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7 Tips for Saving Money During Your First College Semester

During the next few weeks, approximately 2 million college freshmen will set foot as students on college campuses for the first time. Some will live in dorms, others will continue to live at home, and others may be living in an apartment setting. One thing most of them will have in common, though, is that they’re making far more independent money choices than they have at any other point in their lives.

With independence, however, comes risk. College is a powerful time to explore new freedoms and opportunities, but it’s also a time when it’s very easy to put yourself into a financial hole that will take many years to escape.

Fortunately, most of the tactics needed to avoid falling into those financial traps are simple ones. Here are seven such tactics, perfect for making sure that your first steps into financial independence don’t bury you for years.

[See: Basic Money Lessons You (Probably) Missed in High School.]

Avoid additional loans at all costs. Student loans are a necessary evil. Many people need to take them in order to pay the costs of tuition and other basic life expenses. However, student loans are not OK if they’re being used to pay for living expenses beyond the bare minimum. If you’re using your student loans to finance a larger apartment, to buy lots of clothes or pay for a new laptop every year, you’re adding thousands of dollars to your debt. If you’re doing it as a freshman, you’re also sometimes adding the interest of having that loan in forbearance for a few years. Live as minimally as possible in college if your expenses are being financed by loans.

Look for on-campus work and go beyond the typical job boards. Having a job in college is a great way to cushion some of the expense. However, the best jobs are ones that also bolster your career in some fashion. Many students follow the usual path of getting internships during the summer, but during the year, they’ll get off-campus jobs. A much better approach is to look for any kind of on-campus work within your department of study. Go beyond merely looking at on-campus job boards and work-study programs and instead build relationships with professors and department staff. This will give you the inside track to jobs that will put some money in your pocket (and ideally cut down on loans), bolster your resume and help you build strong connections in your field all at once.

[See: 12 Best Part-Time Jobs to Pay the Bills.]

Master simple low-cost foods for meals and snacks outside of your meal plan. One of the biggest financial drains in college is the cost of food. Meal plans are often pricey and often don’t cover every meal. It can be tempting to fill in the gaps with takeout and food delivery, simply due to the convenience, but a better approach is to figure out how to make simple low-cost foods on your own. You can make hearty batches of soup in a small slow cooker right in your apartment or dorm room just by opening a couple of cans and adding water. Stock up on what you need to make peanut butter and jelly sandwiches, which are extremely low cost. Eat lots of fresh fruit, which can also be affordable. Use grocery stores instead of restaurants and keep your eyes open for dishes that are simple to prepare.

[See: 20 Tips for Saving Money at the Grocery Store.]

Stick to being an authorized user on someone else’s credit card. Credit card companies will target you with all kinds of offers during your freshman year. They’ll have people on and near campus extolling the virtues of a credit card and enticing you with all kinds of silly bonuses to sign up. Avoid them all. It’s not a terrible idea to have a credit card to help you establish a positive credit rating, but you can achieve that by being added as an authorized user on the credit card of a parent or another family member.

Utilize on-campus resources for entertainment and social connections. Most college campuses offer a ton of opportunities for entertainment, with on-campus events and groups meeting in large numbers virtually every day of the semester. Take advantage of those instead of retreating to your dorm room or apartment. Not only are such events typically free, they also provide a great chance to meet new people and build relationships that will last into your career, and they sometimes offer free meals to boot.

Buy used textbooks or use textbook rental. Textbooks can be incredibly expensive. It’s not uncommon for the total cost of new textbooks for a semester to approach four figures. You can cut into that by not simply going to the campus bookstore to buy everything new. Instead, look for used textbooks or rented textbooks for your classes online at websites such as chegg.com and through on-campus tools and message boards. This will allow you to get some of your textbooks at a fraction of the cost.

When you do spend money, ask for student discounts. When you do go out into the community to spend money, never drop a dollar at a store — online or brick-and-mortar — without checking for some type of student discount. Many businesses offer discounts to students, and utilizing them often means spending less money.

Using these tips together can save you thousands of dollars over the course of your college career, and you can start using many of them from the first moment you set foot on a college campus.

More from U.S. News

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7 Tips for Saving Money During Your First College Semester originally appeared on usnews.com

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

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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