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How to save money on extracurricular activities

By WTOP Staff

I was one of those ridiculously overbooked kids growing up. I would go straight from school to rehearsal for the school musical to gymnastics practice to another rehearsal for the local community theatre, finally getting back home around 10pm or eleven to start my homework. The weekends offered no reprieve. If I wasn’t rushing off to Ukrainian school, Girl Scouts or folk dance, it was to a soccer game or gymnastics meet. At the time, those years were overwhelming, but they paid off big time when it came time for the college admissions process.

In today’s ultra-competitive environment, even preschoolers have schedules that rival my overbooked high school years. In an effort to develop skills and create a competitive edge that can not only help in securing higher education prospects, but also with future career possibilities, extra curriculars are as important as ever. But how can you get your child involved and equipped with unique knowledge and skills without putting your own finances at risk? After all, piano lessons and French tutoring aren’t free.

Here are some practical ways to save on extracurricular activities.

Try before you buy. Many private programs like dance and gymnastics require lengthy and costly commitments. To avoid your child’s extra curriculars following the same fate as your expensive, unused gym membership, start out with a non-committal or low cost trial period through a school program, community center or introductory special. Once you’re committed to the activity, you can better assess if you’re ready to commit to the cost.

Search for low cost alternatives. Community-sponsored recreational departments typically offer extracurricular activities at a significantly reduced cost compared to private companies and teachers. Ask around and stay up to date on what resources are available in your community. From the YMCA to the Boys and Girls Club to the local library, there’s bound to be plenty of affordable programming. In fact, some of it might even be free.

DIY. If you have a practical or specialized skill like sewing, carpentry or playing an instrument, consider passing those skills onto your child. You can even collaborate with fellow parents to set up a system where you rotate your skill sets and teach a new class each week.

Use the schools. Save for the occasional piece of equipment and rides back and forth, my participation in high school sports, clubs, choir, theatre and other extra curriculars was free. Use the resources of the public school system to participate without the price tag.

For more advanced training in a particular subject or skill set, look into auditing a class at a local community college. This can be quite affordable and useful once your child’s skill set outpaces your own or advances beyond what the public school programs can teach.

Barter. If you want to spring for the private lessons and programs but can’t afford them, see if there’s anything you can offer in place of cash. For example, advertising for the school or teacher, cleaning the studio, clerical and administrative work or assistant coaching or team management.

Save on supplies. The incidentals involved in extra curriculars, from equipment to specialized shoes to snacks to transit, can add up quite quickly on their own. To save on the necessary supplies, do your research. Is it cheaper to rent an instrument rather than buy it? Can you buy used instead of new sports equipment? Maybe you can scout out some yard sales for old music books before ordering new ones online. Or perhaps you can swap your old sewing machine for a pair of tap shoes. In addition to reaching out to those you know in the local community, check online forums like Craigslist and Freecycle to see what low cost options are available near you.

Don’t overdo it. Despite the pressure to be involved in anything and everything, colleges and employers prefer to see that prospective students and employees are consistently involved in two or three activities over a number of years rather than being superficially involved in ten for shorter periods of time.

In addition to helping your child cultivate his or her skill set, gain leadership experience and develop physically and socially, extra curriculars should be fun and fulfilling. Don’t get so focused on meeting the expectations of others that your child can’t enjoy the camaraderie of sports or the creative playfulness of the arts or the discovery of learning a new language or skill.

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How to Save Money on Extracurricular Activities originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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