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Home > About Us > Initiatives > Higher Education Financial Capability Week > Tips for Lowering the Cost of Higher Education

 

Tips for Lowering the Cost of Higher Education


 

College tuition has increased at more than twice the rate of inflation over the past several decades, and student debt has increased dramatically, both in terms of number of students with loans and how much they borrow. Here are some strategies for lowering the cost of higher education and reducing student debt.

Start early

Set up college savings accounts for your children at a young age and watch them grow! And check out the Minnesota College Savings Plan, a qualified tuition program where earnings are tax-free while invested and tax exempt when withdrawn for qualified higher education expenses.

Do the right things in high school and leading up to postsecondary education:

Don't let "sticker shock" discourage you from applying to a school:

Borrow responsibly:

While in school, consider the following money-saving options:

  • Live at home
  • Start at a 2-year college
  • Buy used textbooks whenever possible
  • Live like a student
  • Don't work too much (sometimes it makes more sense to take out a loan if it allows you to graduate sooner)
  • Carry a full load of credits as much as possible
  • Attend summer school to get ahead
  • Consult academic advisors for advice

For much more information on preparing and paying for college, visit getreadyforcollege.org