How to Plan for College During a Bad Economy

As a student, you want a good college education. The idea is to afford college while attending and graduate without a lot of debt. A college education does not guarantee a good job--or a job at all. To get your degree, you will have to plan around the bad economy. The earlier you start to plan, the better off you will be. But even if you plan to start college next semester, you can follow these tips and get yourself ready.

Instructions

How to Plan for College During a Bad Economy

1. Look at the big picture and know your budget. Sit down with your parents and make sure you know what they plan to pay for. Don't count on scholarships unless they have already been awarded to you. Think about how much books, food, housing, gasoline, class fees, and equipment will cost. Start making a budget.

2. Consider in-state colleges. Going to an in-state school will cost much less than a private school. Just because you aren't attending Princeton, Yale or Harvard doesn't mean you aren't getting a good education. State schools generally have more options for students looking for a major. Some will even give a discount to students who have alumnus in their family.

3. Pick a major and stick with it. Students are still trying to figure out what they want to do with their lives. Some will change majors several times. This only prolongs the graduation date, which means costs go up. If you are not sure about what you want to do, take your core classes first. If you still are not sure, opt for a generalized degree like University Studies, Business, Communications or English.

4. Go to community college first. Even if you plan to attend a four-year college, getting your core classes done for cheap is a smart move. Just make sure that your classes will transfer.

5. If you cannot afford to go to college full time, just take a class or two and work while you study. Some jobs will even match tuition or pay for books.

6. Apply for scholarships. Don't expect your college to give you money. Find independent scholarships to apply for. Some scholarships are available to graduate students or students who can play music. There are tons of options, and these scholarships will come in handy. Plus, many don't require a Free Application for Student Federal Aid, or FASFA.

7. Graduate early. Take summer classes at your local community college, complete online courses and take more than 15 hours of classes per semester. The sooner you graduate, the sooner you can start working and stop paying tuition. Just make sure your grades don't suffer in the process.

8. Go grocery shopping. Unless you eat on campus, go to the grocery store instead of going out to eat. Eat a peanut butter and jelly sandwich for less than a dollar instead of a $9 pizza and $3 soda. If you plan to drink, buy your alcohol at the store and avoid the $6 beers at the bar. Have friends over instead of going out. College students are notorious for partying--just make sure your schoolwork and your budget come first.

9. Avoid credit cards. It's too easy for college students to get in the habit of charging things. It starts with textbooks and branches out into food, movies, date night and drinks. Instead, use the cash in your wallet. You can't spend money you don't have. And you will think twice about using the $5 bill for a beer as opposed to food for the next day.

10. Live at home. If your college is close to your parents' house, stay at home. You will save money on room and board and food. Plus, nothing tastes better than a Mom-made meal after a grueling day of exams.

11. Get rid of your car. Unless you need it to commute to class, sell it. Living on campus means everything you need is right there. Some colleges will have free shuttles to the local grocery store. This will help you save money on gas, car payments and insurance.

12. Start looking for a job before you get your degree. At least a semester before you graduate, get your resume out there. Be honest about your grades and expected graduation date. Get a job lined up before you cross the stage with your diploma. That way, you can start paying your debts immediately.

Tips & Warnings

• Even if you have to take a semester or a year off from school to work, take at least one class. It is important to keep your brain in "student mode."

• Don't place the full burden of paying for college on your family members, especially if they cannot afford it. Too many students assume parents will pay for college in full, which may not be true.

Resources

• FastWeb Scholarship Search
• College Planning