Are you applying for colleges right now and asking yourself, how I am going to pay for this? Or maybe you’ve already started college and want to find ways to minimize your student loans going forward. Whether you’re about to start college soon or you’re in college, here are 12 strategizes to prevent that college debt from stacking up too high. I implemented some of these in my own life to help minimize my college debt while attending Purdue University. And others I really wish I knew about while I was still a student!
If you’re just starting out, also consider asking yourself ‘is this really the right career path for me‘ and ‘is this the right college for me‘? The career path you want to take might actually prevent you from paying back hefty student loans later on. The wrong school might prevent you from becoming the most successful student you can be and, therefore, hurt your chances of getting that dream job later. I don’t believe there’s a perfect answer, but I do believe that there are career paths and colleges that can give you more opportunities to be successful and, more importantly, that will give you the potential to be happy with your life overall.
1. Apply for student aid
Do you qualify for student aid? As a prospective college student in the USA, this should be one of the very first things you look into. Here’s a savingforcollege.com financial aid guide if you need a place to start. Make sure you also get a list of financial resources from the college you are attending (or want to attend). You may be eligible for a program at your school that offers additional financial relief.
If you’re in a dire financial situation, maybe you’re even facing homelessness as a student, know that there are additional resources (like mentioned in this guide) that can help you.
The rest of the tips below are for those of you who aren’t fully covered via student aid. Or those of you who need to cover additional expenses throughout your educational journey.
2. Apply for Scholarships
I’m sure applying to scholarships already seems like an obvious money-saving strategy. You’ve probably already dreamed about being one of the lucky few that scores a full-ride scholarship to your dream college. I know I did. But alas, most of us don’t end up with “full-ride scholarship” status. However, there are still many scholarships out there that you can apply to, and I encourage you to apply to as many scholarships as possible.
Here are the tips I used to gain several scholarships when I was in college:
- Don’t discount the smaller scholarships. Even $500 or $1,000 scholarships can help make a difference, especially if you’re awarded a few of them! Smaller scholarships may also be less competitive and may even require less work. Personally, I had much better luck getting several small, locally offered scholarships than big national scholarships. Those big $10,000+ scholarships are usually more popular, which means they have a much larger selection pool of applicants and they also tend to have a more complicated application process. Definitely still apply for them (assuming you meet their application criteria – otherwise you’re just wasting your valuable time!), but don’t overlook those smaller scholarships either. Every bit helps.
- Don’t stop applying for scholarships! Even if you didn’t get many (or any) scholarships your first year, there are scholarships you can apply for while you’re already in college. Don’t stop searching! I actually received more scholarships in my last year of college than in my first year.
- Get creative with your scholarship searches.
- Check your hometown’s Chambers of Commerce. They may know about local businesses that are offering scholarships.
- Check with your local volunteer organizations (Rotary, Knights of Columbus, Kiwanis, Lions Club, Habitat for Humanity, etc.).
- Ask your high school guidance counselor. Your school may have a list available for you to reference already. Even if you’ve already left high school, it may still be worth a quick phone call or email.
- Check with your hometown’s library or your college’s library. I actually won the Amelia Earhart Scholarship after I found an announcement for it by chance while studying (or, rather, trying to study) in one of Purdue’s libraries.
- Google search scholarships based on your favorite hobby or clubs you’re part of now. Also, check with clubs you’re thinking about joining later. You might not need to be a current member to apply.
- Google search your desired career field and see if there are any scholarships based on your gender, race/ethnicity, disability, age (for mature students), religion, veteran status, etc.
- You can also apply to scholarships for specific events, like studying abroad or attending a conference. Bonus: these experiences also look great on a resume!
3. Paid internships
Getting an internship is my #1 piece of advice for all engineering students. Real engineering experience is crucial to landing that dream job. As a bonus, most, if not all, engineering internships are paid. The pay might not be much, but it will hopefully help with some of your college expenses (or at least cover your cost of living while you’re interning).
I completed 5 internships/co-op rotations as an undergrad. That experience was critical to getting hired full-time and it helped pay for some of my living expenses while I was still in school. Many other career fields, especially STEM fields, also offer paid internships. If your desired career field does not offer paid internships, you may still want to consider doing an unpaid internship. It can help boost your resume, help you verify whether or not you’ll actually enjoy that dream job you’re pursuing, and possibly help you earn more money later on. Just do your own research first to make sure it’s worth the time and effort based on your career aspirations.
4. Apply to be a Resident Assistant
Consider being a Resident Assistant (RA) at one of your college’s dorms. RAs typically get free room and board, and may also get a stipend or paycheck. I became an RA my last year at Purdue for a floor of ~50 freshman engineering ladies. Ironically, it was the exact same floor I was a resident of my freshman year, which was pretty neat… after I got over the Déjà vu! It’s not the easiest or most glamorous job, but I loved the girls on my floor and my fellow RAs. Plus, I never ate so well in all my college years (thank you, RA meal plan!). As an added benefit, being an RA helped boost my leadership and mentoring skills.
