The Hidden Costs of Being a College Student: How to Plan Ahead
When you graduate from high school and walk across the stage to get your diploma, there’s a feeling of exhilaration in the air. You’ve just gone through eight years of elementary school, followed by four years of a more difficult high school curriculum, and reached this milestone of success. Summer will go by quickly, and you’ll be spending as much time as you can with your friends before everyone goes their own way. Soon you’ll be heading off to college and beginning your journey into life as a young adult.
As you plan and get ready for your new university adventure, there are so many things to take care of and get done. You’ll be entering a whole new world, likely going to a new town or city, and having to adapt to being on your own. Instead of attending class for seven or so hours a day, you’ll have about fifteen hours of college classes, and you’ll have to learn to manage and make good use of your free time. It’s also important to plan ahead and take a good look at the true costs of being a new college enrollee.
Take an Aggressive Approach to Applying for Financial Aid
The cost of college has soared over the recent decades. Years ago, when your grandparents went to school, you might pay for a good part of your higher education with part-time work during the semester and a great summer job. That is clearly no longer possible. To help pay for college and cover the mounting costs beyond tuition that come with a college education, you’ll need to be aggressive as you seek financial aid. Apply for every grant and scholarship you can. Top tip? Look for specialized scholarships that are offered to students in your field of study, and local scholarships from civic organizations that are available for students from your city, region, or state.
The Best Way to Manage Student Loans
Before each new year in college, you’ll be asked to fill out financial information forms. Based on this information, you’ll qualify for student loans to help pay for that year’s cost of education. When you graduate, you’ll have a set of student loans outstanding, each with their own amounts and interest rates. One of the best ways to manage your education debt is to refinance your existing loans into a single, new loan at a better interest rate. If you had a cosigner on the original ones, refinancing could help get them off the note. It’s helpful to review an online guide that walks you through what you will need to do to get approved.
Save Money on Your College Housing Costs
Another way you can save money on your college expenses is to make a good decision when it comes to housing and how you are going to have meals. Often, students choose the default option and sign up to live in the dorms and then must pay for the university’s meal plan.
You’ll be ahead of the game financially if you opt for shared accommodations in quality off-campus housing. With these apartments, you’ll have your own room where you can sleep and study, and a private bathroom too. You’ll also be able to cook your own meals, saving money versus on campus meal plans.