Money Minute: 7 ways to save on college costs

Want to save on college? I’ll tell you how in this week’s Money Minute.

1. Graduate on time. Part of the reason college graduates are saddled with so much debt these days is that many are having a hard time graduating in four years. Fewer than one in five college students graduate within that time frame, and less than 60% of college students graduate within six years. One semester of school today costs more than $9,000. The longer you stay in school, the more it’s going to cost you.

2. Don’t waste money on new textbooks. If you’re wasting money on brand new textbooks, you’re doing this whole college thing wrong. Check out sites like Amazon, eBay or Chegg.com. Lots of stores also sell digital versions of books, which generally cost less. Your school might have a dedicated message board where students can buy and sell used books, too.

3. Go to a community college first. Who says you’ve got to go straight to a four-year school? Take core classes at an affordable community college and transfer later. The cost of a two-year public school for the 2014-15 academic year was just $3,347 -- 63% less than a traditional four-year public school.

4. Fill out the FAFSA every year. Yes, every year.  It’s the only way to get access to federal financial aid, including Pell Grants and federal work-study programs.

5. Don't leave your student ID at home. Name any business and chances are they offer some kind of student discount -- Amazon, Spotify, Apple, AT&T, Verizon, H&M, J. Crew,  museums, movie theaters, the list goes on! GiftCardGranny.com keeps a running tab on retailers that offer student rates, so check out their list here.

6. Skip the dorm. Think of all the cash you could save by living at home or renting an apartment with a few friends. (Average room and board for the 2014-15 academic year was nearly $10,000 at a four-year public college, according to the College Board.) While you’re comparing your options, keep in mind that living off-campus comes with extra costs like gas and utilities.  

7. Take A.P. classes. Many colleges offer course credit if you earn a high enough grade on A.P. class exams. The fewer college classes you have to take, the more likely you’ll be able to graduate on time. You can find a database of colleges that offer course credit for AP classes here.

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