The surge in the cost of college education is quite astonishing. As per the Institute of Education Sciences’ data, a standard 4-year college education averaged at an enormous $32,475 for the academic year 2009-2010, a substantial escalation from the $8,672 incurred in 1980-81. This is an annual price, projecting a mind-blowing total of nearly $130,000 for a full four-year course equaling or surpassing many home prices.
Given these circumstances, many families are enthusiastically exploring novel avenues to fund college education beyond standard scholarships and undergraduate student loan options. This challenge intensifies for graduate study programs, where students often resort to relying on Discover graduate loans to cover school-related out-of-pocket expenditures.
Pursuing Local Scholarships
Scout for smaller scale scholarships offered by local organizations in your vicinity. These provide modest amounts ranging from $250-$500, but with a smaller applicant pool and less stringent qualifying criteria. Although $250 might appear insignificant in comparison to a yearly tuition bill of $30,000 or more, every little savings matter. Plus, the local nature of these scholarships means lesser competition and therefore, heightened chances of success.
Incorporating AP Courses
If your teen can complete their graduation ahead of schedule, it could potentially result in savings of approximately $32,475 per term. Undertaking a couple of Advanced Placement (AP) courses could entail rigorous efforts now but will eventually facilitate a swifter graduation and significant cost reductions. Additionally, such courses often exempt students from basic level classes usually scheduled early mornings.
Consider Starting at Community or Junior Colleges
Initiating studies in a community or junior college could be a cost-effective alternative as these institutes typically charge significantly lesser tuition fees. Additionally, their credits are often transferable to standard two- and four-year colleges. Therefore, it makes economic sense to accumulate a few credits at these institutions before moving on to more expensive options.
Scout for Scholarships in Sophomore Year
Occasionally, scholarships remain unclaimed in the second year due to student dropouts, major changes, or simply negligence in form submission. Make the most of such opportunities by finding out if your child is eligible for any of these unclaimed scholarships. A visit to the financial aid office should provide information on any such available prospects.
These are only a handful of creative strategies tackling the soaring expenses associated with a college education.
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