Graduating college with the least amount of debt possible is often about many little
things as opposed to one big thing. Testing out of a course so you get credit for
something you already know, buying used books as opposed to new, and being extremely
cautious about things involving credit cards are just a few ideas that could save
you a sizeable amount of money.
Budget
Create a budget and stick to it! This takes discipline and some sacrifice but may
help you avoid more painful decisions in the future. Take a realistic assessment
of how much money you have to spend and what you need to spend it on. Do not forget
to include items like transportation costs for those weekend trips home and entertainment
expenses.
Consider Work Study
Financial aid packages may include work study if you indicated you were interested
in it when you filled out the FAFSA. Students can work a few hours a week to earn
money for expenses. If your award does not include work study, consider contacting
your school's placement office, local newspapers and businesses for job leads.
Take a Heavier Course Load
By taking extra classes, you can reduce your time in school, thus reducing your
overall costs. In some cases, there is no difference in your tuition cost for additional
credit hours over 12 per semester. Summer school may also be an option to help you
complete your education more quickly.
Try to "Test Out" of Courses
Ask your advisor about the possibility of testing out of courses that you have concentrated
on in high school, such as math, English and foreign languages. If you have prior
work experiences, you may be able to test out of courses as well.
Buy Used Books
Whenever possible, buy used books from the bookstore. Look for postings around campus
from students who have books to sell. Check the internet for sites that sell used
books. Make sure that any used book you buy is the correct edition. Some professors
change editions every year so you may not be able to find a used version.
Keep Discretionary Expenses to a Minimum
Cut down on those lunches and dinners out. Use email instead of making long distance
calls. Go to the matinee instead of the evening show. Make "homemade" pizza instead
of ordering out. Ride share or carpool with someone on those weekend trips home.
Small savings add up over time.
Watch Out for the Credit Card Trap
Many students are encouraged to apply for multiple credit cards by offers of free
t-shirts, movie passes, and other giveaways. Limit yourself to one credit card and
use it wisely. Keep your charges to a reasonable amount that can be paid off each
month. If you find yourself in heavy credit card debt, contact your local consumer
credit counseling agency for help in setting up a reasonable payment plan.
Keep Accurate Records
When you speak to anyone regarding your finances, including your financial aid,
write down who you spoke to and what you were told. Make sure you meet any deadline
for applications or payment. Keep your records in a folder or file so you know where
to find them.
Always remember if you have a question about anything on this site, feel free to
drop us a note at outreach@ismloans.org
and we’ll be happy to answer or elaborate on an item that is confusing or unclear.