How To Pay for College

How To Pay for College: 8 Strategies To Fund Your Degree

While college is an important step for those wanting to work in specific fields or continue their education, paying for it can seem daunting. With costs like room and board, tuition, and other recurring expenses, how can students fund their education without stressing about money throughout the year?

If you've been worried about how you'll fund your higher education, don't fret. We've compiled the most common college expenses and tips for covering them. This doesn't have to be an anxiety-inducing process; just use this blog as your guide as you gear up to start your freshman year.

Typical College Expenses: What To Expect

The cost of attendance refers to the added total of college tuition and fees, books and supplies, and room and board for students living on campus. While you'll still have to fund other expenses like transportation and daily living expenses, that's not calculated into the cost of attendance.

However, you'll be responsible for several items, from obvious things like tuition and housing to more obscure ones like laundry and parking. It's helpful to know what costs you can expect during a year at university, so no price tags cause alarm or catch you off guard:

Tuition

The most prominent and unavoidable expense as a college student is your tuition. To attend classes, you must pay per semester for your time, with the total being whatever your university's price is in relation to your unique situation—whether you're coming from in-state or attending a private vs. public school or community college. Tuition fluctuates year over year, following trends in demand, financial aid provisions, state funding, cost of administration, and student amenities packages.

Student Fees

This broad category encompasses any additional charges that students pay to a school outside of tuition and matriculation fees to gain college credit. It can include the application costs, as some universities have students pay this one-time price for sending in their applications. Additionally, you may be responsible for a graduation and library fee, covering costs associated with graduation like caps and gowns and charges to use the school library.

Room and Board

While you may not live on campus for all four years of school, you'll probably live in student housing for at least one of them. The price of room and board will change based on the type of housing you select—whether suite, dorm, or apartment-style. Generally, dorms are the least expensive option, and suites and apartments are on the more expensive end.

The “board” part of this expense refers to the price of eating in the dining hall or using dining dollars for surrounding restaurants and markets. Some schools require freshmen and sophomores to have more extensive meal plans, as they're more likely to be living in a dorm without a way to make food. Upper-classmen or graduate students can have meal plans, but they may be more flexible since many have access to kitchens.

Meals

Room and board are often lumped together, speaking to both the housing and meal plan. However, plans may not cover every meal, meaning you may be responsible for food throughout the week. This expense will completely depend on what type of meal plan you have through your room and board, fluctuating between one or two meals a week or several a day. It can be helpful for you to set aside a separate fund for dining, so you're always prepared to eat off-campus when necessary. This can ensure you're less stressed about money and are getting the necessary nutrients to stay energized and alert.

Textbooks and Supplies

College textbooks are generally more expensive than your average reading material. You have a few options on where to purchase these items from: your university's bookstore, online sites, other students, and more.

What supplies you'll need will depend on your class load and major. Some of the most useful supplies to have include:

• A laptop or tablet
• A flash drive
• A student planner
• Notebooks
• Industry-standard software
• A scientific calculator

Public Transportation

If you don't have a personal vehicle or desire to save money on gas and parking, taking public transit is a great option—especially if your university is close to a bus or train stop. To help offset this, some universities have free or discounted public transportation passes for students. At Massachusetts College of Pharmacy and Health Sciences (MCPHS), students can receive discounted education rates through the MBTA Pass Program.

Personal Vehicle and Parking

If you do have a personal vehicle and want to have the freedom to drive to and from classes, then there will be a few expenses you must cover. First is gas, which will ultimately depend on where you're located and how often you're driving.

Travel

Many students will choose to go on fall or spring break trips with friends or fly home for holidays if they're attending an out-of-state college. If those are habits you see yourself starting in college, you'll have to pay for plane tickets, gas, and other associated costs.

Clothing

You probably already have enough clothes to attend college. However, if you're hoping to purchase newer articles or are investing in professional clothing for internships and jobs, you'll need to set aside part of your budget. To reduce spending in this category, try buying staple pieces that can be worn all year round and won't go out of style. This could include neutral shirts and pants, a nice jacket for job interviews, and dress shoes.

Entertainment

It might not seem like much, but music streaming services, TV subscriptions, movie theater tickets, and more can add up. While it's good to get a break from school and do something fun, you should definitely plan for your entertainment costs, so the bills don't take you by surprise at the end of each month.

Health and Wellness

Your health matters, especially when you're trying to gain college credit, finish classwork, and keep up with friends and on-campus activities. One common expense that you should know about is anything that falls under health and wellness, like a gym membership, doctor's appointments, counseling, and more. Many universities have on-campus gyms and health clinics that you can access for a reduced price, so take advantage of these if you can.

Laundry

Lastly, laundry is an unfun but necessary college cost. Depending on the type of student housing you plan to live in, you may have access to free or inexpensive laundry services. However, if you don't, you'll have to bring your clothing to a laundromat, which can add up over time.

