Talk to an advisor (9 AM-9 PM EST): 866-442-6062

Talk to an advisor (9 AM-9 PM EST): 866-925-2803

In the game of  

college finances

 , average just won't cut it. If you want to make it past your freshman year without owing your life (and possibly organs), check out these money-saving strategies.

Be Prepared
Your freshman finances will be determined by how well you prepare. "Work with your parents to develop a paying-for-College strategy that fits your family's financial strengths and capabilities," states Jim Belvin, financial aid director for Duke University (Durham, NC). Create a budget, including how much college will cost (estimate $10,000 per year for in-state tuition and board, and $20,000 for out-of-state), what you've saved, planned savings, and how much financial aid you'll need. The free online calculator offered at FinAid.org can help.

Now think dollars and sense. An after-school, weekend, or summer job will put Cash in your pocket, while a savings account or mutual fund will give you returns on funds saved. "Instead of blowing the money I was making in high school, I could have begun putting a little aside with every check," says Christopher Hummer, a junior at the University of Cincinnati (Cincinnati, OH). "Now, I place 10 percent of my income into my savings account no matter how piddly my paycheck is."

If you plan far enough in advance, a 529 Pre-Paid Tuition Plan will allow you to purchase credits for member colleges at today's rates, without having to pay tuition inflation.

Start Now!
"No time is too soon to begin planning for college financing," says Brandon Rogers, author of Ten Things You Gotta Know About Paying For College (Spark-Notes, June 2005). "The biggest mistake freshmen make is waiting too long to complete their financial aid paperwork."

Well, what are you waiting for? Students are eligible for scholarships and grants as early as the tenth grade (free searches are available at www.finaid.org and www.students.gov). While you're waiting to hear back, shop around for the best rates on student loans.

To qualify for government aid, get your hands on a Free Application for Federal Student Aid (available at www.fafsa.ed.gov), and mark the January 31 of senior year Deadline on your calendar.

Take advantage of informational events and workshops like College Goal Sunday, which provide on-site counseling and FAFSA assistance to make sorting through the mountain of paperwork easier. To find an event nearest you, check out the official Federal Student Aid Web site at Studentaid.ed.gov.

"Finally, consider creative options for earning your degree," recommends Rogers. "Attend a community or technical college for your first two years at a lower tuition rate, and be sure and transfer in as many credits as you possibly can through things like testing and internships."

Earn While You Learn
On-campus jobs, paid internships, work/study programs, and co-ops can all help subsidize your degree while you get credit. "Students should save as much as they can prior to enrolling, and plan on working while in school," states Belvin. "Plan ahead, watch your expenses, get a job, and be willing to borrow judicially." A great place to inquire about the kinds of work programs your school offers is the financial aid office.

Another option is to maximize your money and minimize your stuff. Online auctions like eBay offer a fantastic way to get the things you need at a discount, and sell the things you don't without ever leaving the dorm.

Cut Corners
"The term 'starving students' was coined for a reason. You are at school to learn," says Aaron Page, a sophomore at Virginia Commonwealth University (Richmond, VA).

Living simply and within a planned budget is the key to avoiding debt. Take advantage of what your own campus offers. On-campus housing and meal plans are almost always less expensive than their off-campus counterparts. "If you get involved with school activities, sometimes you will get school benefits," says State University of New York College of Environmental Science and Forestry (Syracuse, NY) sophomore Megan Bowman. "My friend was an orientation leader and I was a chemistry tutor; we both got 10 percent off at the bookstore."

Student discounts will save you cash on everything from concert tickets to airfare, while sharing textbooks or supplies with a friend will cut your costs in half. "You have to learn to stretch your money. Brand names mean nothing when it comes to food and clothing," states Christopher. "You don't need to buy expensive, trendy school supplies. Learn to buy only what is necessary."

Mind the Pitfalls
Overpaying may be the easiest trap of all to avoid. By Choosing a College that's within your financial means, you can prevent the debt monster from growing too big to handle.

Also, remember that getting aid is only part of the battle -- keeping it is the other. To make sure your financial aid flow doesn't run dry, stay on top of assignments and long-term projects. "Focus on your academics," advises Rogers. "Every time you consider skipping out on a class, remember how much you're paying for that wasted time."

Perhaps the biggest threat to freshman bank accounts is plastic. According to a study conducted by Dr. Robert D. Manning, author of Credit card Nation (Basic Books, 2001), the average student doubles their credit card debt between freshman and senior year. "It's okay to use a credit card for emergencies, but emergencies rarely happen at the mall," warns Cheri Marks, financial aid administrative associate at the University of Missouri-Columbia. "And, never pay to receive money," she says. "There are plenty of free scholarship searches available to students."

For every program designed to find student aid, there's another created to take it. Scholarship and consultation scams charge hefty fees for finding nonexistent college dollars.

Paying for college has never been easy, but that doesn't mean it's impossible. With some careful planning and a little moderation, who knows? You may make it past freshman year with your bank account and limbs intact.

Additional facts:
The average college freshman:

• owes $16,000-$20,000 upon leaving college.


• paid an average of $965 more for tuition in 2004-2005 than students did in 2003-2004.


• has two to three Credit Cards and more than $2,000 in credit card debt.

Christina Couch is a frequent contributor to The CollegeBound Network. Learn more about finding a school that's right for you.

Sound Off! Post Your Comments