Penny pinchers beware – college is an expensive experience. The cost of a college education has risen considerably in the last decade. Tuition prices are growing at about twice the rate of inflation nationwide, according to the American Association of Collegiate Registrars and Admissions Officers.
However, there are some resources available on the internet, in the financial aid office, and of course advice from fellow classmates to help minimize college costs.
The Project on Student Debt reports that approximately 59 percent of Kansas students borrow and they borrow an average of $20,585. And when it comes to student loans, less is more.
According to www.finaid.org “your total education debt should be less than your expected starting salary. If you borrow more than twice your expected starting salary you will find it extremely difficult to repay the debt.”
This Web site features a student loan repayment calculator to help students estimate how much they will need to make to be able to comfortably cover the cost of their loan.
While certain college costs are fixed, like the price of tuition, there is still plenty of room to save.
Senior political science major Bo Moddelmog says that floormates of his are always purchasing food in restaurants, but that he tries to “eat in the cafeteria and avoid eating out to save money.”
Dan Brown, senior at Kansas State-Salina, is an extreme saver and occasionally shops at Aldi’s to save money. He also keeps the heat down in his apartment and makes sure the windows are adequately insulated in order to cut down on heating costs.
However, he recently became acquainted with the GroceryGame.com while watching the Food Network. For a small monthly fee, you can subscribe to the Grocery Game’s Web site. The Web site tells its members which coupons to clip and when to use them – grocery stores like Dillon’s run on 12 week cycles.
It is possible to buy many items at a deep discount if you wait until the item goes on sale and use a coupon. Dillon’s automatically doubles all coupons under a dollar.
Brown estimates that he saves an average of 40 to 50 percent by using the Grocery Game. Although he has saved as much as 87 percent on “general household goods.” At one point, Brown explained “I was actually paid $5 to take 20 bottles of Propel fitness water.”
The key, Brown says is to buy what is on sale and “not be brand loyal.”
Not everyone is a grocery gamer but there are other ways to make your money count. Junior social science education major Amanda Magee puts the earnings from her job in a savings account. She does not plan to touch the funds until after graduation.
She said that she wants to have money saved up because as a teacher, she will not receive her first paycheck until the end of her first month of teaching.
“August is a weird month for new teachers” she said.
The financial aid office located on the first floor of Plumb Hall contains resources regarding managing money in college, including information on grants and scholarships.
Planning ahead and eating at home, purchasing needed items on sale and putting a little money away for the future are all ways students can cut down on college costs and after graduation angst.
“Live like a student while you are in school so you don’t have to live like a student after you graduate,” according to www.finaid.org.
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