How To Pay for College

So, how do you actually go about paying for college expenses? While it may seem nerve-wracking, people do it every single year—and you can too! Here are some steps to follow as you look into how to fund your higher education:

Fill Out and Submit the FAFSA 

First things first, you should fill out the Free Application for Federal Student Aid (FAFSA), one of the most important steps you can take to pay for college. It determines your eligibility for federal financial aid, including grants, scholarships, work-study opportunities, and student loans. Even if you think you won't qualify for a scholarship, submitting this application ensures you access to potential state and institutional assistance. It's free, quick to complete, and essential for unlocking the financial resources you may need.

Apply for Scholarships and Grants

These are a top way to reduce the cost of college because, unlike loans, they don't need to be repaid. You can actively search for scholarships through your university's website, local organizations, and national databases. Federal grants, often awarded based on financial need, are also available through federal and state programs. Many private companies, nonprofits, and community groups offer college scholarships, making it worth the effort to apply to as many as possible.

Choose Schools That Offer Financial Aid

Not every university offers financial aid, so selecting a college that does can significantly lower your overall cost of attendance. Look for a school that prioritizes need-based aid or merit-based scholarships to help students afford tuition. Many institutions are committed to meeting a high percentage of demonstrated financial need, ensuring you won't have to rely as heavily on loans or out-of-pocket expenses.

Get a Work-Study Job

Work-study programs do exactly what the name suggests: offer college students the ability to earn money to cover education-related expenses while gaining valuable working experience. Through these programs, students can work part-time on or off campus, doing jobs that align with their area of study. This provides critical student aid and helps you build your resume for after you graduate.

Work for an Employer That Pays for Your College

Some employers offer tuition reimbursement or assistance programs to help you pay for college. This can be a great way to balance work and education, allowing you to earn money while covering tuition costs. Many companies, especially in industries like retail and healthcare, partner with educational institutions or provide direct college financial aid for employees pursuing degrees.

Take Out Federal Loans if You Need To

If scholarships, grants, and savings aren't enough, federal student loans can help fill the gap. These loans often come with lower interest rates and have a more flexible repayment option than a private student loan. Before borrowing, ensure that you only take what you need and understand the terms of your loan, including interest rates and schedules. Federal loans offer borrower protections, such as income-driven repayment plans and loan forgiveness programs, which can make paying them back more manageable.

Create a College Savings Plan

Even while you're in high school, you and your family can start preparing for expenses. While you can easily set aside money in a savings account, a college-specific option may better serve you. A 529 plan, for instance, allows adults to save for college—either for themselves or their children. This plan offers tax benefits, meaning the investment earnings from the account grow free of federal taxes because the person funding the account pays taxes on the money before it's contributed.

Build a Budget

It can also be beneficial to build a college budget to follow once you're in school. Here's how:

1. Identify your total income: First, you should break down your total income, including financial contributions from family members, financial aid, refunds from your financial aid office, and recurring paychecks from your job (if you plan to keep it during school).
2. Categorize your expenses: Look at all the things you spend money on—or the items you plan to, like the common expenses listed above. Categorize these costs as either a necessity or a want, and determine how much you'll designate for each group.
3. Compare spending vs. saving: Add all your expenses together and subtract them from your total income. Does it come out to a negative number? That means you're spending more than you're making.
4. Find areas to cut: Go through your expenses and see what items you can adjust or cut. This would mainly focus on the “wants” categories, like movies, coffee, and eating out.

Tips for Saving Money

Want even more help with reducing the cost of college? Don't sweat it! We've compiled some useful tips and tricks to follow to make your bills more manageable:

• Avoid paying full price for textbooks: If there's a way to buy used or digital class materials, do it. You can also buy recently used books from other classmates if they have the same version that you need.
• Buy inexpensive food when possible: While dorms don't have a ton of refrigerator or storage space, try storing easy and inexpensive food items like bread, peanut butter, crackers, granola bars, and more. This can make eating outside of meal plans much more cost-effective.
• Take advantage of student discounts: Some stores or restaurants will provide you with special discounts or coupons with your student identification card or email. There are lots of websites that provide lists of stores and restaurants that have reduced offers for students.
• Thrift professional clothes: Local and chain thrift stores are full of lightly used clothing items you can use for job interviews and internships. Rather than purchasing a full new wardrobe brand new, try and find pieces for less.
• Use campus resources and events: Alleviate some of the financial pressures of college by looking into your university's free or discounted resources. This could include free public transit passes, on-campus shuttles, bike rental services, laptop rentals, and more.
• Apply for college financial aid: The best way to reduce your college expenses is with federal financial aid, local scholarships, and direct subsidized loans. And after you graduate, you can utilize student loan refinancing to potentially receive a better interest rate or term.
• Look into a student loan forgiveness program: If you end up taking on student loan debt, some employers will offer a student loan forgiveness program after you get hired.

MCPHS: Making College Accessible to All

At MCPHS, we know how vital it is to offer an affordable education. That's why we have several financial assistance resources available to current and incoming students. Learn about our financial aid for undergraduate and graduate programs today, so nothing holds you back from getting the best college education possible.

Apply to MCPHS to take your first step toward your dream career.