Expenses to Consider/What to Know When Paying for College on Your Own

By Victoria Robertson on December 31, 2020

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Attending college typically comes with a giant price tag, regardless of where you’ll be going. It’s no secret that college tuition, and that’s without books and all the other added costs, is astronomical, so when you’re paying for it on your own, there are many tips and tricks that you need to keep in mind to ensure you’re not digging yourself into a deep hole.

So, to help ensure you’re prepared for college and the associated costs, here are some expenses to consider and general things to know when paying for college on your own.

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1. Always Fill out the FAFSA

Yes, there are many students out there that apply for financial aid using the FAFSA and don’t actually end up getting anything out of it. No, that’s not to say that you shouldn’t apply. In fact, every student should apply, every year.

The FAFSA is there to help you, and every penny counts. And remember, your FAFSA should be filled out annually, so just because you applied once your freshman year doesn’t mean you’re taken care of for the rest of college. Make sure you apply, every year, and take what you can get!

2. Don’t Go Too Big

Your dream school may be the one place you’ve thought of attending since childhood, but that’s not to say that the price tag associated with it is realistic, especially if you are paying for college on your own.

When choosing the school you want to attend, it’s better to rein it in and attend a school that’s affordable, or, at the very least, attend a local community college for 2 years and then transfer in to save a little money. Basically, the more ways you’re able to save money to ensure you get into your desired university, the better off you will be in the long run.

3. Don’t Forget the Little Things

Remember that tuition isn’t the whole story when it comes to applying to schools. In fact, there are so many little added costs that will increase the year-end total. While many students do account for books and other school-related items, they may not be considering rent, meal plans, gas, etc.

And all of that is outside of recreational activities, such as sports and concerts, events on campus, campus gear, etc. Remember that everything costs money on a college campus, and you should be allotting for those expenditures in your planning.

4. Budget Well

As mentioned previously, there are a number of costs associated with attending college. That being said, there is a way to plan for these expenditures in advance and ensure you are well covered.

Make sure you are budgeting your school year prior to even attending. Create a spreadsheet to ensure you have enough for tuition and insurance, as well as to plan for school expenditures, recreational expenditures, and perhaps even an emergency fund just in case things go wrong. Basically, make sure you are budgeting well in advance of attending school to ensure you not only know the associated costs but that you also have a plan for replenishing those costs in your bank account.

5. Complete As Many Scholarship Applications as Possible

Scholarships are amazing, and there are a ton of them available. While some will require quite a bit of work, others will not, and regardless, they are worth submitting the application.

Some students don’t bother submitting applications when a scholarship is only going to save a hundred or so dollars, but that kind of money adds up quickly, so you should be submitting every application you can. Basically, if someone is offering money, you should be throwing your hat into the ring. Never pass up on a scholarship you qualify for.

6. Work During the Year

Last, but certainly not least, you should be working throughout the school year. Whether this means a part-time job, a full-time job, or a paid internship, if you are paying for school on your own, you’ll want to have some money coming in, rather than everything going out.

When choosing your job, just ensure you are able to grab flexible hours to accommodate your schedule, keeping in mind that the schedule will change from semester to semester. Some students pick up a couple jobs with shorter hours to make sure things add up, so whatever needs to be done works!

College is expensive, and paying for it on your own is no small feat. That being said, there are ways to ensure you’re ahead of the game when it comes to your tuition payments so that, when you graduate, you don’t have to deal with a large pile of debt that will follow you throughout adulthood.

Just keep these considerations in mind and plan for the year ahead, and you’ll be off to a great start!

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