Not Awarded Enough Aid? 4 Effective Ways to Cut Your College Costs

With the cost of college increasing, financial aid is a critical part of how many families pay for it.

However, it’s a limited resource and schools only have so much to spread around, so unfortunately, not everyone is awarded enough aid to cover all their college costs. If you find yourself in that situation, remember that you still have options to get the money you need for your tuition—like scholarships and private student loans. There are also some costs you may be able to reduce. Here are four ways to cut your college expenses to make your financial aid package work for you.

1. Consider In-state Schools

If your dream school is out of state and out of your budget, you may have to compromise. Attending a public, in-state school will often save you in the long run. That was the case for New Jersey mom Deborah Caldwell. Her son’s dream school was the University of Wisconsin. At that time, a year of school would cost $48,000 but he was awarded only $5,500 in aid. He ended up going to Rutgers University in his home state—and paying $26,000 a year instead.

2. Rethink Housing

College finance consultant Shannon Vasconcelos recommends carefully reviewing your housing decisions before making a financial commitment. If you’re going to a school within commuting distance from your parents’ house, living at home could save you thousands of dollars. If your school of choice is too far away to live at home, take a hard look at your housing options: Can you rent an off-campus apartment with roommates? Can you live on your own further off-campus?

3. Assess Your Dining Plan

Sometimes cooking your own food can be cheaper (and often healthier) than frequenting the dining hall for all of your meals. Vasconcelos says examining your meal plan is a good way to cut costs. “The default option in many schools is three meals a day at the dining hall,” she explains, “but if you’re never awake on time for breakfast, maybe two meals a day is a better plan for you.” Some schools will also let you change your meal plan during the first week or so of school, so you may be able to adjust once you get to campus—just don’t miss the deadline.

4. Stay on Your Parents’ Health Insurance

Legally, you can stay on your parents’ health insurance plan until you turn 26—even if you don’t live with them and they don’t claim you as a dependent on their tax returns. Vasconcelos says to double-check that you’ve opted out of your college’s health insurance plan to make sure you’re not paying for it if you don’t need it. Before you waive your college’s coverage, however, check with your parents’ health insurance provider to make sure you have in-network healthcare facilities near your school; otherwise you could rack up big medical bills even if you’re insured.