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September is College Savings Month, which is the best time to think about ways to reduce total cost to make education affordable for students and families. While building a savings fund is essential, recognizing alternative ways and strategies to lower the overall price for higher education can reduce college expenses early and minimize student debt.
Earn College Credits in High School
One of the ways to lower college tuition is by completing college-level coursework while in high school. Advanced coursework can help you earn college credit or advanced placement that may give students the opportunity to graduate semesters earlier, allowing you to save thousands on tuition.
- AP & IB courses: Advanced Placement (AP) courses or the International Baccalaureate (IB) program allow you to take exams that can translate directly into college credit and count toward graduation requirement. However, every college has its own criteria, so it is important to know what scores you will need to get, and which colleges accept them through the AP Credit Policy Search Tool or directly from the College’s own published policy.
Consider the Mass Transfer Community College Pathway
Starting your degree at a community college and completing foundational courses before transferring to a four-year institution can save you years of high tuition and housing expenses and significantly reduce the overall cost of your degree.
- Mass Transfer Program: Massachusetts offers various transfer pathways including the General Education Foundation, Associate to Bachelor’s (A2B) Degree, Commonwealth Commitment, Reverse Transfer, and the Non-Mass Transfer, which guarantees transfer of your credits from a community college to a state university or UMass campus. These pathways vary in requirements and total expected savings, so make sure to set your financial goals and career paths accordingly.
Reduce Textbook and Supply Cost
Course materials and textbooks can be an unexpected financial burden for students and families but planning smart and early can reduce the expenses substantially.
- Rent or buy used: Instead of purchasing brand-new books from the university bookstore, utilize platforms such as Chegg, Amazon, or Campus Book Rentals to rent or buy used books to minimize cost. You can also resell them at the end of the semester to recover some of the cost and save even more.
- Digital & Open Resources: Explore online to check if your required reading is available through Open Educational Resources (OER) or digital formats. Moreover, you can check your course syllabus beforehand and ask your professor if an older, less expensive edition of a textbook is acceptable for the course.
Apply for Financial Aid and Scholarships
Searching and applying for financial assistance is another way to make college more affordable without adding to your student debt. Unlike loans, scholarships don’t require students to repay, which means you can spend less money on tuition and make more room in your budget for other important expenses or future goals.
- Institutional Scholarships: Many colleges and universities offer scholarship opportunities that help students reduce financial challenges. Many institutions award students for excellent academic performance, departmental focus, or leadership skills, as well as offer talent-based grants. Checking an institution’s financial aid options early can help you track requirements and deadlines for financial assistance.
- Massachusetts Financial Aid Programs: Massachusetts residents may qualify for financial assistance including state grants, tuition waivers, and special funding initiatives that help students to lower their higher education expenses. Explore the Massachusetts Financial Aid Programs page to learn about what the Government offers, and the deadlines and requirements for different programs.
Federal and private student loans are also a consideration and can help pay for college expenses such as tuition, books, and housing. The Massachusetts Division of Banks (DOB) regulates some types of private student loans and licenses certain federal student loan servicers and private student loan servicers. See DOB's Student Loan Information for Consumers page for more information.
Planning and preparing for higher education can be challenging. However, considering smart cost-reducing strategies early can significantly lower the overall cost of the degree and help you and your family get prepared with less stress. As we recognize College Saving Month, set up realistic financial plans so you can focus on your academics in confidence.
