Enjoy College Life!!
The cost of college today is getting out of hand. I hold the colleges, government and consumers all accountable for this crazy environment. However, there are ways to save a lot of money while in college. Here are my top 10 tips for graduating college with little debt.
1. Pick a College With a Price Tag that Matches Your Expected Salary
On of the best pieces of advice I know is to make sure that the your college's tuition is in line with you expected salary. A common rule of thumb when financing a college education is to not borrow more than you will make your first year out of school. Therefore, if your career choice pays a small starting salary, don't go to an expensive college.
I went to a very expensive private college and was amazed at the students who were going there to become school teachers. To get a great teaching job they did not need to go to such an expensive school. But, they didn't think about the cost (or their parents were paying in which case, GOOD FOR THEM!! LOL).
To tell you the truth, to become a lawyer, I really didn't need to go to a very expensive private college!! Luckily I was on scholarship, but this could have been a much larger mistake for me. I still spent too much for college, but it was a recoverable mistake.
2. Study
This tip should probably be number one, but oh well. Studying is a great way to spend your free time in college. After all you are going to college to learn and studying essential for learning. Also, it is one of the cheapest activities you can engage in.
One tip I have is to have study buddies - people that you study with. This turns studying into a mixture of learning and socializing.
3. Work During College
I am dumbfounded by the number of college students who do not work during college. Every college student has a ton of free time. One of the best ways to fill up this free time is to get a job.
I like three types of jobs for college students.
- Jobs where you can study - many work-study jobs offered by the university are perfect for this. I worked in the library my first year of college and then as a nighttime receptionist at a law firm for the remaining 3 years. Both of these jobs allowed me to study while I "worked."
- Jobs related to your career choice - As I mentioned above, I worked as a nighttime receptionist at a law firm. This allowed me to network with lawyers and see first hand what life in a law firm was all about. Although sometimes I wonder if I was paying attention, but that is a story for another day.
- Jobs at your favorite social hangouts - While these jobs are not as good as the two job types above, they offer college students the ability to get paid for hanging out with their friends. Many friends of mine in college were bartenders, bouncers, or club promoters.
4. Live Like a College Student
You have to have to embrace the student lifestyle. Change your mindset - you should not try to maintain the lifestyle you had at home with your parents. Too often kids go to college and want to act like they are in the workforce. They are not - they are a poor college student.
Embrace this culture. Most of your fellow students are poor therefore there is no pressure to keep up with the Joneses. Enjoy this time of your life where you have little financial responsibilities.
5. Use the Cafeteria
If you are paying for the school cafeteria, make sure that you use it. Don't pay for dinner twice by going to a restaurant outside your college meal plan. In today's resort-like college campuses, there is no reason why you cannot find some type of food that fits your craving.
6. Get Roommates
This is a pretty obvious one. Make sure that you are sharing living expenses with roommates. Everyone has a roommate in college, therefore don't fight it. You will save a ton of money. Plus you will probably have a ton of fun.
7. Don't Get a Credit Card
I cannot stress this enough - DON'T GET A CREDIT CARD!!! If you are buying stuff on credit cards in college, this means that you are spending too much money. Don't get yourself in the habit of using credit cards. And, begin your financial life by learning how to live within your means. If you learn how to do this in college, you will be set for life!!
8. Find Hobbies That Are Inexpensive
Colleges are luxury resorts nowadays. Make sure that you fill you free time by taking advantage of the ton of "free" things offered by your college. Get in shape using the college gym, playing racquetball, or participating in inter-mural sports. Go to the cultural events offered by your university, for example, go to plays, orchestra productions, networking events.
9. Participate in College Clubs or Fraternities
College clubs and fraternities are often great ways to socialize and network. I participated in several college clubs and a fraternity in college. Some of my best memories from college are from these groups. Just make sure that you are not signing up for a club that costs a lot of money. While it might sound great, there are a ton of clubs that aren't so expensive.
10. Study
Hey, you already mentioned this one! Yep, and I am going to say it again - STUDY. In order to get the most out of college you have to study. You are paying a ton of money to get an education, make sure you get one. This is the cheapest, best activity for any college study.
I hope that these top ten tips help you to graduate college with less debt. And, enjoy your time in college. It is one of the best experiences in life!!
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Great tips! If I followed at least half of these perhaps I wouldn’t have student debt now!
#1 is my biggest pet peeve. Why do you need to attend Harvard to be a teacher? That makes no sense to me. I guess as a 18-19 year old, you don’t really think about the big picture. Thank God I attended college on a full scholarship and didn’t have to incur any loans. On the flip side, my husband also graduated from college with no debt, but a different method. He worked and paid for each semester as he went along with the help if the GI bill. He took out one student loan, but paid it off prior to graduating. We started off so well…our lack of further planning got us in trouble later.
#1 is my biggest pet peeve. Why do you need to attend Harvard to be a teacher? That makes no sense to me. I guess as a 18-19 year old, you don’t really think about the big picture. Thank God I attended college on a full scholarship and didn’t have to incur any loans. On the flip side, my husband also graduated from college with no debt, but a different method. He worked and paid for each semester as he went along with the help if the GI bill. He took out one student loan, but paid it off prior to graduating. We started off so well…our lack of further planning got us in trouble later.
PS: Forgot to say good post!
Good pointers. I especially like the ones about not getting a credit card and picking an affordable school. Good job.
This is such an important topic — college students have to be more aware of the impact that their behavior will have on their life after graduation. They may not really be making any money yet, but all the more reason to be really thoughtful about what they are doing. Great post!
Andrew @ Earn Give Save´s last blog ..Caring for our coffee addiction
Another idea is to look for “free money” through grants/FAFSA, etc. I found this really helpful blog, that’s written by a college student, that details this idea
http://blog.greensherpa.com/index.php/student-life/the-frugal-student-part-10-free-money/
I found it really helpful, I definitely recommend checking it out!
I have a lot of student friends and I am often shocked at what they spend their loans on…. Many have used them as travel funds and to buy fancy computers, ipods, tvs etc etc….. They really should be thinking about life after uni!!!!
Great post.
Forest´s last blog ..Is Minimalism a worthwhile form of activism?
As a returning student with kids, I’m looking to get through college on a budget, and there will be no dorms, roommates, or cafeteria for me. The cost of tuition and books are nothing to sneeze at, though! In addition to the FAFSA, grants, and scholarships, I’d recommend Individual Development Accounts for those who qualify. I’m being matched $2 for every $1 I save toward college, up to $2,000 of my own money ($4,000 of theirs, $6,000 total, or a year’s tuition at a state school.)
That sounds like a very good program. What are the requirements to qualify for that program?