College Costs – 5 Things You Need to Know
I was one of the lucky ones. My parents paid for my entire college education and that of my five other siblings. I wish I’d been able to pay it forward to my own kids, but we just couldn’t make it happen. According to a recent survey by Discover Student Loans, 48% of parents expect their student to pay for all or most of their college education.
Because we had to dive into the world of student loans, anticipating the true cost of college was paramount, as we didn’t want to borrow anything more or less than what we needed. It’s the Goldilocks-style method of paying for college… just right.
To help you manage finances as you transition from high school to college, I’ve worked with Discover Student Loans to share 5 things you need to know as you prepare.
1. Understand the true cost to determine funding need: Beyond tuition, room and board, include the costs of textbooks, social gatherings, lab fees, personal expenses (laundry, cell phone, toiletries, cleaning supplies) and transportation when preparing a budget.
2. Maximize free money first: Be sure to consider using grants, scholarships, personal savings and work study programs before looking into student loans.
3. Compare student loan options. Compare federal and private student loans and choose the loans that best fit your needs. Discover Student Loans offers helpful advice for students and parents, including student loan calculators and tips on paying for school.
4. Take advantage of student discounts: Once you receive your student ID at orientation, be sure to take it with you as many businesses and entertainment venues near campus offer student discounts.
5. Find deals on textbooks: Purchasing textbooks through your school isn’t always the best value. Look into other options such as used books, renting books, digital versions and sharing books, if possible.
Check out additional helpful resources and loan offerings from Discover Student Loans.
*according to a recent survey commissioned by Discover Student Loans.