being frugal for college
Being Frugal For College
by Howard Freedman
Copyright 2024 Financial Aid Consulting. All rights reserved. No portion of this article may be reproduced mechanically, electronically, by photocopying, or by any other means without expressed written permission of the author. Howard can be reached at finaidguy@gmail.com at 781-3241-0234.
This is a helpful list that I created to help families. manage their expenses for a college education. It takes the emotion out of the decision-making so that you can make wise decisions.
o Appeal your financial aid award with justification
o Always have a budget
o Explore Canadian Colleges
o Find colleges that offer cooperative education
o Babysit and mow lawns regardless of your age
o Work at a college to receive free courses
o Research high-paying careers to pay off your loans.
o Work for employers that offer tuition assistance
o Expense cuts-insurance, phone, living expenses, travel
o Use credit cards as a last resort
o Pay your credit card bills on time to establish good credit
o Take advantage of no-interest installment payment plans
o Save at least 50% of your earning for college.
o Number crunch loans and long-term interest liabilities
o Analyze your financial aid awards without loans
o Take a break and volunteer
o Research in-state residency requirements for in-state tuition
o Attend part-time community college and then full-time
o Share living expenses where possible
o Understand federal loan forgiveness programs.
o Cut down on your college meal plan
o Enlist in the military or ROTC.
§ Look for tutoring opportunities
o Start your own on-campus business
o Take summer courses at less expensive schools
o Plan to avoid higher costs.
§ Find programs that offer research and other grants
o Understand the requisites for scholarship success.
o Research federal tax benefits IRS PUB 970
o Find employers that offer tuition assistance.
o Check on vocational schools vs. college.
o Take advantage of work-study opportunities.