way of saving a bunch of money in school is to attend community college for the first 2 years and raking up credits at a fraction of the price. This will allow you to take all of the general courses close to home without the need to move out and spend additional money to find a dorm or apartment. After you earn your Associates’ Degree at a community college you can then transfer to a 4-year institution and finish your degree there while saving almost 50% of the tuition costs.