If you’ve read this book by Robert Kiyosaki, “Rich Dad, Poor Dad,” you’ll realize that getting a college education, securing a 9-to-5 job and then climbing the corporate ladder isn’t the most efficient way to get rich.
However, this does not mean that college education has become cheaper, just that the rat race is no longer in vogue among the younger generation. In fact, it costs a decent amount of money that requires financial planning right from the birth of the baby.
Between the costs of tuition, books, room and board, and school service fees, the total bill can add up quickly. However, there are ways to lower or even free tuition for your college education.
Aim for scholarships
This is obvious but you would be surprised that many students do not apply for scholarships. There are many scholarships available and although good grades are essential, you don’t need to be the valedictorian of your class. Check with your high school counselor or college academic advisor for application criteria.
Get free tuition fees
Some states offer free tuition to outstanding students from low-income families so that they can attend college. In New Jersey, you may qualify for a free tuition at your community college if you are in the top twenty percent of your high school class. Just do some research online and see what’s available.
As of 2008, Stanford University no longer charges tuition for students whose parents earn less than $100,000 per year. In addition, all room and board fees will be waived for students whose families earn less than $60,000 per year. The program also eliminates the need for student loans.
In 2008, MIT also announced plans to offer free tuition to those whose families earn less than $75,000 a year.
Other ways to get free tuition fees include:
1. Employee benefits
Human resources are one of the most important assets in a company and therefore, a lot of employers focus on retraining and upgrading the skills of their workers to become more productive and gain a competitive advantage.
If you want to improve your education, there is usually partial to full compensation, especially for classes related to your job description.
To qualify, you will usually need to have a passing grade of at least a “C”. Check with your employer for the terms of any tuition reimbursement policy.
For school employees (at colleges and universities), there are usually perks such as reduced or free tuition. In some cases this extends to immediate family members. This can be an added incentive to work as a volunteer assistant at the college for your children.
2. GI Veterans
If you are a veteran of the United States Army, you may qualify for a free education that includes college courses, job training, certification exams, and much more.
3. Test out class
This means that you take an exam outside of class which is usually cheaper (about a third) than paying for the entire class. However, you must possess an in-depth knowledge of the subject and it is up to the college’s discretion. You have to impress them with your resume and your reasons.
Getting a free education is not an impossible task. There are options out there, but it’s all about creativity, being proactive, and persevering. To save the hefty $25,000 to $80,000 cost, I think it’s a good idea to put in the effort though.
