How To Find an Affordable Degree Program

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Bachelor’s degree holders earn an average weekly of $1,493, whereas those only with a high school diploma earn $899. Beyond financial benefits, a college degree also opens doors to personal growth and development.

However, parents and students should consider the financial implications of college degrees. College tuition has risen 197.4% since 1963. You need to budget at least $38,270 per year for tuition, books, supplies, and daily living expenses.

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To secure the future, a lot of parents are encouraging their children to pursue affordable degree programs. For many, affordability translates to low tuition and fees. But affordability goes beyond just the upfront costs. Cost-effective education is about balancing costs with the potential return on investment (ROI).

There’s really no use pursuing what comes off as an “affordable degree” if they don’t serve value in the job market. For instance, affordable degree programs from diploma mills will lead to nothing but disappointments. Large employers will not consider degrees from these institutions credible.

Understanding Affordability Beyond Tuition Costs

Many tend to focus mainly on tuition costs alone when comparing schools. We think that affordable degree programs are those with low sticker prices and tuition. Sure, tuition is the biggest expense in college, but it’s not the only one.

When evaluating the total cost of education, you should consider the following costs as well:

  • Tech and Administrative Fees
  • Books and Supplies
  • Transportation
  • Living Expenses
  • Personal Expenses

To estimate your ROI in education, you should also consider what you’ll earn in the future. While the school’s name doesn’t guarantee a top spot in the market, certain degrees from reputable institutions can open doors to better job opportunities.

So, when weighing your options, think about the specific affordable degree programs each school offers and how they align with your career goals. Look at the average salaries of graduates from those programs and the industries they enter.

Additionally, consider each school’s resources, such as internships, networking events, career services, and financial aid for college students. These opportunities can enhance your education and make you more competitive in the job market.

Related:

Researching Potential Program

Identifying Your Goals

Consider your career aspirations, personal interests, and the skills you want to develop. This will help you narrow down your options.

After deciding on which major you want to pursue, you can start searching for reputable schools offering that program. Always ensure that the college or program is properly accredited.

For online colleges, regionally accredited degree programs are generally more desirable. This ensures that the institution meets high academic standards and that employers and other universities will recognize your online degree.

Comparing Costs

In general, private schools are much more expensive than public schools. According to the National Center for Education Statistics, the average tuition for

  • Public 4-year is $9,750    
  • Private 4-year is $35,248

Private schools might scare you. However, private schools often close the price gap by offering tuition discounts, financial aid, and scholarships for degree programs.

Beyond tuition, you need to also consider hidden fees. These include:

  1. Charges for extracurricular activities and events.
  2. Costs for using campus technology and resources.
  3. Fees for accessing library services or materials.
  4. Costs for campus health services and insurance.

To effectively compare tuition costs, you should use reliable comparison tools and resources. Among the most reliable college comparison tools include:

  • College Scorecard
  • College Navigator
  • BigFuture by the College Board
  • Niche
  • U.S. News College Compass

These tools allow you to quickly check and compare key things like test scores, acceptance rates, and net prices for up to four colleges at once.

Evaluating Financial Aid and Scholarships

Financial Aid Options

If you need some extra cash to help pay for your affordable degree programs, that’s called financial aid. There are different ways to get this help;

  • Grants: Money help that usually doesn’t need to be paid back.
  • Scholarships: Scholarships are free money. They can be need-based or merit-based.
  • Loans: This is basically cash you borrow and have to pay back with some extra fees.
  • Work-Study Programs: Lets you work part-time and make some money to help pay for your education.

How To Apply For Financial Aid

  • Get an FSA ID: Fill out the online FAFSA to check out different U.S. Department of Education.
  • File the FAFSA: Regardless if you think you’re eligible for need-based help or not, it’s important to fill out the FAFSA. Check out www.FAFSA for more details. To make sure you get the most financial aid, apply as early as October 1.
  • File the CSS profile if needed. If your college needs it, just fill out the CSS/Financial Aid PROFILE form at css.collegeboard.org.
  • Complete Verification: If your FAFSA gets picked for verification, make sure to wrap up the process quickly since colleges can’t hand out financial aid until it’s all sorted out.
  • Review the Financial Aid Award Letter: Your financial aid award letter breaks down the different types of financial help you can get and how much. Just remember to tell grants and loans apart!
  • Appeal for more aid: You can also reach out to the financial aid office at your school and ask about appealing or getting a professional judgment review.
  • Search for Scholarships: Check out some websites for scholarships. Some of the most reliable search engines include:
    • Cappex
    • Scholarship360
    • College Board Scholarship Search
    • Fastweb
    • Scholarships.com

