Controlling College Costs
As students transition into their upperclass years, it is a good time to review some ways to control and manage the costs of the remaining years of college. We have a few quick reminders for families here, as well as a few notes about how the discussion might change as students get older.
FAFSA Renewal. We recommend renewing FAFSA EVEN IF your student did not receive need-based aid in previous years. There are multiple reasons for this - you can check out our post on FAFSA renewal for more information. Remember that the federal loan amount offered to FAFSA applicants increases slightly after freshman year. The FAFSA opens for renewal on October 1 of every year - this is a good time to check and make sure yours is complete for the upcoming academic year.
Scholarships. Make sure your student revisits their university scholarship portal. Some scholarships are available only to returning students or upperclassmen, so it’s definitely worth the time to review the listings. For more information on this, read our post on institutional and private scholarships.
Housing. Housing has a big impact on budget, obviously. We have a separate blog post on housing beyond freshman year to help you start this conversation and consider ways to manage costs.
Resident Assistant / Community Assistant Opportunities. Campus residence halls have RAs or CAs on every floor. These jobs can be competitive to get, in part because they result in significantly discounted housing. Not only is an RA role a money saver, but it is an opportunity to develop leadership and management skills and meet new people. If your student has an interest in this they should contact their residential life office sooner than later so that they don’t miss the application deadline. Other on-campus jobs may have very early application deadlines as well.
Career Center Resources. As your student gets closer to graduation, it becomes more important to work with the Career Center on campus. Is your student considering an internship this summer? Maybe an unpaid internship? Some colleges have funds available to subsidize students working at unpaid internships. Your student can find out about these opportunities (as well as paid internships) at their campus career center.
Part-Time Employment. Does your student have a part-time job? This can be helpful in several ways — part-time employment can help with college costs, develop valuable job skills, and provide community for students. If your student has adjusted to college and is managing the academic work, you may want to encourage them to seek part-time employment. This is also a good opportunity for families to start talking about the future. For example, some families might want their student to contribute a portion of their wages to cover their own living expenses as a way to learn more about budgeting, while other families might prefer that their student saves a portion of their earnings to help build a post-college nest egg. The plan will be different for every family, but is a good thing to talk about.
Review Meal Plan and Cost. This is a good time to think ahead about next year and meal costs. Students living off-campus might find that purchasing a meal plan makes more financial sense than purchasing their own groceries. Of course, this is only true if the student uses the meal plan! Investigate the options on campus and consider whether this option makes sense for your student.
Review Transportation Use. Transportation costs can add up! Bus fares, parking permits, gas, ubers, etc. Now that your student is familiar with their surroundings it is a good time to assess whether there are better options. This might mean using different modes of transportation, applying for a student discount transit card or getting a bicycle.
Consider Summer School. Summer school classes can help your student stay on track for timely graduation - especially if your student can take classes at a community college (which typically have lower tuition costs). It might also help a student graduate early. Another scenario is that it doesn’t impact graduation but takes some pressure off of your student during the semester. Of course there are trade offs, as a student taking summer school will have less time to work in a paid job during the summer. So much to consider – but take a moment to consider the pros and cons of summer school and you might find an opportunity for cost savings.
Doing an annual review like this helps bring peace of mind and also develops good financial habits for your student.