These days, education is a necessary next step in order to access many entry-level jobs and beyond. However, individuals must carefully consider what opportunities are financially accessible to them and what resources they have at their disposal to afford these costs. Let’s say, for example, that you wish to attend Stanford University. How much will it cost you, and how will you be able to pay for college? In this guide, we’ll tackle these questions to help you prepare for your educational career.
How much does it cost to go to Stanford?
According to Stanford’s projections for undergraduate students attending the university during the 2021 to 2022 academic year, it will cost a student around $78,898 for the year. Tuition itself costs $55,473, with other variable costs like books, room and board, and personal expenses being included in the total projection. That being said, this will depend on the financial choices that you make and how you utilize the funds that you have.
The best way to get started on your journey to Stanford is to consult a college counselor. College counselors will be familiar with the Stanford admissions process and will be able to help you meet all of their qualifications, all while offering you advice and support with financial aid. If you want to go to Stanford and believe that you can afford their tuition and total cost projections (with student loans and other resources), counseling will give you a successful start.
How can you make your college career more affordable?
It’s no secret that college tuition has been on the rise, making it more difficult for college students to pursue their undergraduate degrees. That being said, there are resources and tips out there to help you afford your college education with greater ease. Some of the ways you can make college more affordable include:
- Student loans: Many college students rely on federal loans to pay for the bulk of their tuition and more. Borrowers also benefit from the fact that you won’t have to make monthly payments until you’re out of college (although you can always start chipping away at the interest rates and loan amount before you get your degree). Consider some of the resources below first so you can minimize how much you have to borrow but definitely anticipate getting student loan support.
- Personal loans: Personal loans can help you afford unforeseen expenses that you may not have the money for at the time. Unlike student loans, you will need a credit history and good credit, so getting a credit card to develop this before you approach lenders is essential. You can also use a personal loan calculator to see what your interest payments will be like just based on how much you intend to borrow.
- Scholarships and grants: Scholarships and grants allow you to access financial support that you won’t have to pay back at a later date. Although scholarships and grants will require you to file some applications and write essays, it’s worth it if you’re rewarded by the time you start your first year.
- Smart financial decisions: Making smart financial decisions like buying used books rather than new books, preparing meals, or using meal credits, and looking for side hustles or extra ways to make money will help you better afford or limit anticipated costs.
College can be expensive, especially if you anticipate going to a top university like Stanford. However, you can navigate these costs with proper planning. If Stanford is in your future, use the guide above to learn how much you should expect to pay and what you can do to make these costs more manageable.