Here are a few tips for finding scholarships and grants specific to your field of study:

  • Give the financial aid office a call or check their website for any scholarships or grants available.
  • Check-in with your academic advisor.
  • Take a look at local groups and ask about any financial aid programs.
  • You can also check online through reliable search engines such as those mentioned above. Those websites allow you to filter your search. 
  • Most importantly, keep an eye on your deadlines! If you turn in your application late, you won’t be eligible for the award, and there won’t be any way to fix that.

Considering Online and Community College Options

Consider checking out online degree options or community college pathways. These pathways help you earn credits at lower costs.

Community college, for instance, covers the first two years of a bachelor’s degree. This pathway helps you complete your general education courses at a fraction of the cost before deciding to attend a four-year institution.

On average, community college tuition can range from $3,000 to $4,500 per year for in-state students. In comparison, four-year universities charge $10,000 to $20,000 or more annually, depending on the institution and location.

As you can see, there’s a big difference in the college tuition comparison between community colleges and four-year institutions for general education courses. But before deciding on low-cost degree programs at community colleges, make sure that the college has transfer agreements or 2+2 programs with best-value colleges offering undergraduate degrees of your desired major.

On a related note, online degree options will help you save on overhead costs. In fact, according to the Education Data Initiative found that online programs are $31,000 cheaper than traditional ones.

Calculating Return on Investment (ROI)

Start by looking at the total cost of each program, including tuition and fees. Next, think about how much your salary could increase after you graduate.

You can use this simple formula:

ROI = (New Salary – Current Salary) / Total Cost of the Degree

For a clearer picture, check out industry reports to find accurate salary data for the jobs you’re interested in. You can use reliable sources like the Bureau of Labor Statistics, PayScale, Glassdoor, and Indeed.com.

The most important thing is not to get buried in student loans. Over 70% of undergraduates finish school with about $26,500 in student debt. They usually start paying these loans off within the first ten years of their jobs, often when their salaries are lower.

In the first year of paying off loans, grads might spend around 14.1% of their income on payments. Loan repayments cause financial strain. To avoid getting overwhelmed, it’s crucial to choose a degree with a strong potential salary and to explore scholarships or grants to reduce initial debt.

Making the Final Decision

Picking a college degree really comes down to which school and program closely align with your goals and financial capabilities. It’s also important to feel at home on campus and to vibe with the overall atmosphere.

Everyone’s priorities can vary, but two big things to keep in mind are the quality of education and the costs involved. We strongly suggest speaking with professionals and asking for some affordable college tips for navigating budget-friendly degree programs and finding scholarships.

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Aya Andrews

Editor-in-Chief

Aya Andrews is a passionate educator and mother of two, with a diverse background that has shaped her approach to teaching and learning. Born in Metro Manila, she now calls San Diego home and is proud to be a Filipino-American. Aya earned her Masters degree in Education from San Diego State University, where she focused on developing innovative teaching methods to engage and inspire students.

Prior to her work in education, Aya spent several years as a continuing education consultant for KPMG, where she honed her skills in project management and client relations. She brings this same level of professionalism and expertise to her work as an educator, where she is committed to helping each of her students achieve their full potential.

In addition to her work as an educator, Aya is a devoted mother who is passionate about creating a nurturing and supportive home environment for her children. She is an active member of her community, volunteering her time and resources to support local schools and organizations. Aya is also an avid traveler, and loves to explore new cultures and cuisines with her family.

With a deep commitment to education and a passion for helping others succeed, Aya is a true inspiration to those around her. Her dedication to her craft, her community, and her family is a testament to her unwavering commitment to excellence in all aspects of her life.

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ValueColleges.com is an advertising-supported site. Featured or trusted partner programs and all school search, finder, or match results are for schools that compensate us. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site.

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