The rising cost of tuition, particularly at private universities, is becoming a serious issue. Many attribute these costs to increased investment on the part of colleges in amenities or inflated salaries on the administrative level. Regardless of the cause, attending Georgetown is becoming increasingly more expensive. According to a study on average student loan debt, 55% of graduates in the District of Columbia finish school with an average outstanding student loan debt of $31,452. Estimated costs for the next school year are also reaching a new peak, so we’ve compiled a few ways to make Georgetown just a bit more affordable.
Financial Aid Georgetown has an admissions and financial aid policy that is “need-blind, full-need.” Whether you’re admitted early action or hear from a regular decision timeline, the university sends out financial aid offer letters in April. According to the College Board, the average financial aid package received at Georgetown is $42,660.
Federal Aid You can typically obtain two types of loans from the government to help with college expenses: subsidized and unsubsidized. The government will pay off your interest for subsidized loans, and they typically offer more favorable terms. For unsubsidized loans, you will have to cover your own interest fees that you accrue while you’re in school. It’s important to do your research and discuss with your parents before you accept any loan offers. If you plan wisely, you’ll be able to determine how much debt you’re willing to take on. Will you have to make payments while you’re in school? How much will you owe when you graduate? What are the repayment plans?
Federal Work Study / On and Off Campus Jobs If you qualify, your Georgetown financial aid package may offer a work study option. This means that you may get priority over other students when applying for on campus jobs. Work study is a great way to earn money to help cover textbook costs and club fees. The money goes directly towards your personal account, so you can also use it to pay off any loan fees, tuition payments, or miscellaneous college expenses. Even if you don’t qualify for federal work study, there are plenty of student employment opportunities on and off campus. If you can balance it with your schedule, getting a job will definitely help offset the cost of living in Georgetown. There are always job listings for students that you can check out here.
Scholarships The best form of aid in alleviating the cost of tuition comes from scholarships and grants, since you won’t have to pay these back. For high school seniors, be sure to talk to your guidance counselor or administration to learn about scholarship opportunities and get scholarship advice. Plenty of organizations offer scholarships to rising college freshmen, so be sure to take advantage of them before you graduate! There are other online opportunities to apply for and receive scholarships throughout your college career as well.
Cheaper Alternatives to the Bookstore The bookstore on campus does offer to price match textbooks that you can purchase on Amazon Prime. This is a convenient service because you’ll get the textbook right away for the price listed online. All you have to do is show the post on Amazon to the cashier and you’ll receive change for the difference in the prices listed online and in the bookstore. While this is a great feature to use, the bookstore will only match the price of the Amazon Prime seller, so sometimes you can still order a cheaper version online. You’ll just have to wait a bit longer to get your book. For textbooks that you won’t use after a semester, consider renting them to save on the cost. Other affordable options include purchasing used books from upperclassmen (make sure to check out the Georgetown Facebook page for the textbook marketplace) and using websites such as Chegg. You can also save on sales tax when ordering textbooks by checking out this guide.
Transportation Costs Travelling in the Georgetown and D.C. area can get expensive quickly. Check out our guide for best ways to travel in Georgetown to commute more affordably.
Disclaimer: Nina Cheng is a summer research analyst for ValuePenguin.
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