College can be very expensive with large bills like tuition, room and board, and fees! So, what are some ways students can save money while in school?

Bring in credits or transfer in credits

The standard four-year college graduation plan may not be for you. Reducing your time to 3 or even 3 ½ years is a great way to save money and reduce your student loan amount. How can this be done? For high school students, it is important to take advantage of opportunities where you can earn college credit while still in high school like Advanced Placement (AP) or dual enrollment classes. Often these courses are low cost or no cost and are a great way to reduce your amount of time in college which can save you money. For college students, it may be smart to do summer classes through your current school or transfer them in from a less expensive alternative. Many general education classes are offered at local community colleges for a much lower cost than a state or private school. While it will cost money to take these classes, it is likely to save you money if you are able to graduate earlier. Please note that it is very important that you talk to your academic advisor and your school to make sure transfer credits will be accepted at the college you are wanting to go to or are currently attending.

Housing and Food

Room and Board is one of the major costs when it comes to college. An alternative that might save money would be living at home or living off campus. It is important to get an accurate number of expenses of each and compare which is less expensive, as well as factor in things like proximity to campus, potential gas or car costs, meal plan options (some colleges will not allow you to purchase a meal plan if you live off campus), potential loss of aid if living off campus, and roommate options. Deciding to make your own food instead of purchasing a meal plan will likely save money, but it is not as convenient since you now have to spend time creating a grocery list, grocery shopping, making the meals, and packing meals if you are going to be on campus. You may also split the cost of rent with a roommate. But, take note that roommates can come and go; therefore, if your roommate leaves halfway through the year, your expenses will increase. For most, room and board are covered through a student loan, and rent can be too through a credit. But when you deposit the credit into your account, you are now responsible to only spend it on living expenses. Last but not least, by living off campus, you also lose several of the social benefits to a college campus. There are both pros and cons to living off campus. You must decide if the pros outweigh the cons for your situation.

Textbooks

Another major cost in college is purchasing textbooks. Using the school’s system to purchase books may be easy and efficient, however, it normally is the most expensive method. One alternative to buying textbooks straight from your school would be to google the ISBN number and go to websites like Amazon, Chegg, or eBay to compare prices. Another alternative would be to buy the books from someone who has already taken the class. A great way to do this is through social media sites like Facebook or Instagram. At Indiana Wesleyan University there is a Facebook page called “IWU Textbook Exchange” where you can buy and sell textbooks.

Work

Increasing your income to cover groceries or some of your student loans while in school is a great idea. Getting a job on campus is a convenient way to make some money while only having to work a few hours a week. Some campus jobs are work study jobs meaning the income is not shown on your FAFSA for the next year. If you are looking for more hours, another option would be to find an internship. Internships allow you to gain experience in your area of study while also likely allowing you to work more hours.

Scholarships

Another great way to decrease the total cost of your tuition is through scholarships. There are many private scholarships for which you can apply on many different websites. Some scholarships have specific criteria or certain tasks (like essays) you must submit to apply. It is always good to look in your local communities as those scholarships often have fewer applicants. Your college will also likely have merit-based scholarships you can qualify for, as well as additional scholarships for your specific major. It is important to search for scholarships as well as contact your college to find out more information about potential scholarships. 

It is important to compare costs, but ultimately, you have to do what is best for you!