These days, a college education is not exactly cheap. In fact, it’s more expensive than ever to attend a university in the United States.
While this is rather daunting, there are ways that parents of current (or future) college students can save money to help finance their education. Here are just three examples:
- Have your student apply for scholarships:
There are a lot of different scholarship opportunities out there, and often times the ones closest to home are overlooked. While there are larger national-level scholarships available, there are often scholarships available locally for students to apply for in order to help finance their college education. These local scholarships are also often less competitive than larger regional or national scholarships, so your odds of getting one are greater.
- Optimize your student’s meal plan:
When it comes to paying for your student’s meals on campus, make sure you’re not pouring money down the drain by having the wrong meal plan. If you find you are ending up with a lot of extra meals at the end of the term, you should consider changing to a plan with fewer meals (and likely a cheaper price tag!).
On the other hand, if your student doesn’t currently have a meal plan, or he or she has a plan that doesn’t include enough meals to last the whole term and they’re spending more on groceries or take-out than they would if they had a larger meal plan, scale up. Take a closer look at their budget (or what you’ve set for them) and if you find they are spending more money on outside meals than they would if they went for a larger meal plan, then consider upgrading to a meal plan that includes more meals per term.
- Use a cash-back credit card:
While you need to be careful that you keep your spending in check and not let it get out of control, when you do use a credit card you should make sure you use one that offers cash-back.
For example, the Upromise MasterCard® is a great example of such a card, allowing you to save money or directly help pay off your child’s student loans while you spend. With over 850 participating online stores, over 10,000 restaurants, and several major travel sites, you can get up to 10% cash back on your purchases through Upromise.com simply by using the Upromise MasterCard. There are a lot of necessary items that you’ll need to purchase for your student, and with hundreds of online retailers participating, there’s no reason not to get cash back on what you spend. Similarly, if your student lives far, you’ll want him or her to travel and visit during school breaks, and with several major travel sites participating, you can get cash back when you book your travel plans using the Upromise MasterCard. Further, you can get up to 2% cash back at certain department stores and movie theaters. Finally, you can get up to 1% cash back on any other purchase you make, therefore no matter what you spend your money on, you’ll be able to get a little bit back each time to help you finance your child’s college education. If you’re interested in learning more about the Upromise MasterCard, take a look at the infographic at the link below!
