Undoubtedly, paying for college is one of the biggest investments an individual can make next to buying a house. The hope is that the cost of education will outweigh the income potential in the future. This is usually the case, with the average salary of a college graduate at $45,000, as compared to $25,000 for a high school graduate. Earning potential for college graduates increases in time, as they are presented with career advancement opportunities and as the accounting major earns valuable work experience in the field.
There are many ways to reduce the cost of college. Schools have designed cost-saving programs to help college expenditure. It takes only a little time and patience to find out about some of these programs.
Here are a few ways to cut costs:
- Some schools offer cooperative or “co-op” programs, in which the student can alternate between attending and not attending school and work full time. In a co-op program, a student can earn as much as $7,000 a year toward the student’s education.
- Students can earn college credit if they can demonstrate proficiency in a certain subject area by passing an exam, such as the Advanced Placement Program (APP), the College-Level Examination Program (CLEP), or the Provenience Examination Program (PEP).
- Some schools will give college credit for people entering school with a lot of work or life experience.
- Most schools will charge a set price for a specific number of credits. If possible, the student can take the maximum allowable number of courses and pay the same amount.
- In many cases, a school might offer reduced room and board if the student works in the dorms as a resident assistant.
- Some schools offer reduced tuition to children of alumni.
- Reduced tuition might be offered if more than one child in the same family attends the same university.
The government has a lot of resources and literature to help educate individuals on ways to find money to pay for college. Check out the U.S. Department of Education website for more information. Let’s take a look at some of the more familiar types of funding for college students.