How about we break the myth that you can only go to college by getting into debt. Whether you are a parent wanting to cash flow your kid’s college or you are a student wanting to graduate debt-free – it is going to be hard work.
But totally worth it!
Graduating debt-free will put you so far ahead of the game!
And not only will you be able to celebrate receiving your degree, but you will also be able to celebrate your extra accomplishment of staying focused on your finances throughout your entire college career.
Download the College Cash Flow Template to start making your game plan.
FIGURE THE COST
Figuring the cost of college is the first place to start, because how can you make a game plan when you don’t know what the end of the game is supposed to look like?
On the College Cash Flow Template, the first page has a four-year budget plan. This covers the usual college costs: tuition, books, room and board, meals, etc.
If you know exactly where you are going, and there’s no changing your mind, then you can just start filling these line items in.
Researching your college website will be able to give you a good idea of the costs. Of course, these will be estimates, but they will give you reliable numbers to budget for!
If you have a few colleges in mind, I really urge you to fill out a budget sheet for each college you are considering.
This will help you decide on an affordable school by comparing the costs.
Some other options to consider, are attending a community college for the first two years, then transferring to another school to finish your degree.
This can help decrease your overall cost of college.
Other housing options can also lower the cost of college. Compare your prices to living on campus and living off-campus. If you plan on living off-campus, don’t forget to calculate transportation costs!
HOW MUCH CASH CAN YOU PUT TOWARDS YOUR DEGREE
How much cash can you save up for school?
Stashing away cash for college is a great way to decrease your cost, but it probably won’t be a huge decrease if you are short on time.
Don’t worry, there are other options.
So, let’s check out the next option!
WORK DURING SCHOOL
I know you were hoping I wouldn’t bring this up.
Working during college can actually be beneficial for academic performance.
Working a part-time job, less than 20 hours a week, during college has been known to reflect in higher grades than students that aren’t employed.
You can find work on campus through work-study programs. This is a perfect way to combine work with schoolwork!
Another option is an off-campus job. If you live in a college town then there are more than likely several job opportunities to pick from. Many that can be flexible to your school schedule.
Or if you are entrepreneurial, you can earn money through side businesses. If you have a valuable skill or talent, you can probably earn some profit from it!
Don’t limit yourself, it’s cheesy, but you can do anything you put your mind to.
GET ON A BUDGET
Now that you have your income figured out –
Let’s get on a budget.
Sticking to a budget will help you remain intentional with your spending habits all throughout college. If you decide on your spending ahead of time, it makes it easy to control impulsive purchases. Rather than if you let your money mindlessly wander.
Head here to learn how to build a budget!
APPLY FOR AID
If you’ve been around the college game for a while, you’ve probably heard of the FAFSA. Which is the Free Application for Federal Student Aid.
Filling out the FAFSA will determine how much aid you qualify for. This aid is put towards your college attendance. Head here for guidance on filing the FAFSA.
Depending on your financial situation and schools in consideration, you may be able to cover your entire education through grants and aid.
One thing to keep in mind, unless any of the following apply to you as a student, you have to provide your parents’ financial information on the FASFA.
- Age 24 by December 31st of the following academic year
- Married
- A graduate or professional student
- A veteran or current member of the armed forces
- An orphan
- A ward of the court
- Has legal dependents
- An emancipated minor
- Is homeless or at risk of becoming homeless
Click here to get more help with filing the FAFSA.
APPLY FOR SCHOLARSHIPS AND GRANTS
Now that you know how much college is going to cost, how much cash you have before and during college, and how much aid you’ll receive –
It’s time to make up the difference with scholarships and grants!
So first, do a quick calculation:
On the second page of the College Cash Flow Template, you can start filling out scholarships and grants to apply for to reach your goal!
You should treat this scholarship and grant search like a job! Start looking for grants through your state grant agency.
When searching for scholarships, the internet is your best friend. Frequently searching for scholarships is a good habit. New scholarships and deadlines are constantly being updated. And side note, don’t just look on the first page of your Google search.
You can also ask around your community to see if there are any scholarships to apply for. You may be surprised by how many scholarships are out there!
Going to college debt-free is serious work, and you should treat it as such. Just because you’re going to graduate debt-free doesn’t mean it’s going to be an easy street.
Once you have your plan in place you will see that it IS achievable. You just have to stick to the plan! Be prepared for the challenge and face it headfirst!
Follow along for more budgeting tips!
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