With tuition fees at an all-time high, student life has never been more expensive. Along with having to spend hundreds of thousands of dollars on repaying student loans, those studying for a degree often have to live on a tight budget in order to ensure that they can meet other financial commitments, such as rent payments and bills. But, there is no need to succumb to a bad financial situation in order to earn your college degree. Here is some of our best money saving tips for students.
If you’re more interested in gaining your degree qualification than experiencing the ‘student life’, an online degree could be the perfect alternative for you. With online degree programs such as this online MHA program from the University of Cincinnati priced at around one-third cheaper on average, studying remotely from the comfort of your own home could be your ticket to making huge savings. And, it’s not just your tuition fees that you can enjoy making savings on. Studying for an online degree means that you don’t have to worry about spending money on gas or public transport.
Avoid Student Credit
Although it may be necessary to take out a student loan to finance your college degree program, avoiding other forms of credit such as a student overdraft, credit card or a personal loan can actually help to improve your financial situation. Although you may have to live on a tighter budget, once you have adapted to this, it’s much easier and far less stressful, as there will be no need to worry about getting out of your overdraft or ensuring that you can make the minimum payment to your credit card, for example.
Study Part Time
If you are thinking of studying for a college degree, but are worried about the amount of hours that you will need to commit, a part-time degree program could be the best option for you. Part-time study alternatives are usually available for both campus-based and online MHA degree programs. Although you can usually expect to graduate in around double the length of time, this option can be ideal for students who want to be able to work and earn an income as they study, rather than relying on borrowing money.
Start a Home-based Business
Today, it’s never been easier to start your own home-based business, even if you are a student! With so many different ways to make an income online with little to no start-up capital required, you could improve your income by finding something that you could do for money from home. For example, if you’re good at putting things down on paper, you could offer a freelance writing service. Or, why not start your own blog or video blog for other students, where you can make money from advertising useful products for sale.
Beat the rising cost of tuition fees and student living with these savvy strategies for student money saving! Do you have any handy tips that you’d like to add to this list? We’d love to hear from you in the comments.