College fees in the US are rising year on year. Fortunately, there are several ways to reduce the cost of higher education. If you’re an aspiring student who is looking to save money on tuition, here are 8 solutions to help make studying a college degree more affordable.
In-state college
Attending an in-state college instead of an out-of-state college could save you huge amounts of money in tuition fees. To give you an idea of the savings, the average cost of in-state tuition is $11,011, while the average cost of out-of-state tuition is $24,513.
This is because state residents are allowed a discount or grants as a reward for being state taxpayers (all public universities are funded by the taxpayers). When you apply to an out-of-state college, you have to pay more for tuition fees, but you’re not eligible for these resident discounts.
Studying in your home state could have other benefits such as allowing you to stay closer to relatives. However, some people may prefer the adventure of studying in a different state – it’s a chance to see and live in another part of the country and immerse yourself in a new culture. Studying in your home state is also not recommended if none of your courses in your state are to your liking – certain niche subjects may only be possible to study in different states.
Pros
- Access to lower tuition fees and state-funded scholarships
- Closer distance to family and friends and greater familiarity of local area
Cons
- Available program options are limited to those found in your state
- Staying in your home state might limit the personal growth and sense of adventure that comes with studying out of state
Community college
Going to community college could give you an associate degree, which although not as highly regarded as a bachelor’s degree is still a prestigious qualification to have. Community college fees are much cheaper than that of a public university – on average, a two year community college course costs $3,850.
You can enrol for community college in your own state or in a different state. As with attending public university, it is cheaper to stay in your own state. While some community colleges offer a vast range of courses, others offer limited options. It is worth taking the time to explore the community colleges in your area to see if the courses appeal to you.
Pros
- Lower tuition fees are more affordable
- Smaller class sizes allow each individual student to get more attention
Cons
- Courses offerings may be quite limited
- Some employers may not view an associate degree as favorably as a bachelor’s degree
Online degree
An online course can be flexibly studied from any location in your own time. This makes it a great solution for students with kids or students with full-time jobs. You have the option to access courses from around the world such as this master of business administration degree online which provides a globally accredited degree. Being able to choose from colleges around the world pretty much gives you unlimited options when it comes to which course you want to study.
Online courses are also often cheaper than traditional on-campus courses. Because such courses don’t require as much resources to run, colleges can offer reduced fees to students that take up these courses. Not having to commute to a college or pay for separate accommodation can also result in savings.
Of course, some people may feel they are missing out of the full college experience by not attending in-person lectures or getting to hang out with other students. This – and the fact that online studies require more self-discipline – may put some aspiring students off.
Pros
- Option to flexibly schedule studying around other commitments like work and kids
- Courses may be cheaper – plus you can save money on accommodation/commuting by studying at home
Cons
- Lack of face-to-face social interaction with tutors and other students may not appeal to some people
- Requires a lot of self-discipline to stay on top of studies
Accelerated degree
An accelerated degree allows students to complete their studies in a shorter time frame. Whereas regular bachelor degrees typically take 3 years to complete, an accelerated degree may last as little as 18 months or even 12 months. This typically involves studying without any breaks and taking more condensed modules in which you may have to learn more information at once.
While accelerated degrees allow students to enter the workforce more quickly, some people may find the pace of them to be overwhelming. They are best suited to those that want to attend college purely to study as there may be little time for social activities.
Can an accelerated degree save you money? Yes – most of these courses are cheaper, because they are completed in less time. You could also greatly reduce accommodation costs and other living costs by not being at college as long.
Pros
- Courses may be cheaper due to more condensed learning
- Graduates can complete their course earlier and enter workforce faster, which may translate to earlier salary increases
Cons
- Intensive coursework may be too fast-paced and stressful for some students
- Potentially lack of time to socialize
Tuition-free program
Some colleges do offer tuition-free programs to students from low-income backgrounds who are getting good grades. These may only be available when taking certain courses. They may also only be eligible to state residents.
Tuition-free programs could allow you to graduate debt-free. Just be wary that you may still have to pay for accommodation and other study resources.
Pros
- Can help make studies more accessible to those who cannot afford tuition fees
- Could reduce or completely eliminate student debt
Cons
- Eligibility requirements are strict
- Only a limited amount of courses are covered and availability could be restricted
Scholarship
A scholarship is essentially a grant paid by a college, foundation or company that can help pay for your studies. Unlike a student loan, it does not need to be paid back.
Scholarships are not easy to achieve – there are usually limited scholarships available and candidates are chosen based on strict requirements (typically getting good grades at high school or showing promise as an athlete).
There may also be conditions for taking part in a scholarship such as making sure you reach certain grades at college. Some companies may meanwhile sponsor candidates in exchange for them working for their company when they graduate (which could be a great way to guarantee a job at the end of your studies, but could limit your career prospects afterwards). Failing to meet these conditions could result in you having to pay some or all of the scholarship back.
Pros
- Not having to fund your studies yourself could make a degree more accessible and prevent student debt
- Being accepted for a scholarship could look great on one’s resume and improve career prospects
Cons
- Scholarship can be very hard to secure due to fierce competition, high entry requirements and limited availability
- Obtaining funding may come with conditions such as achieving certain grades at college, taking part in certain college activities or working for a certain employer after graduation
Military academy
Military academies allow you to study a degree in a disciplined environment. This degree will be paid for providing that you go on to take up a career in the military after you graduate. Courses are typically geared towards different roles in the military from engineer jobs to leadership roles.
Overall, military academies are a good option for those who have been considering a job in the armed forces but also want to study for a degree. They are unlikely to be a good choice for those who dislike strict routine and the military.
Pros
- Tuition fees are completely funded by the military
- Access to unique career opportunities within the military as well as potentially veteran benefits later in life
Cons
- Military service is required after graduation, which may not be suitable for everyone
- Courses follow a much stricter and structured format, which some students may not like
Studying overseas
There is also the option of studying abroad. Colleges in some countries may have cheaper tuition fees or may even be free. This can make becoming an international student a financially savvy option – although you do still need to factor in the cost of travelling abroad, getting a visa and living there.
Studying abroad could also be a chance to travel and experience a new culture. You can try new foods, talk to different people and potentially even learn a new language. Of course, some people may find all of this too challenging on top of having to adjust to life at college.
Pros
- Tuition fees in some countries are lower than those found in US universities
- Studying abroad could be an opportunity to travel, access unique courses and immerse oneself in a different culture
Cons
- Language barriers and cultural difference could be challenging for some students
- The cost of travelling abroad and living abroad may offset any tuition savings
Conclusion
When choosing one of these affordable solutions, consider what type of course you want to study and what your goals are beyond getting an education. Do you want the experience of travelling? Or would you prefer to stay closer to home? Is getting a job as fast as possible important? Or would you rather study at your own pace? Make sure that you’re not just trying to save money, but also getting the best experience out of your college degree.
