The last thing you want to do after years of hard work is scramble to pay a massive bill. Or balance student loan payments in your budget after graduation. You need to focus on networking, getting a job and, of course, celebrating your success. To save money now and eliminate costs in the future, check out these creative ways to cut back and save money during college.
Tuition savings.
For the 2021-2022 school year, the average cost of tuition in Michigan for a public college or university was $14,339 per year for an in-state resident.1 At private institutions, tuition costs were more than double that cost, at an average of $38,070 per year.1 And there are many other costs besides tuition to plan for during a four-year degree program.
To cut costs on tuition, you can:
- Apply for scholarships: Outside of scholarships offered by colleges, many community and nonprofit organizations (like the Lake Trust Foundation) offer scholarship opportunities. Connect with your school guidance counselor or do a quick search on your own for local scholarships.
- Attend community college: If you’re planning to work toward a four-year degree, consider attending a community college for the first year or two of your program. For the 2021-2022 school year, the average cost of tuition at community colleges was only $3,800 per year.2 Most programs require similar general education courses, so why not save some money while working on these credits?
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Apply for the FAFSA: The Free Application for Federal Student Aid (FAFSA) is an essential tool to helping you access funding for school. Even if you’re not sure which school you’ll attend, you should still fill out the FAFSA. This tool can help you access grants, scholarships, and work study programs as well as student loan options. Visit studentaid.gov to learn more or start your FAFSA application.
Budget for food.
If you’re planning to live on campus, you’ll most likely be charged a non-negotiable fee for a meal plan. But if you’re living off-campus in an apartment or home, you’ll be on your own for food.
- Make a budget: Keep track of your income and spending by making a budget each month. This is a good routine to establish and practice before you graduate. A good budget can help you save more, work toward your goals, and prevent overspending.
- Limit eating out: Making your own food almost always cheaper than eating out. Though it might be hard to imagine cooking when you’re balancing your time between studying, work, and other activities, it’s worth it to save money. Your meals don’t have to be fancy or time-consuming. Throwing together a quick sandwich before your next class is probably cheaper (and faster) than stopping at a sub shop.
- Use coupons and shop sales: Check out the sales at your local grocery store and plan a few meals for the week around items you can get on a discount. Don’t forget to check the store app for additional coupons and savings.
Check out alternatives for room & board.
Room and board costs added an additional $11,950 (on average) to students’ yearly college costs for the 2021-2022 school year.1 Some schools require you to live on campus for your first year. But after that, you often have the option to choose where to live.
- Live at home: If your school is close to home, keep living at home to save money. This isn’t the coolest living arrangement, but it’s often the cheapest if your parents let you live at home for free. If home is too far from your school, do you have any relatives or friends in the area who would let you live with them?
- Split an apartment: After your first year, you’ve probably made a few friends at school. You could save money by sharing an apartment and splitting the rent. If you need a roommate or two, your school may have resources to match you with another student looking for housing.
- Negotiate your lease: Many apartment complexes require a one-year lease. But if you know you’re not going to be at school in the summer, ask your landlord or the leasing office if they’ll consider a shorter rental term so you’re not paying for housing when you don’t need it.
Thrifty textbook tips.
Textbooks, course materials, and school supplies add up fast, especially when you’re taking several classes at one time. The school bookstore probably has everything you need. But you’ll often pay a higher price for the convenience of shopping for all of your supplies in one place.
- Rent your books: Your school bookstore or a local bookstore near campus may offer the option to rent your textbooks and it’s usually cheaper than buying your books. You also won’t have to worry about what to do with a pile of textbooks you’ll probably never use again when your class is over. Just remember to return your books on time to avoid late fees.
- Buy used: Ask around and see if you can find a student who took your class recently. If they still have their books, you may be able to buy, borrow, or get the books for free. Or, if you have a friend who is also taking the same class as you, perhaps you can split the cost of one book and share.
- Shop online: It never hurts to comparison shop. Check to see if you can buy your textbooks cheaper online and view the options for used books for even bigger savings. Some websites rent books too.
- Buy an older version: Most professors want you to buy the most recent version of a textbook. But if the previous edition of a textbook is only a year or two old, you can usually get similar content at a lower price with an older version of a book. You may want to check with your professor before buying an old edition, as there may be specific updates they plan to teach in class.
Invest in yourself.
You're making a smart decision to invest in yourself. The memories you make and the knowledge you gain in this short period of time will stay with you for the rest of your life. Making small adjustments can help you overcome the price of an education so you can work toward your goals with less financial stress. You're going to make some amazing accomplishments in college and outside of it. And we can't wait to support you on your journey.
1Knueven, L. & Wangman, R. (2023, May 2). Average Cost of College Tuition. Business Insider. Retrieved from https://www.businessinsider.com/personal-finance/average-college-tuition
2Beresford, C. (2023, May 9). How Much is Community College? NerdWallet. Retrieved from https://www.nerdwallet.com/article/loans/student-loans/how-much-is-community-college-tuition