Money is a very personal topic and I feel like talking about money when it comes to college is just as taboo as asking about someone’s salary. Because of this and because of the claim that “everyone can afford college,” many students are left stressed by having to take out loan after loan to pay for things they never thought necessary.
The college you want vs the college you can afford
You got into the University of Michigan, Purdue, or even Harvard. Great! After you’re done basking in all of the bragging rights that come with these accomplishments, you need to figure out how to pay for the big name of such universities.
As an example, most students that decide to attend Purdue are from out of state. Tuition will likely be on the upwards of $30,000, not counting room and board adding on another $10,000. Multiple that by four years, you have a whopping $120,000 to come up within a short amount of time. If anyone can do this without taking out loans, please tell me your secret.
Way back when I was applying to universities as a high school senior, everyone was ecstatic to hear that I was accepted to the University of Michigan. As great as this was and as much as I soaked up all of the compliments I received, I knew deep down that there was no way I would be able to attend this university because of how much it would cost. As much as I didn’t want to take out any loans, I looked into doing so and I wasn’t even able to take out the amount that I needed to cover my first year. Could I have gone through third-party companies and taken out more money with a skyrocketing interest rate, yes. I knew that if I wanted to not be paying for college for the rest of my life I would need to make some sacrifices, including denying acceptance to one of my dream schools.
I’m not trying to discourage you from going to the university you’ve dreamed of for you whole life; however, the main thing is that you need to be realistic about how much you’re able to spend. No matter what you hear, a degree is a degree (in most cases) no matter where it’s earned. Although I am attending a university that isn’t as prestigious as others, I can thankfully say that I will graduate debt free as a result.
COMMUNITY COLLEGE?!?! EW
Isn’t it ironic that attending a college close to home that costs less than half the price of 4-year universities is seen as such a terrible thing? I’ll be straight up–community college would have saved me SO MUCH MONEY and I regret not spending my first two years there. There’s an expectation to go to a 4-year university and if you don’t you’re not serious about your education or you’re not mature enough to go off on your own. False and false. Community college is so worth it, even if you take advantage of it in high school to knock out a couple of general education courses. I don’t understand why people see it as a bad thing and those who do obviously haven’t thought of an easy way to save major money.
Scholarships
APPLY FOR SCHOLARSHIPS. Even if they’re only for $50, APPLY FOR THEM. Everything counts and it’s money that you don’t have to pay. There are people willing to give you money and you not taking advantage of that is an opportunity missed. A lot of people usually don’t apply for the lower amounts so you have a greater chance of getting them. In high school, I applied for a $100 scholarships that had no other applicants, so they ended up giving me the other $200 they had set aside for other students. You have the biggest chances of getting scholarship money as a senior in high school so this is so so important. Yes, there are scholarships offered in college but you’re going up against a bigger pool of applicants which makes it a lot harder.
Dorm life vs. apartment life
As college freshmen, we all want to be a part of the “college dorm experience” and make new friends, and I say go for it. If you’re willing to drop up to $10k a year. A lot of universities require freshmen or scholarship recipients to live in the dorms for their first year, but if this isn’t required you should do some serious consideration about if it’s worth it to cough up this money. Living in an apartment is easily half the cost of a dorm and has so many advantages. You usually get your own room, are separated from the hustle and bustle of campus, and don’t have to abide by all of those weird dorm rules. Although you do have to supply your own food, it is a great experience to help yourself transition into “adulting” later in life. Joining student organizations on campus can help you stay involved and meet new friends and are usually free or low cost.
Moving in and decorating–do you REALLY need those XL twin sheets that your college says you HAVE to have?
Okay, I understand that college comes with all of these new freedoms, but many students spend a RIDICULOUS amount of money on things that they don’t need nor end up using. What you have at home is perfectly fine. Nobody is judging you.
How much do I pay and how much do my parents pay?
This is a tricky one because every situation is different, but generally this is a conversation that you want to discuss regardless. Don’t leave it until the last minute because you’ll cause stress on both ends which will make it hard for everyone. You should try your best to contribute what you can, but be reasonable and be transparent about what costs you need covered. I get extremely irritated and heartbroken when I see parents sending their kids “tuition money” that is used at the bars to buy alcohol. Something I see a lot is parents paying “fixed” expenses such as tuition and rent and students paying the ones that vary, such as books, groceries, utilities, gas, and “fun” money. This way, students are accountable and learn that if they’re spending their own money it is better to find ways to reduce expenses.
A note on “fun money”
You’re in college, you want to have fun. But knowing when to limit this is key to not losing your financial sanity. Do you need to go out every weekend and drop $20 each night? What about those Starbucks and late night Taco Bell runs? It all adds up and this is one of the easiest ways to drain your bank account.
Getting a job during the school year
I always thought that I would never be able to get a job during the year because of classes, having homework, and keeping up on my social life. At the end of the day, it’s all about priorities and what you’re willing to give up to make that extra couple bucks. There are so many jobs offered on campus that range from 1-20 hours a week and are available for all majors. Even if you are working only a few hours a week, that money adds up and is well worth the time you devote to it.