Reducing Costs and Paying Down Student Loans

What every college student (and their parents) need to know about reducing costs while in college and paying down student loans

There are many options for reducing college costs while in college. In this newsletter issue, we offer up 4 ideas, but there are a whole lot more – and we’ll give you links and resources to check them all out. Read on! It’s worth it.

Idea 1: Get a part-time job

Students can apply for jobs on campus. Every college campus will post available jobs and it’s smart for students to look into this before starting the next school year – in other words, these available campus jobs go fast. Also, students can think about an area of passion and skill and turn that into a business. They can be their own boss. Check out more about that here.

Idea 2: Start to pay down loans while in college

Saving money while in college

Paying interest on your student loan while you’re in school can save you money and help you pay off your loan faster. This is an option that is also easier than it sounds. Check out this article about what you need to know about student loans and some tips to help lower the overall cost of a college education.

Idea 3: Apply to become a resident assistant (RA)

There are a lot of advantages to this option besides saving money. You get your own room; the pay is usually pretty good; you get great leadership experience; it looks good on a resume; the hours are pretty good; you help foster and build a community; you’ll be part of an awesome team; you get to return to campus early. But, being an RA is not for everyone, and you’ll want to consider the “cons” for this option.  Here’s a link to a great article.

Idea 4: Use a meal plan

College meal plans usually take one of several forms. You may get a certain number of “meals” per semester (this means you can enter the dining hall a pre-set number of times and eat to your heart’s content). Or, you may have something similar to a debit account, where you are charged based on what you purchase. Each time you eat, your account is debited until your balance reaches zero. Your school may also offer a combination plan (some debit, some meal credits).

Here’s an excellent article to covers the meal plan basics and how you can use this option to save money during your college career.

Finally, this article lists 118 ways to save money while in college. Could there really be that many? Yes. From the college website www.CollegeScholarships.org.

Save on!