Manage Your Expenses and Maximize the ROI on Your College Degree
Thursday, December 21, 2017, 6:00 AM | Leave Comment
If you have a typical bachelor’s degree, you can expect to earn about 66% more during a 40-year long working career than a high school graduate over the same period of time.
Everyone may be telling you that going to college will open many doors for you, so you must or need to go to college, and they are probably right.
When your parents or school advisors tell you that you’ll be left behind in terms of lifetime earnings and career opportunities, they’re not just trying to hype you up.
Manage your expenses and maximize the ROI on your college degree
Facing the upfront college tuition costs may seem daunting, because more than half of students that graduate from 4-year universities and colleges are left with an average student loan debt of over $20,000.
It’s an overwhelming amount of debt which initially overshadows any extra money you make by obtaining your degree. However, you should know that things don’t have to be this way, because you can save money while in college.
Here is how you can improve your ROI (return on investment) for college.
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Knock down the cost of college education
How can you lower your college tuition cost? It’s simple math – attend a college with lower fees and tuition.
First, search for any scholarships and grants you are eligible for. When you apply for Federal Financial Aid, your preferred colleges receive your financial aid eligibility scores, and you’ll be provided with all the financial aid options at each institution you apply to. These grants are basically free money that shouldn’t be left unused, because it can make a huge impact on your ROI.
On the other hand, if you have to take out a student loan, try to find ways to pay interest while still in school. You’re not obligated to pay your student loan while still in school, but if you make partial payments, you’ll owe less after you graduate.
Offering your knowledge and skills is one of the ways to earn extra money during your college period. You can get involved with a local business community or one of many online communities, such as Thinkswap student community, where you can get paid for your efforts.
Note taking and note making processes can benefit you in two ways: you make money, but work on your own course material and academic progress at the same time.
By transferring your college courses for credit at a later date, you can take the basic first-year courses for very low costs (due to the partnership between online colleges and universities).
Also, reduce the number of semesters you need to attend college by taking AP (Advanced Placement) courses, passing CLEP exams, or taking Prior Learning Assessments (PLA).
The fewer semesters it takes you to graduate, the quicker you’ll start earning, which will maximize your ROI.
Knock down the cost of college education
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Financial aid can provide you with better ROI
When students look at the published rate of fees and tuition, they assume that the overall cost of their preferred college is beyond their budget.
However, that’s what you’re ultimately obligated to pay, and what really matters is the cost after financial aid.
Grants awarded to you make a big difference, because they’ll always win over student loans. Financial aid, scholarships and grants don’t have to be paid back, which isn’t the case with loans.
Financial aid can provide you with better ROI
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Earn your degree
ROI percentages are influenced by graduation rates. Unlike high school graduates, college graduates make much more money during over the course of a lifetime.
When enrolling into college, be sure to pick a program that suits your needs and that you’re sure you can finish, because in case you don’t graduate, you’ll pick up the debt, leaving the benefits behind. Do your best to graduate on time and justify your education investments.
Earn your degree – Photo by maura24
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Earn more after graduation
Your after-graduation income is the biggest factor affecting your return on investment. What bachelor or associate degree you obtain and what field/industry you enter upon graduation can make an enormous difference in salary earned.
If you want to maximize the return on investment on your college degree, you need to minimize expenses (college tuition and fees). In order to achieve this, you need to be well informed and make smart choices upfront.
When you have bills that have to be paid, while the only thing reassuring you that going to college is the right choice are potential income gains, it will be hard not to lose perspective, which is where careful planning comes in.
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