Cost-Saving Strategies

Video Series 2

Part 1 of 6

In the first video, we discussed why careful planning and research are essential to helping you make decisions about your education. 

As part of that research, you will need to weigh the costs of a higher education and consider if it will bring you the return you want on your investment. You will also need to consider how you will pay for your education.

*** Play the video and then take the knowledge review. ***
Part 1: Knowledge Review
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Cost Saving Strategies Review 1

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What are practical strategies to save money on your education?

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Part 2 of 6

If possible, live at home while you get your education. Room and board or rent significantly increase your education costs. If you live on campus, the cost of your education can nearly double. Many students want the experience of living on campus, but the more debt you take on, the longer you will need to delay your goals.
Part 2: Knowledge Review
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Cost Saving Strategies Review 2

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It’s okay to take all the time you need, borrow more than you need, and not a big deal if you don’t finish your degree.

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Part 3 of 6

No matter how many cost-saving measures you take or strategies you use, your education will still be a financial investment. Because of the costs associated with higher education, most students need to seek some financial assistance. This process begins by filling out the Free Application for Federal Student Aid form, more commonly known as the FAFSA.
Part 3: Knowledge Review
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Cost Saving Strategies Review 3

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The FAFSA has a small fee but you only need to fill it out once.

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Part 4 of 6

In addition to your FAFSA, you will need to complete an application for each college you are interested in attending. You may need to pay an application fee, which can range anywhere from around $25 all the way up to $90, the costs can quickly add up.

You can ask for an application fee waiver, should the university or college offer one.
Part 4: Knowledge Review
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Cost Saving Strategies Review 4

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What is College Application Week?

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Credit is a factor in determining loan eligibility for federal student loans.

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You do not have to pay interest on subsidized student loans while you are enrolled at least half-time as a student.

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After you graduate, when do you have to start repaying your student loans?

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Your credit score determines the interest rate for government and private student loans.

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Part 5 of 6

The college or university where you attend may also offer you aid through the work-study program. This means you must work at the college or university in the positions they have available to get this aid.  

Grants are considered gifts and do not have to be repaid. Colleges and universities raise funds for scholarships to help cover the cost of the education. 
Part 5: Knowledge Review
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Cost Saving Strategies Review 5

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Some grants are essentially the same as loans and have to be repaid.

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Part 6 of 6

Once you know what assistance is available to you, it’s time to work with your financial aid advisor to zero in what you need. You will need to pay for tuition, books, and room and board, if you are opting to live on campus. You will also need to account for any fees, special equipment, or tools necessary for your coursework, too. 
Part 6: Knowledge Review
17

Cost Saving Strategies Review 6

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The following expenses are good uses of student loan money (check all that apply)

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Go to Video Series 3: Budgeting

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This project is supported by a grant from the South Dakota Community Foundation and was produced in partnership with Consumer Credit Counseling Service of the Black Hills, South Dakota Statewide Family Engagement Center, and the Career Learning Center of the Black Hills, a division of BHSSC Black Hills Special Services Cooperative.  

No part of this program may be reproduced or transmitted in any form by any means electronic or mechanical including photocopying, recording or by any information storage and retrieval system except by a reviewer who may quote a brief passage to be printed in a magazine newspaper, or on the internet without the permission in writing from the developers.

Although the developers of this program made every effort to ensure the accuracy and completeness of the information contained in these videos, we make no representation or warranties with respect to the accuracy or completeness of the contents of the program and specifically assume no responsibility for errors, inaccuracies, omissions, or agency herein. You should consult a professional where appropriate.