The costs of higher education have been on a steep incline for decades at this point. As CNBC reports, since the 1980s, public school tuition has risen by 200%, while private school costs have grown by nearly 130%. However, over the last few years, the price has hit a ceiling.
These cost increases have left many students questioning the affordability and viability of attending college. However, there are still ways to pursue higher education without breaking the bank. Today, we’re going to look at a few ways you can actually cut some costs during college.
But first, let’s see how we even got ourselves into this mess.
What Has Caused College Costs to Rise?
We’ve mentioned in the opening that college costs have reached absurd levels in recent years. Well, over the last 10 years, tuition fees went up by 36%. So what’s responsible for this? Are we just looking at inflated numbers? Do we have anything to worry about?
We actually do. While inflation is partially responsible, you have to take into account that median income has increased by a little over 2% over the last decade. Many factors have contributed to the high cost of college education.
For starters, there’s a high demand for college education. On the other hand, students are facing a lack of state funding in many countries. There’s also the increasing cost of maintenance, academic resources and staffing.
Is Higher Education Still Worth It In the 2020s?
With education costs surging and showing no signs of slowing down, one has to wonder, is pursuing a degree worth the effort in 2023?
We’re glad to say that despite the costs, pursuing higher education is a valuable investment. In the long run, most college graduates land jobs easier and have higher salaries than their non-graduate counterparts.
Out of all college graduates, only 6% remain unemployed after receiving their degree. The decision to pursue a college degree lies with the individual, however, it is clear that the value of a college degree still holds strong today.
5 Strategies to Lower College Costs
No matter how good of an investment it is, a degree comes with a high cost. It can be overwhelming to think about paying for college with astronomical fees. When you need to study for multiple exams, it can leave you feeling like you’re committing financial suicide.
Luckily, there are a few things you can do to ease your financial burden.
- You’re a Student, so Make Use of It
Let’s get the most obvious out of the way. Research shows that 9 out of 10 students first look for discounts every time they shop. A lot of businesses want you as a customer. You can find discounts for everything from food to clothing.
Watch Amazon Prime for 6 months, free of charge. Buy at a 15% discount at Asos. Get 35% off your Domino’s orders. All of this, just because you’re a student. But that’s not all.
Both public and private schools offer grants for first-year and returning students. Some of these are need-based, while others are merit-based are require applications, essays, and letters of recommendation.
Look for these grants on sites like Save the Student, and see what grant you’re eligible for.
- Compare and Carefully Select Housing
More than 60% of UK students live off-campus and pay rent. That’s because many students want to experience the freedom, independence, and of course, partying that comes with college. But keep in mind that paying for housing isn’t the only cost you’ll face.
Things like food, utilities, and transportation can quickly add up and leave you calling your parents for extra cash.
If living in a dorm isn’t feasible and you don’t want to overspend, you should consider living at home with your family. Sure, commuting may be a bummer, but if you put in the extra effort to find creative ways to save on rent and other expenses, you’ll come out ahead.
- Find Work While Studying
It’s estimated that around 40% of full-time students are employed during their time in college. You can find a part-time job near your apartment and work while you’re not in class. Another idea is to become a Resident Advisor.
Most schools will pay an RA to help supervise a dorm building, and this could be a great way to make some extra cash while also getting familiar with the campus. You can always pick up freelance work as well; there are plenty of online opportunities students can take advantage of.
- Don’t Buy New Textbooks
Each year, students spend hundreds of millions of dollars on new textbooks. While this is something most young people don’t think about, buying new textbooks is a pretty unnecessary way to spend money.
You can always purchase used or rented textbooks at your school. Use them while you need them. And when you’re done with the classes, sell the textbooks to your local bookstore or sell it to someone online.
Another option is to download the e-book version which is usually much cheaper than buying a physical copy. There are also plenty of free online resources students can use to learn from.
- Graduate on Time
When it’s all said and done, the biggest cost-saving measure you can take is to make sure to finish college on time. The longer you stay in college, the more you’ll pay in tuition and fees.
According to College Cliffs, having an academic plan before classes start is crucial – figure out which courses you need to take each semester and how long it will take to finish your degree. If possible, aim to complete your program early by taking extra coursework.
And when it comes to your studies, don’t be afraid to make small investments. For instance, if you’re constantly having math trouble, hiring a tutor to help with math homework can help you pass the course in fewer tries.
That way, you’ll save money by avoiding extra tuition fees and be able to move on faster.
Closing Thoughts
Yes, college is expensive. And yes, it’s costlier than ever. However, the fact that most graduates manage to land a job shortly after college should be enough to justify the cost. You need to take preemptive measures to cut costs as much as possible.
Be on the hunt for discounts. Look for grants. Save money on housing and textbooks. Don’t be afraid of some extra work. And of course, make sure to finish your studies on time.
FAQ
What’s the average cost of college?
The average cost of attendance for a student living on campus at a 4-year college is more than $25,700 per year. That amounts to nearly $103,000 over the course of your degree.
What are the average student loan fees?
The average student debt in 2023 is nearly $30,000, according to Business Insider. Just keep in mind that this is the amount of money students still owe after completing their degrees.
What country has the most expensive college?
The OECD’s latest Education at a Glance report has found that England has the highest university tuition fees in the world.
What country has the lowest college tuition?
There are multiple countries that have no fees at all. Countries like Norway, Finland, Sweden, and Denmark all offer college education for free to their citizens.
