Higher Education at Lower Cost
After putting four children through college, I can say with confidence that a little creativity and forethought can really help you save big. The following three approaches helped our family greatly when budgeting for higher education expenses and I think they can do the same for yours.
- Plan ahead. Graduating on time is great; graduating ahead of time saves money. It's important to plan ahead when organizing your academic semester to get the classes you need to stay on schedule. Also keep in mind that enrolling in community college classes costs a fraction of university classes.
- Establish residency. Though it takes time to establish residency, the value through doing so is worth it, in my opinion. Non-resident tuition is in most cases significantly greater than resident tuition.
- Compare rates and consolidate. It's important to consider different rates when deciding on which education loans to opt into, and later, whether or not to consolidate. Depending on the situation and circumstance, consolidation may save you a lot by lowering the interest you pay over the life of the loan.
This article was written by Patrick Catania.