These 5 Strategies Can Reduce College Costs

College debt is a hot topic, and for good reason. As of 2023, more than half of all students left college in debt. For New Jersey students, the average debt was $35,202. These students joined the ranks of 44 million borrowers who collectively owe $1.75 trillion in education debt, according to statistics by Forbes. A few strategies can help students avoid drowning in college debt:  

1) Students should consider the cost of attending academically comparable colleges.  While The College of New Jersey (TCNJ), Villanova, Drexel, and St. Joseph’s are all highly regarded schools in relatively close geographic proximity to each other, the cost of attending each may vary dramatically. New Jersey students get “in-state” tuition at TCNJ, which is currently $17,980. Tuition (not including room and board) is $64,906 at Villanova, $60,663 at Drexel, and $51,340 at St. Joseph’s. Of course, students may receive “merit scholarships” that vary greatly.  

2) Students should avoid starting college “undecided” because, once they have chosen a major, they may find that many of their previous courses do not fulfill requirements of their field. Thus, they need to take additional courses, often delaying graduation and adding to their college cost. Also, undecided students miss out on the opportunity to apply for scholarships offered to students in particular fields. For example, hundreds of scholarships are available to students seeking an education in STEM fields. 

3) Students should seek part-time jobs with companies that offer tuition reimbursement. Chipotle and McDonald’s offer up to $5,250 a year to eligible part-time workers. Starbucks will cover the full tuition for employees enrolled in Arizona State University’s online program. Other companies that offer some type of tuition reimbursement include Amazon, Apple, Best Buy, Papa John’s, Pizza Hut, Taco Bell, UPS, and Walmart.

4) Students should search for scholarships starting with “Scholly,” the #1 college scholarship application in the world, featured on the ABC-TV hit show “Shark Tank.”  To date, it has awarded more than $100 million in scholarships. Students can download the free mobile app in the Apple App store or Google Play Store.  Upon answering a series of basic questions, students are presented with a list of best fit scholarships.  

5) Students should focus on their GPA and SAT scores.  At many colleges, the amount of scholarship money awarded is based somewhat on high school grades, and to a greater extent on SAT scores.  By carefully preparing for the SAT and taking it several times to get the best possible scores, students can maximize their merit award which is typically renewed for the next three years. (Thus, a $10,000 award turns into $40,000.) This is frequently the easiest way for students to minimize their student debt.

Susan Alaimo is the founder & director of Collegebound Review, offering PSAT/SAT^® preparation & private college advising by Ivy League educated instructors. Visit CollegeboundReview.com or call 908-369-5362