Affording College

For those looking at post-secondary education, the costs associated with a college degree can be staggering. Total student debt for all American college students is estimated at $1 trillion (source: CSNBC), while the average cost of a 4-year college program is over $23,000. With the cost of education on the rise, understanding the financial options available can help ease the burden of a college education on both students and their families.

529s

Registered educational savings plans can help to afford college expenses. Money can be added at any time, tax-free. While these savings plans are best used to incrementally set aside money as the student grows up, they can be started at any time as long as the student it’s intended for is under the age of 18.

Scholarships

There are several types of scholarships which may be available to your student. Many colleges offer competitive entrance scholarships as a way to attract the best and brightest. Students with higher high school academic achievements may be eligible for larger scholarships. If your student is involved in sports, look for available athletic scholarships. There are also many private scholarships and grants associated with specific colleges which have been set up by alumni. Be sure to check out what awards may exist for upper-level college students- some internal awards are only available to students entering their final year of college.

Financial Aid

A college or student loan works just like any other bank loan. Generally student loans are offered with a lower rate of interest for the time the student is in college, although loan scheduling and details will depend on the financial institution. Federal loans are also available to both students and parents, and are a highly common method of financing college educations.

Student Employment

Student employment is another financial option available to support education. Students generally find jobs during the summer months between years, but many are choosing to balance their studies with part-time work during the school term. Student employment can be a great way to make some much-needed cash, as well as provide valuable work experience. Many colleges coordinate paid co-op or internship opportunities, and some colleges offer work-study programs which provides on-campus jobs to students. Exploring employment options or part-time study may find other ways to pay for college without sinking into debt.

College Costs - Personalizing the Dorm Room

There are so many costs associated with college other than tuition and textbooks. Planning ahead and researching what these costs are can save parents from a big shock as the time nears for their child to leave for college.

Other expenses to expect are meal plans, housing, various campus fees (i.e. parking permits), club memberships, and many other supplies and incidentals. Then there are the costs for the items required in the dormitory living quarters.

One college campus housing department noted that some students are known to spend more than $350 on their dormitory bed linens and other move-in accessories. Of course, parents want their children to have living quarters that are comfortable and homey, but this can be accomplished for less.

One source parents and students can visit online is www.rhl.org "Residence Hall Linens and Dorm Bedding." They offer discounted value packs tailored around the dormitory student. It is a great place to browse even if it is just to create a checklist of things you'll need that are often forgotten.

It is easy to take some things for granted when you are suddenly away from home. Some items that come in handy in a dorm room include a sewing kit, a tool kit (helpful on move-in day), a comfortable mattress pad, and first aid supplies.

Students with laptops will want to be sure they have the necessary security locks to prevent loss from theft. They'll want a clothes hamper for dirty clothes, and a laundry bag is helpful for transporting items to and from the laundry area.

A shower pack is recommended and should contain waterproof sandals, a toothbrush case, a snap-cover soap dish, a plastic cup, and a tote for bath items (shampoo, toothpaste, and conditioner). Keeping things clean and covered is essential for proper hygiene in the dormitory setting.

Other items you might want to consider are specially designed garment and shoe organizers. The idea is to purchase items that can be used for multiple semesters and are designed to require minimal space because dorm rooms are typically small.

A college bound student can set up housekeeping in the dorm room without breaking the budget. It just requires bit of planning and shopping to find the best solutions at the best prices.