Tips for Choosing the Right College Like an Investor
We’re so excited to announce our guest blogger from Frank, Kelsey O’Malley! Frank helps students get all the financial aid they deserve and making your dream school affordable. Learn more about how Frank can help make college affordable for you!
With the cost of college being so high, prospective students need to be sure going to college makes ‘dollars & cents’. College is a good investment, especially in this era where more companies are requiring that their employees have some kind of college level education. Use the tips mentioned below to choose the right college like an investor.
Choose the Type of College
Public in-state and out-of-state schools differ in cost, however private schools usually cost the same for both in and out of state students. It’s important you choose the type of college, because choosing to attend a slightly more expensive public school can result in a higher income return than choosing a private school. Keep in mind that public schools are subsidized and therefore cheaper.
Compare Financial Aid Packages
Each school no matter the type of school has different financial endowments. Financial endowment is money donated to colleges and universities. School use this money to provide grants and/or scholarships to their student which eventually results in financial aid packages. In most cases, if a school has a high financial endowment, it will provide better financial aid packages to its students. Financial aid packages consist of federal grants and/or loans, work-study, and grants/scholarships from the school. It’s important you compare each financial aid package because if you really want to attend a school you can contact their financial aid office and inform them that some school wants to give you a certain amount of money, and they might offer you more money. You’re basically going to plead your case and even appeal it if necessary.
Research Each School’s Job Connections
Most schools across the nation offer their students co-op, volunteer, internship experience and much more. Before choosing a school, make sure the school you choose provides decent networking experience to its students. For many students their first job out of college, is the internship or co-op they had in college. For more information about student opportunities, go to your school’s student employment website.
Be Aware of Debt
On average, 68% of bachelor’s degree recipients graduate with student loan debt. Students should keep track of their loans while in college. A smart way to lower your student loan debt is by paying your interest rate while in school. The interest rate varies depending on whether you taking private or federal loans.
Create and Maintain an Emergency Fund
Investor usually have an emergency fund in case something goes south. As a college student you should have some money set aside in case you need it for an emergency. If you are going away for college an emergency fund can come in handy especially since your parents won’t be with you. The easiest way to save some money is by opening a student saving account. A student saving account will come with little to no fees. Discover offers savings account for students with no opening deposit or monthly fees.
Take Advantage of All the Free Resources
Every school provides resources at no charge. These resources consist of free career fairs, tutoring, gym, etc.Throughout the year be aware of any school events and announcements since these tend to be free or low-price. School events help students meet new people and step out of their comfort zone.
Begin Your College Career With A Major
Even if you end up changing your major, knowing what you want to major in can save you tons of many. Students who constantly change majors spend a bunch of money taking random classes. Each class has a fee and changing classes and majors can cause you to pay more money to obtain tuition than other students. Changing majors can lead to graduating later than expected which means you will have to spend more money on housing, transportation, tuition, etc.
Originally from Boston, I’ve found my home in the Big Apple! I studied communications at NYU, and am now living out my dreams. I’m currently a blogger, writer and social media guru at Frank. When I’m not brunching on the weekends with friends, I also enjoy yoga in Central Park (If I’m caught up on my latest Netflix binge)