Paying for College

College can make you appreciate you went and live better, or make you regret all the spending you did and make life tough. You can decide how your future might be by the spending choices you make with your loans.

College Costs

Many people run off to college unprepared for the amount of expense that they will incur during their education. Following are scenarios and alternatives for how to minimize the expenses of getting college educated.

Living in Dorms or an Apartment

• The "Fun" Way: $400/month to share a dorm room with 1 other person, or for a studio apartment plus utilities. Total for 4 years: $25,000+
• The Alternative: Live at home or with family close to the school of choice. Total for 4 years: $0.

College Food

• The "Fun" Way: Eat delivered pizza, buy beer for parties, and eat fast food between classes. Total for 4 years: $9,000+
• The Alternative: Learn to live and eat like a settled adult: prepare your own meals at home, buy groceries from the store, let someone else buy the beer for parties and eat out only rarely. Pack snacks to eat between classes. Total for 4 years: $5,000

Social Life

• The "Fun" Way: Join a sorority or fraternity. Pay dues, go to parties, dances and outings out of requirement or obligation. Total for 4 years: $10,000
• The Alternative: Join some of the MANY clubs on campus where people with interests similar to yours gather together regularly. No obligation to attend events and dues, if any, are minimal. Total for 4 years: $1,000

Books and Materials

• The "Fun" Way: Buy your books and school supplies new and at the campus bookstore, which is almost guaranteed to charge more for everything compared to other places. Total for 4 years: $5,000
• The Alternative: Check out the used bookstore outlet likely near campus or shop online for your books, and buy your supplies at a store like Wal-Mart or Target. Total for 4 years: $2,000

As you can see, you don't have to do things the same old standard way. The same old standard or "fun" way that many of your classmates might follow is a sure way to end up with tens of thousands of dollars more debt by the time you graduate. Alternatively, by shopping wisely and planning ahead for your many expenses on your journey through higher education, you can come out not only as well-educated as your classmates, but wealthier than them as well. When you decide to get your college loan, make sure you are making the right choices.