How to Save Money on College Education and Get Free Tuition?

If you have read this book by Robert Kiyosaki, “Rich dad, Poor Dad”, you will realize that getting a college education, securing a 9-5 job and then climbing the corporate ladder is not the most effective way to get rich.

However, this doesn’t mean college education is getting cheaper, just because the rat race is no longer in vogue among the younger generation. In fact, it cost a decent amount of money which requires financial planning right from the child’s birth.

Between the costs of tuition, books, room and board and school service fees, the total bill can add up fast. However there are ways to get reduced or even free tuition for your college education.

Aim For Scholarships

This is obvious but you will be surprised that many students don’t apply for scholarships. There are many scholarships available and while good grades are a must, you don’t need to be the valedictorian of your class. Check with your high school counselor or college academic adviser for application criteria.

Get Free Tuition

Some states offer free tuition for bright students from lower income families so that they can attend college. In New Jersey, you may be eligible for 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 is available.

As of 2008, Stanford University will no longer charge tuition fees to students whose parents earn less than $100,000 a year. In addition, all room and board fees will be waived for students whose families earn less than $60,000 a year. The program also eliminates the need for student loans.

In 2008, MIT also announced plans to offer free tuition for those whose families are earning less than $75,000 a year.

Other ways to get free tuition include:

1. Employee Benefits

Human resource is one of the most important assets in a company, hence, a lot of employers are focused on retraining and upgrading the skills of their workers to become more productive and gain a competitive edge.

If you want to advance your education, there are usually partial to full reimbursement, especially for tuition classes related to your job description.

To qualify, you will usually need to get a passing grade of no less than a “C”. Check with your employer for the terms regarding any tuition reimbursement policy.

For school employees (in colleges and universities), there are usually perks like reduced or free tuition. In some cases this extends to immediate family members. This could be one more incentive for working as a college volunteer helper for the sake of your children.

2. GI Veterans

If you are a veteran of the United States military, you may be eligible for free tuition which includes college courses, job training, certification tests, and much more.

3. Test Out of A Class

This means you take a test out of the class which is usually cheaper (about one-third) than paying for the full class. However, you have to possess in-depth knowledge of the subject and it is up to the college discretion. You have to convince them with your resume and reasons.

Obtaining free tuition is not an impossible task. There are options available, but it is a matter of getting creative, pro-active and persevering. For saving the exorbitant cost of between $25,000 to $80,000, I think it is well the effort though.

I am the author of AssociateMoney, a personal finance blog for me to discuss investment, and money saving, management tips. To be financially secure, we have to learn how and what decisions to make about our finances. Please visit my blog to share your thoughts or feedback.

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