Financial Aid: Suprising Ways To Slash College Costs

January 8, 2013  |  


Each year,  a college education gets more and more expensive. This year isn’t any different. While private university tuition isn’t increasing,  tuition and fees  “are expected to rise for public 4-year colleges. Students can expect in-state tuition to increase 4.8% and fees to rise 3.7%, according to the College Board Advocacy & Policy Center,” reports the Huffington Post.

So any insider tips on how to raise money and costs is more than welcome for students. For instance, instead of picking the most expensive college thinking that guarantees the best education, choose a school based on your field of study and look for the college that has a great reputation in that field.

Forbes also looks at other ways to slash tuition costs. Here are five:

1.      Campus Transfer. Think about going to a community college for a few semesters then transfer into a larger more prestigious (and costly) college in order to get your diploma from that school. But notes Forbes, “The transfer scheme works only in some states and only for students who get good enough grades to be admitted to the brand-name university. And even the university degree might not get you a good job if it isn’t coupled with a certain amount of luck and a go-getter personality.”

2.      Think international and opt for an overseas degree. “For example, a master’s of international affairs from Columbia University costs $141,000, including living expenses, for the two years of study.” But, Forbes points out, a master’s degree at a European university costs a lot less and for a shorter period — a year.

3.      Trim down your assets. Go to a financial planner before you or your child applies for college aid. The planner can help you trim down your assets so you will qualify for college funding.

4.      The military is still an option for making college affordable. You can get free tuition, room and board, and monthly stipend in return for a commitment to the military for a set period of time, which could be up to seven years.  “Do you want to get an M.D. without leaving school $250,000 in debt? Apply to the Uniformed Services University of the Health Sciences in Bethesda, Md.,” writes Forbes. “You get free tuition plus pay that starts at $65,000 while you are attending classes. You commit to serving in the military for the usual residency plus at least another seven years.”

5.       Public Service. If you commit to going into public service for a period of time, the government will reward you will help pay off your student loan. “A federal program forgives the balance of federally guaranteed education loans for grads who spend ten years working for the government and paying a percentage of income toward the loan,” explains Forbes.

Anything here that you or someone you know would consider?

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