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Money Matters: Tips to set college students up for success

By Lindsey Certonio - Special to the Daily Herald | Aug 26, 2023

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College can be expensive, so it's important for students to make smart financial decisions to help reduce costs or earn extra money.

Did you know that in-state college and university students are spending a surprising average of $26,027 every academic year? Even more shocking is that if you choose to attend a private school, you can spend upward of $55,840.

It’s no secret that students struggle to put in additional shifts at work to compensate for the money they are spending. This is why it is important for students to make smart financial decisions along the way to achieving their degree.

As school is starting another year, there are several simple tips to help students stay on track financially. These include buying or renting used textbooks, taking advantage of student discounts, learning what options there are for paying tuition and earning a second income.

Buy and rent used textbooks

We know that there are many fees and expenses that come along with being a student, including buying textbooks. On average, a first-year student spends $1,226 on textbooks and supplies. There are many ways to cut down these costs, however, including buying and renting used textbooks. It is estimated that you can save 70% to 90% on books that have previously been used. Below are several sites you can use to find used textbooks:

Now you can study and save money with your new used textbooks. Plus, when you’re done, you can easily sell your books back, allowing you to recoup some of your investment while (hopefully!) retaining all the knowledge contained therein.

Take advantage of student discounts

Benefit from being in school by taking advantage of discounts at various restaurants, electronics stores, clothing boutiques and plenty of other places. Numerous businesses in college communities want to set younger generations up for success while attracting more customers, so they are often willing to reduce prices on their products and services. It’s a win-win for both parties involved.

Dealnews made a list of the best student discounts. Here are just a few of that stick out:

  • Up to $750 off Dell PCs.
  • 75% off a Hulu subscription.
  • $10 off your first Ubereats order.
  • 15% off apparel from Levi’s.
  • 15% off of Kind snacks.
  • Various discounts on Apple products.

With all of these discounts, why spend unnecessary money when you can simply show your student ID and save, giving you extra spending cash? Some of these offers may only be available at participating locations, so make sure to research your specific area.

Know your options for financial aid and scholarships

An astonishing $2 billion of federal grants goes unclaimed every year, and that’s not even taking into account all of the unclaimed scholarships. Therefore, it’s crucial to look into all the resources offered to students, such as grants, scholarships, subsidized and unsubsidized loans, and work study.

To get a head start on receiving financial aid, students should speak with their counselors. Counselors should be knowledgeable on what scholarships are available and can walk you through filling out a Free Application for Federal Student Aid (FAFSA).

Earn secondary income

Are you an expert on a certain subject? A great way to use your knowledge and earn extra funds is by being a tutor or a teacher’s assistant. Teachers and other students understand your busy schedule, so you won’t need to worry about explaining why you can’t work at certain times. In addition, tutoring can be fulfilling, knowing you’re helping a fellow classmate maintain their grades. Most teachers’ assistants can count on making an average of $30,000, while tutors can make an average of $42,727 per year.

By taking a few extra minutes to look into the options of used textbooks, student discounts and side jobs, you can become an expert at saving. Your counselors are there to support you through your journey, so don’t hesitate to reach out to them with any questions about financial aid.

Lindsey Certonio is a project manager at Stage Marketing, a full-service content marketing agency based in Provo.

Starting at $4.32/week.

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