Creative Ways to Lower the Cost of College

It comes as no surprise that college tuition costs are exceedingly steep and have been so for some time. A small reprieve is that costs for higher education have been slowing. Since the pandemic of 2020, tuition and associated college costs have increased less than 5%, while all items tracked by consumer price indexes have increased over 15%. Despite this, for many families, the sticker shock of seeing the annual tuition costs of most colleges has been just that – shocking. While the posted tuition costs can be staggering, it is important to know that most families do not end up paying the sticker price when factoring in tuition discounts, scholarships, and student financial aid.

Complete a Free Application for Federal Student Aid (FAFSA)

The first step in finding out the true cost of college for your family is to complete a FAFSA each year of attendance. This form is an application for federal student aid and offers insights into your student’s eligibility for federal grants, work-study opportunities, and loans.2 Additionally, many colleges use information on the FAFSA to determine eligibility for state and school financial aid. Recent changes to the FAFSA form have made it less cumbersome to complete by reducing the number of questions and the amount of time needed to complete the form.

Research Scholarship Opportunities

Once you have determined how much your family’s expected cost of college will be, the next step is to look at scholarships that are available. College scholarships come in all sizes and from many different sources. Some scholarships can cover all or most of tuition but there are many that, while smaller in dollar amount, can still cover a few hundred dollars or more in costs and are worth applying for. Good places to start searching for scholarships include college financial aid offices, federal and state agencies, and organizations that your family already has associations with including local businesses, religious organizations, and demographic-based organizations.3

Enroll in a community college, then transfer to a four-year college

Another option to reduce tuition costs when looking towards obtaining a bachelor’s degree is starting at a community college. Tuition is often much lower than compared to traditional four year colleges and many students choose to commute from home which saves on the cost of room and board. According to LendingTree, college students save an average of more than $11,000 by going to community college before transferring on to a four-year school.4 In the Greater Rochester area, we are fortunate to have both Monroe Community College and Finger Lakes Community College within commuting distance, both of which are ranked in the top 20% of public schools in New York for having least expensive tuition, according to Community College Review.5

Navigating the college enrollment process doesn’t have to be an unsettling experience. By making use of the FAFSA financial aid application, proactively seeking scholarship opportunities, and considering cost-effective options such as starting at a community college, students can put themselves on the track to see their higher education dreams become a reality. If you need assistance getting started, please reach out to our team at CNB Wealth Management and we will be happy to help.

For more information on ways to prepare for college, visit: https://www.cnbank.com/FinancialPlanning/