Three Ways to Cut the Cost of a College Degree

College is expensive – that’s no secret. From tuition to fees, there seems to be a never-ending list of costs. But, there are a few tried and true ways to help you save – you need only think creatively. Obtaining an education should be thought of as a game: how can you obtain the degree you want while paying as little as possible? These tips are meant for those who know what degree they want and are looking for flexible options to help them obtain it without going thousands into debt.

Remember, however, that when it comes to getting an education, cost isn’t everything. If a program has the right access to resources, educators and opportunities, it may be worth the extra cost. Always ask if it is really worth the extra money and consider the following tips to cut down on cost.

Public vs. Private

One of the easiest ways to cut the cost of tuition is to go to a public institution. Depending on the school, the quality of education is as good as or sometimes even better, than that given at a private school. Additionally, public schools are subsidized by the government and are typically less expensive. Plus, private schools are often the leading source of student debt.

According to the National Center for Educational Statistics, only 65% of undergraduate students at public, four-year institutions applied for student loans as compared to 74% at private schools. Be mindful, however, of the generous scholarship opportunities that are available at some private schools. While their publicly listed tuition prices are higher than their public peers, if your heart is set on attending a private school, contact them or research to learn more about their availability of scholarships and what the true cost of attendance is for most schools.

In-state vs. Out-of-State 

Staying local while going to school can save you tens of thousands of dollars on total cost of attendance. Public schools receive funding from the state government and, in return, offer tuition rates and fees lower for in-state students – sometimes by as much as 70%. Public colleges currently charge an average of $9,650 in tuition to in-state residents, but upwards of $24,000 to out-of-state. By choosing the right institution, you could effectively cut your tuition to a manageable load.

However, if you know that you want to leave your home state for new horizons, you still have options. Many states – depending on where you live – offer reciprocity agreements with residents from other states for public colleges. This means, for example, if you are a resident of Wisconsin, you can attend public colleges in Minnesota at the same or nearly the same rate as Minnesotan residents. It is dependent by state and public institution, so be sure to research the particular institution of your choice to see if they are included in any such agreements.

Community College

Don’t let yourself be turned away from the name – community college is a very real and helpful solution to receiving a quality education without the significant debt burden. These two-year institutions offer two benefits: a reduced tuition rate (by as much as 63% in some instances) and act as a pipeline into four-year academic institutions. The credits acquired here easily transfer to four-year public institutions in the same state.  

This route is also quite popular: four out of ten college students begin their education this way. Additionally, these schools offer another chance to improve your grades and hep you qualify for your dream school while still moving forward in obtaining your education. In ways both financial and academic, community colleges open the door to obtaining a four-year degree.

Remember: think of obtaining a college degree as a game. Many different pathways are open to you – from in-state schools to local community colleges – researching the different pathways available to you can lead to more opportunities than you think.

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