Welcome to Frugal Fridays, where we share money saving tips, discuss living frugally, and generally talk about personal finance issues. Sarahnity is taking a break and I’m filling in.
For the record, I currently teach history and government courses at a small women's college in Massachusetts. I have also worked in higher education administration for colleges and universities in Ohio, Pennsylvania, and here in Mass--so I have a fair amount of experience.
I've also been an undergrad and grad student, and know the ropes, so to speak.
So how do you do college "on the cheap"? Read below...
The Basics
Most students know that there are three ways to get money for college:
Grants Scholarships Loans
Grants and loans are generally based on financial need, as are many (but not all) scholarships. For instance, I received a full-tuition scholarship plus half my room and board for undergrad when I was named a National Merit Scholar. This was completely academically based, and had nothing to do with need.
Other, smaller scholarships I received were need-based.
To get access to grants, scholarships, and loans, apply via the Free Application for Federal Student Aid. This is the standard financial aid application used by virtually all colleges and universities--public, private, and for-profit.
You enter your financial information (and your parents' if you are under 24) and you receive an aid report, detailing the grants and loans for which you qualify.
This is the very first step any student should take. Now let's move on to the less-typical ways to get frugal when it comes to college.
Testing Out: Getting Credit Without Ever Attending Class
High school students can take Advanced Placement courses, which end with a test that is scored and generates a result that could allow the student to gain 3 to 6 credits at the university or college they plan to attend. For instance, I took AP U.S. History my junior year of high school. The year-long course was free, and part of my public school. I paid a fee to take the AP Exam, which consisted of one multiple-choice section and one essay section. Machines scored the multiple-choice questions, while high school teachers and college professors scored the essay questions.
The result? I received 6 credits, placing out of college U.S. History I and II. That was 40% of one semester for me, money I didn't have to spend.
If you're already out of high school, there is an option for you: CLEP.
The College Level Examination Program, administered by the College Board (the same folks who handle PSAT, SAT, GRE, AP, etc.), allows you to test out of college courses. For $72 per test (as of July 1, 2009--it's $70 now) you sit for a multiple choice test (very few subjects require an essay--check your subject).
You can order test prep books and college textbooks to study on your own, on the cheap, at Half.com. Why pay full price?
If you pass, you receive college credit or are "placed out" of the course. For instance, if you test out of Biology, depending on your college or university's policies, you might receive credit OR skip Biology 100/101. You would go on immediately to the next course in the sequence, leaving space for more electives or breathing room in your schedule.
Some colleges have a limit on how many courses you can receive credit or placement for via CLEP; check with your institution.
Online Courses at CHEAP Community Colleges
Online courses have gained in popularity steadily since the mid-1990s. I have taken online courses at Northeastern University and Stanford University, and have taught virtual sessions within my own courses.
But just taking an online course isn't always cheap. Here's where learning which colleges are cheaper, and making sure you can transfer credits comes in.
For instance, community colleges are often the least expensive option in higher education. But not all community college tuition and fee structures are equal. Clovis Community College in New Mexico is one of the least expensive--if not THE least expensive--community colleges with online courses. There is no extra fee for being out of state, and ANYONE can take courses--they even accept high school students and older homeschooling students.
6 credits can be taken for $213 total. That's about $35 per credit--an amazing bargain by most college standards. The college IS accredited. You need to contact your current college or university to make sure the credits transfer. If so, you could easily complete 6 or more credits for a very reasonable price, from home, and help defray college expenses.
Clovis Community College is not the only low-cost community college out there--you can do your own search.
Get Your Employer to Pay Your Tuition
My junior and senior years of undergrad were spent working as a Resident Assistant in the residence halls. This covered all of my expenses not covered by my existing scholarship, so the last two years were free. Contact the Residence Life department at your college or university to learn more.
I received an assistantship for graduate school--you apply for the assistantships (which cover tuition and pay a small stipend) when you apply to graduate school.
If you join AmeriCorps, you can receive as much as $9,750 per year of service to use toward existing student loans or for tuition for future studies.
And many corporations offer tuition reimbursement for employees. Colleges and universities give some of the best tuition programs for their employees, but even hourly workers at Starbucks and Whole Foods can take advantage of such programs run by their corporate offices.
A Word of Caution
You will see advertisements for products that promise to help you find "hidden" sources of college grant money on the Internet, in infomercials, etc.
An enormous percentage of these are complete scams. How do I know? I briefly worked as a managing editor for a company that produced a grant guide along these lines, and quickly realized that the hype did not match the product.
The printed grant and scholarship guides you can find in any library are as good as most commercial online products. Michigan State University Libraries has a wonderful, FREE online database for scholarships and grants.
You don't need to spend a dime searching for college money.
Edited to Add:Free Tuition Colleges -- there are at least 5 colleges in the U.S. that offer completely free tuition to all accepted.