6 Ways to Save Money While in College

As of 2023, the average American student loan debt was $37,338 for a bachelor's degree.

Throw on top of that the increasing cost of living (the cost of housing increased by 5.7% from February 2023 to February 2024), and it makes sense why students and parents/guardians are stressed!

The following tips will help you save money in college and keep your debt to a minimum if you are responsible for paying your college costs.

How to Save Money While in College

Here are our six tips on how to save money in college:

1. Become a resident assistant (RA)
2. Evaluate your meal plan
3. Earn college credit before attending college
4. Rent your college course textbooks
5. Explore opportunities to work on campus
6. Consider managing an athletic team at your university
7. The most important factor: your financial aid

1. Become a resident assistant (RA)

RA's assist students in the dorms and help students adjust to college life.

RA positions are competitive. Students must be at least a sophomore and have shown evidence of maturity and good judgment during freshman year. Speak to your RA during your freshman year for tips on how to be hired and save on your room and board charges.

2. Evaluate your meal plan

Do you grab a breakfast bar rather than eating a full breakfast each morning? If so, save money on your meal plan by only paying for 2 meals per day and purchasing a box of breakfast bars at the campus store each week. 

If you have access to transportation, consider purchasing some groceries from your local grocery store to save some cash.

3. Earn college credit before attending college

• Attend Community College: This involves taking classes at a community college (also known as Dual Enrollment, in some states) for one or two years before transferring to a four-year college where you will graduate. You can earn your general education credits at a fraction of the cost with this approach
• Dual College Credit: These classes are taken on your high school campus, and taught by high school teachers, but you pay the college to earn college credit
• Advanced Credit (AP): Enroll in an AP course at your high school and sign up to take the AP test to be held in May. Earn a 4 or 5 on the test (high of 5) to earn college credit to transfer to your college
  
• CLEP test - College Board offers you a chance to test out of a class with CLEP exams. The current cost is $95 plus your test center's administration fee per test. Search your college website to find out which classes they'll accept. Compare the list to your four-year major graduation plan and decide which test to take to save money and time. If your high school is small and does not offer AP or Dual College Credit courses, this is still an option for you to earn early college credit
  

4. Rent your college course textbooks

A few colleges offer independent book rental programs. These programs are a steal compared to purchasing all-new textbooks. Southeast Missouri State University is one example. They charge students $35+ tax per course, plus shipping. Multiplied by 4 years, this can mean huge savings!

If your college does not offer book rental, consider using Chegg or Addal, or purchase used books. Your university or local library may have some textbooks you can buy used or borrow.

You can also ask around and see if any students have already taken the courses on your schedule for the semester. They may be looking to sell their books!

Ensure you have the correct ISBN # on the back cover of the textbook to match the correct edition of the textbook. If you do not, the homework assignment page numbers will not match up correctly.

5. Explore opportunities to work on campus

Work Colleges Consortium features 8 colleges in the country where a student can save tuition money by working on campus. These are more intense programs compared to the federal work-study program on all college campuses.  

You can also reach out to your main point of contact at the university to see if they can connect you to job opportunities on campus.

Paid internships or summer jobs are another great option. That way, you may not have to take classes and work at the same time.

6. Consider managing an athletic team at your university

Last but not least, becoming a manager for an NCAA Division I athletic team may be something to aim for if it interests you. I mention this because I had a past student earn a full scholarship as a manager. This will be very time-consuming, so it should be something that you're very interested in!

7. The most important factor: your financial aid

The best way to prepare for college debt is to choose a college financial aid package where you do not have to take out a private loan or a Parent PLUS loan. Attend a college that is in your price range.

Use the above tips to keep college costs as low as possible, and save money while in college.

"Live like a college student while you are in college, so you don't have to as an adult." 

This article was originally published on February 4, 2020. It was updated on July 31, 2024 for accuracy and comprehensiveness.