5. Look at ways to get in-state tuition
For those of you currently paying (or about to pay) for “out-of-state” tuition, ask your school about how you could switch that to “in-state” tuition. Different colleges/states may have different rules for this. At Purdue, my good friend actually decided to pause her engineering degree and worked at a local engineering company for a year to get in-state tuition for her remaining two years at Purdue. It was a win-win-win situation. She earned money while working for a year. She saved on tuition when she started classes again as an in-state student. And that job also gave her valuable real-life engineering experience, which likely helped her get a full-time position at NASA’s Johnson Space Center after she graduated.
6. Take advantage of classes at local colleges
Take summer school classes at a local college. Just make sure the credits transfer to your main college and will actually go towards your degree!
I took two summer classes at the College of DuPage, a community college next to my hometown. This allowed me to save a bit on tuition. I got ahead on some entry-level classes I needed to take (though they definitely weren’t easy – taking physics and differential equations in a very compact summer course was way more intense than I expected!). I also saved on room and board by staying with my parents for the summer. As a bonus, the smaller class sizes and hands-on environment helped me learn more than I might have in a big Purdue lecture hall. Side note: Purdue has a lot of great hands-on classroom/lab settings, especially for upperclassmen, but it’s still a large school so entry-level classes tend to be in large lecture halls.
Another alternative is to attend your local community college for an entire year or two before enrolling in your more expensive school-of-choice. Make sure all those credits will transfer to the school/program you plan to attend later. Consider all the pros/cons to figure out what will work best for you. This collegevine post can help you get started.
7. Test out of elective or entry-level classes and get credit for previous training
Don’t waste your time or money on classes that you can test out of (especially electives) or training that you’ve already completed that can transfer in as credit hours.
Most high schools in the U.S. offer AP (Advanced Placement) classes that prepare you to take an AP test. Depending on your AP test score and what college/program you’re pursuing, you’ll be able to get some college course credit if you score high enough. If you know a lot about a particular topic (say, U.S. History), you can still take the U.S. History AP test without taking the AP class. This is particularly important if you go to a high school that doesn’t offer a specific AP course you’re interested in.
Don’t stress out if you don’t pass an AP test either. I failed miserably at the chemistry AP test and even though I did well on my calculus AP test, it wasn’t enough to test out of calculus 1 for a Purdue engineering degree. I was super bummed about both those test results at first. It meant that I had to take a general chemistry class and calculus 1 my first semester at Purdue. Even though I struggled with both subjects during my AP classes, they actually seemed easy when I took them again at Purdue. Not only did that help boost my GPA, but it also helped me understand both subjects better. That gave me a solid foundation for the rest of my engineering coursework. Looking back on it later, I’m so glad I didn’t test out of those two classes.
One thing I wish I knew about earlier was CLEP tests. CLEP stands for College-Level Examination Program, and is run by College Board just like AP tests. Unlike AP tests, CLEP tests can be taken throughout the year and high schools do not offer CLEP courses to help your prepare. Check to see if your college accepts CLEP test credits. If they do, you might have another way to test out of a few classes! For more on CLEP v. AP tests, check out this collegevine post.
Besides AP and CLEP tests, also ask your college if they offer any other ways to test out of electives. Some colleges may offer their own exams that you can take before you register for classes.
Also check to see if you can transfer any credit hours based on past summer camps, STEM events, military training, etc. When I was in high school, I won a scholarship to attend Space Camp in Huntsville, Alabama (yep, I was that space nerd!). I was actually able to transfer 1 credit hour a few years later when I went to Purdue. One credit hour isn’t much, but it can still help. As another example, my fiancé gained 12 credit hours towards his degree due to his U.S. Coast Guard training.
8. Reduce your cost of living (sensibly)
Find ways to reduce your cost of living, just don’t sacrifice your health, sanity, or college grades in the process!
Even though I could have found cheaper options elsewhere, I chose to be in a college dorm my first year at Purdue for three main reasons:
- I didn’t really know anyone else at Purdue and it would force an introvert (like me) to make some friends.
- I could pick a dorm where I’d be with other engineers taking the same classes (hello, study group).
- I’d be able to focus on figuring out the whole college thing my first year without also having to worry about commuting off-campus, cooking my own food, etc.
After that first year, I rented an apartment offsite with some of my new engineering friends to save on room and board. I had to get creative when I started to co-op/intern. Since I moved to Houston, TX every other semester, I ended up subletting my bedroom or found a sublet when I got back. When I was interning, I rented furnished rooms from full-time employees, which helped reduce my cost-of-living, and saved me from buying furniture and moving it around every 4 months. I did this until my final year at Purdue when I became an RA (see tip #3 above).
