Save Money on College Costs

In order to compete in today’s economy it’s important to get some higher learning. As the US workforce demands advanced skills and education, it will look for more qualified workers who can compete on a global level. The cost of college can seem out of reach for many Americans and it is rising.

The College Board estimates most families can expect to pay on average $172-$1096 more this year than last year on tuition and fees. It also notes:

• For an average public 4 year university expect to pay $7,020 per year up, 6.5%

• For an average public 2 year college expect to pay $2,544 per year, up 7.3% But it’s important to look at college education as an investment in the future and there are ways to cut the costs and save money.

Get Paid For Grades

Getting good grades is a reward in itself, but a new program called Grade Fund will add some cash incentive for each A the student receives. Students create an account on www.gradefund.com. They invite sponsors, anyone from friends and family to teachers or coaches to pledge donations for every A the student receives in school. Corporations can sponsor as well; pledging dollars for smart students who get good grades in the area of corporate interest. Students then enter their grades and classes, upload their official transcript and presto, money is collected from the sponsors (minus a transaction fee). Money can go directly to the students or straight to the school to pay for tuition and fees. The more sponsors, the more money the student can collect toward her education.

Textbook Budget Buster

Once you’ve paid for tuition, and room and board, you might be tapped out, but you’ve got to get books, or you’ll be looking over the shoulder of the guy in front of you. The National Association of College Bookstores estimates on average a student pays $702 per year on coarse material such as readers, electronic materials, and textbooks. They estimate the price of text books has risen 40% in the last five years, with some books costing over $100. Students are encouraged to resale textbooks once the course is over, but they get back far less than what they paid for it. Freeloadpress.com is a site that offers online versions of textbooks for free. The free online version, called StudyBreak Book, has messages from advertising sponsors who underwrite the publication. The textbook is free and a complete version of hard copy texts. Students can also check out Bookrenter.com who boasts a savings of %75 by renting the textbook over buying.

College as an Investment

Despite the rising cost of a college education, the College Board estimates that a college graduate will earn 60% more over a lifetime than someone with only a high school diploma, this translates to over $800,000. Whether paying for a 4 year public university or a 2 year program, college should be seen as an investment that will make money over the long haul, but it does not have to strain your finances in the meantime.

To compensate for the rising college costs there are many investments available. For example, this RESP allows for a fixed amount to be saved every year.