Are you going back to school this fall or thinking of doing it soon? You are not alone. As of 2014, some 40% or 8.2 million American college students studying for a bachelor’s degree or lower classified as “non-traditional” or “adult” learners, meaning they were over the age of 25.
As an adult without a degree, it is easy to see the benefits of getting one as it holds significant benefits in terms of your lifetime earnings – college graduates, on average earn nearly $1 million more than their high school-educated counterparts. However, once you leave the comfort of young adulthood the very real responsibilities of bills and the prospect of lost or stalled income make the logistics of attending school about so much more than choosing a major and meeting new friends. Saving money when returning to school is no longer a nice thing to do – it is critical.
Whether you are pursuing a first degree, returning to school to change careers or trying to advance the one you already have, the very real costs of college and graduate school attendance in America today are overwhelming.Finding ways, both big and small, to save money when going back to school is therefore essential for success and survival in what can prove to be some of the most important years of your life. Additionally, considering options like 私人補習 can provide valuable academic support without breaking the bank. Then, spend that in effective IGCSE biology tuition for your education.
While I don’t have any direct experience as a returning student, I am the spouse of one. In addition, I have worked as a college-level instructor, on and off, since graduating from college myself (for real, I was a 21-year-old teaching assistant in graduate school teaching people older than I was). In that time, I have had the opportunity to teach online and in person at both 2- and 4-year schools across the country. My students have ranged from 18-year-olds fresh out of high school to recent immigrants looking for a fresh start, to parents and grandparents starting Act 2 or 3 or 4 in life. The individuals who sit in our modern college classrooms and sign into online learning platforms in the 21st century are anything but “typical”, but they all have one thing in common – the need for more money to help relieve the burden of being there in the first place. Here are four expert tips I have picked up over the years on how you, too, can save money in order to make earning your degree a good financial move now and in the future.
What’s in a Name?
To many high school seniors, where you go to college is as important as if you go in the first place. From ivy leagues to Big 10 schools with great football traditions, the right environment for your major, your lifestyle and your dreams is certainly important. Unfortunately, not all returning adult students have such luxuries when it comes to choosing schools, which may end up working in their favor – financially at least.
According to data from the College Board, choosing the “right” school in terms of price tags can make a huge difference in terms of the overall cost of your education. Consider, the average community college student paid $3,450 in tuition and fees to attend school full time during the 2015-16 school year. By contrast, in-state 4-year college students paid nearly three times that, an average of $9,410 and even that is nothing compared to private school students who racked up a whopping $32,405 bill in tuition alone last year.
Tip 1
While “big” names matter when it comes to school, especially in particular fields of study, opting for lower-cost institutions, such as community colleges and state schools can save you tens of thousands of dollars over the course of your education. For adults who are less likely to work as many years as 18-22 year olds in their new fields, that cost savings can balance out any real or perceived bump in pay that a “premium” degree may provide.
Taxes, Taxes, Taxes (and How to Save Some)
For most young college students, the “savings” they generate by their mere presence in school is not their concern – it’s a benefit to their parents. However, as a returning student you can enjoy the same tuition tax credits, and then some, which can save you year over year in your college expenses and overall bills by lowering not just your adjusted income, but your total tax liability. Tax breaks that adult students should look into with the help of an accounting professional include:
- 529 College Savings accounts – they’re not just for the kids! You can put away up to $3,000 year year, tax-free to fund your education.
- Lifetime Learning Tax Credit – designed especially for adults returning to school, whether for a degree or simply to expand their minds and training, this program allows you to deduct up to 20% of your total college costs, up to a maximum of $2,000 off of your tax bill – that’s the bill, people, not your income. It’s like $2,000 in your pocket.
- American Opportunity Credit – a similar program to Lifetime Learning, this is another direct tax deduction that lowers your bill up to a total of $2,500. This program is only available to adults enrolled full time for their first bachelor’s degree, however.
- Childcare deductions – if you are a full-time student with dependent children and enrolled for at least 5 months of the year, there is a $50 per month claim for childcare expenses.
Tip 2
It’s important to think of college “savings” differently as an adult learner, particularly if you have another source of income. Look into tax credits and deductions to help alleviate the financial burden of your college expenses.
Military Matters
Most of use who stayed awake through U.S. history class remember the bit about the G.I. Bill, which was originally designed as a means to facilitate the education and reemployment of World Ward II veterans. In 2016, that bill looks a bit different, however, and it was even renamed when it was renewed to the Post-9/11 Veterans Educational Assistance Act of 2008.
This new G.I. Bill significantly expands the services of the original, specifically targeting veterans who have served since September 11, 2001. Not only does it provide 100% tuition assistance to any vet who has served three years post 9/11, it allows those who have served or sign a contract to serve for 10 or more years to transfer this benefit, in full, to their spouse or children.
Tip 3
If you, your spouse or parent are a military veteran or active duty and have served after September 11, 2001, look into the post-9/11 G.I. Bill and its benefits.
It’s the Little Things, Too
This final tidbit of advice comes from my years of experience in the classroom, on both sides of the desk. While these savings are not significant unto themselves (and actually apply to college students of all ages), taking the time to really consider every little “cost” of attending college and then working to reduce those costs works together to net huge savings. Think of it like “couponing for the college student.” Here are my top ways to save money on little expenses when attending college:
- Don’t buy your books right away. While it’s lovely to be prepared on Day 1, no instructor expects you to have your books and many may even reveal that you don’t really “need” them anyway. Alternately, they may have a system set up through the library, for example, that allows you to access book information without paying. Also, many departments require that instructors list a book even if they don’t “use” it in class or default to a common text if no alternative is offered. Others swap teachers’ schedules around last minute leading to the wrong listing for a section.
- Consider commuting costs. When calculating the “cost” to attend college, many people forget the real and implied costs of traveling to and from campus. Real costs include the price of gas and wear on your car and the price for a semester-long parking pass. There is also a time factor to consider. A half-hour commute each way “costs” you an hour each time you drive to and from campus. Therefore, condense your classes as much as possible and be willing to explore online options as a means to save money.
- Brown bag it. This is a common money-saving strategy for families and individuals on a budget, but many people who have never been on a college campus regularly fail to realize the sheer volume of temptations – from coffee shops to vending machines – around every corner that make this tip even more prudent when going to school. Do your wallet and your waistline a favor and plan ahead with a bagged lunch and snacks, bottle of water (or two) and even a to-go cup of coffee to reduce your likelihood to impulse purchase expensive junk food in between classes.
- Take advantage of free or reduced-price student services. If you don’t own a home computer or find WiFi costs prohibitive, you can probably get away with doing all your digital work on campus through their dedicated units and WiFi services (provided you have time to get there). Most campuses also offer students free access to a gym or fitness center and other local and corporate discounts by virtue of their enrollment. Look into these cost-savings options which can include low-cost software, car insurance or local restaurant discounts.
Tip 4
Like couponing to save money on groceries, the little things add up when you are trying to save money as a college student. From books to parking to gym access, be conscious about what you spend and what you gain as a result of your student status.