A college education is one of the most expensive investments you can make. Sure, graduating with a MBA in healthcare management or a degree in computer science will definitely boost your earning potential, but can you really afford to blow $55k a year for a place at an Ivy League college?
The truth is that education in the US is unaffordable for everyone but the super-rich. Kids from middle-class families are struggling to fund their college degrees and those that do take the hit end up in crippling debt at a stage in their life where they do not have the means to pay for it. So if you or your kids are desperate to go to college and study for a degree, what is the cheapest way of funding their higher education?
The best way to fund a college education is to start paying into a savings plan from the minute your child is born. This might not be what you want to hear right now, but if you have friends or relatives who have yet to start a family, offer them this sage piece of advice because it’s unlikely that a college education will ever be free.
Go to a State College
State colleges have much lower tuition fees than Ivy League colleges. There is a certain kudos attached to attending Princeton, Harvard or Yale, but your local state university may offer the same course, but for a much cheaper price, so check this out before you apply. You may even be able to live at home while you attend classes, thus saving even more money!
Employers no longer view online study as a second-class citizen. Plenty of reputable institutions such as George Washington University now offer online versions of their most prestigious courses. So if you want to study for an MBA healthcare degree, check whether there is an online version. If there is, it will save you a big chunk in tuition fees, and you can continue working full-time to fund your education.
Look for Sponsorship
Fancy signing up for the armed forces? If you commit to a term in the army, navy or air force, they will cover your college fees and pay you a stipend while you study. There are also employers out there who offer college education programs for the right candidates, with the proviso that you stay with the employer for a specified period following graduation.
Bank Your Talents
Talented students stand an excellent chance of being accepted on a scholarship place at their preferred university. This works well for anyone who shows great talent in his or her chosen field, but who can’t afford the cost of a college education.
Tuition fees are often cheaper at overseas universities, so if the thought of living and studying overseas appeals, find out what your options are.
There are other ways to get help with the cost of college tuition fees, so research grants and bursaries before you apply and have a chat with your college admissions officer if you are in dire financial straits.