When I wasn’t in a dorm with a nice meal plan, I leaned towards cheap, easy-to-make meals. Lots of easy chicken dishes, pasta, oatmeal, microwavable dinners, and PB&Js (yes, adults can still love a good PB&J). I’d often pack snacks for classes or lunches to bring to work. Every once in a while I’d go out to eat with friends or pick up something special (usually involving Chinese food or sushi)… keeping my morale up during the semester was just as important as saving some money!
9. Google search your textbooks or consider e-books
Textbooks are downright expensive. Seriously. Even buying textbooks second-hand at your college’s bookstore can be pricey. If you have time before classes start, try searching for your textbook online first (like thriftbooks.com). You might be surprised by the options available. You may also want to consider an e-book instead of a paper textbook depending on how you plan to read and study. Highlighting and taking notes via an e-book can be very helpful – you can even sync them into other platforms that will help you create study guides. If you’re using a book mainly as a reference, e-book search features definitely make looking up keywords and definitions easier.
10. Take advantage of student discounts
There are a crazy amount of student discounts out there that can really add up to some big savings over the course of a few years. Google search your school name + student discounts and see what pops up. Your school might even have a page that lists out a lot of student discounts and freebies already. There are student discounts for a lot of computer software systems like Microsoft products. Some cell phone companies offer student discounts on their mobile plans. Most online services also offer long free trials or student discounts, like Amazon Prime, Netflix, Spotify, etc. Some stores, movie theaters, concert halls, restaurants, etc. may also offer student discounts – it can’t hurt to ask. One note of caution though: don’t purchase something you don’t need (or really want) just because it has a good discount… that kinda defeats the whole purpose!
11. Look into military benefits
This option definitely isn’t for everyone, but if you’re a U.S. citizen, the military might be able to help you out. I’m not an expert here, so these are just the highlights. I decided not to join the military, though I did a lot of research on it before making that decision. As someone who was pursuing an aerospace engineering degree, joining the U.S. Air Force (USAF) was something I seriously considered. Ultimately, I decided against it because (1) I wanted to focus on human exploration in space, and (2) joining my high school tennis team was physically demanding enough for me… though this was more of an excuse than a legit reason.
If you don’t have a degree yet, there are two main paths with the U.S. military: ROTC or enlist. ROTC stands for Reserve Officers’ Training Corps.
ROTC students attend college just like any other college student, but they also need to complete military training at the same time. The military will help pay for your degree if you meet certain requirements every year and if you accept a commission (reserves or active duty) after you graduate. Many of my friends studying aerospace engineering with me at Purdue were also in USAF ROTC.
You can also enlist in a branch of the military. After basic training (boot camp), you begin serving immediately and your educational benefits begin at the same time. My fiancé chose this option. After trying out the Army ROTC program for a year, he decided to enlist in the U.S. Coast Guard (USCG). He served the USCG for about 6 years and earned his bachelor’s degree using Military Tuition Assistance. His degree and specialized training in the USCG gave him great opportunities when he left the service.
Most U.S. veterans also receive an educational GI Bill, which is a fantastic benefit for those wanting to get a degree (or another degree!) after leaving the military.
12. Part-time jobs and other side hustles
Even though this list is not in a particular order, there’s a reason I put part-time jobs and other side hustles last on this list. I don’t want these money-making-gigs to distract you from getting your dream job after college. This means you can’t let them drop your grades or keep you from other activities (interning, extracurriculars, etc.) that are important for your resume.
That being said, I’ve had my fair share of jobs through high school and college. I was a tutor, a babysitter, a pre-school camp counselor, a restaurant hostess, and a sales clerk at a clothing shop and at a jewelry shop. Once I started interning regularly, I quit all those part-time jobs.
I highly recommend you look for paid internships if you can. If that’s not an option, look into part-time jobs that could still apply to your future career field.
- Check with professors and graduate students in your degree program. They may have a paid position as a research assistant or teaching assistant.
- Think about what skills could benefit you in your dream career field. Get creative. For example, working on a setup crew for a local concert hall or as an assistant in a local machine shop can help give a future engineer experience with design and construction.
- Look into being a paid lab rat at your school. I was paid to participate in some psychology studies and human factors evaluations. Many of them were interesting and I learned a few things at the same time.
Alternatively, look into doing something part-time that could turn into a passive income stream later, like writing articles for a blog like this. 🙂
Don’t Forget…
College and the prospect of college debt can be daunting, but don’t forget to enjoy the journey (even if college isn’t all rainbows and butterflies). Don’t stress yourself out by comparing yourself to what other people are doing. Focus on your own path and what works best for your life. You’ve got this!
Do you have any other college money-saving tips? Share it with this community in the comments below. 🙂