With the end of the school year already upon many students, or just around the corner for others, it is time to pick out a college for those lucky seniors who just graduated. This is one of the biggest decisions that you are going to make in your young life. It will determine what you are able to study, who you will meet along the way, if you are able to find a job out of college, and even how much money you are going to owe at the end of it all.
Picking out a college is not an easy decision and you need to do so with a lot of thought and research. You also need to keep in mind that some of the costs, such as your tuition and cost of materials, could be deducted at the end of each year to save you some money. Your tax professional could go over some of these situations with you to help you make the most informed decision on your college choice possible.
Look at Price
Price should be the number one concern that you are looking for. While there are many great schools to consider, the price tag can often turn you away. You don’t really want to start paying back your student loans in a few years and still have payments when you get to retirement age. Despite what the big schools would like you to think, there are quite a few good schools that are reasonably priced compared to the Ivy Leagues and other expensive schools. And depending on your major, a trade or community college could give the best education without wasting time and saving you a lot of money.
While price should not be the only determinant of which school you are going to attend, it could play a major factor for those who want to be smart about their education and don’t want to go into a lot of debt along the way.
Look at Location
The location of your school can make a big difference in your decision. Do you want to be near your family so you can do laundry at home or are you ready to see the world and want to travel far away? Depending on what you plan to get out of the college experience, there are many colleges that can help you out.
One thing to consider is staying local. This is because many in state college offer huge discounts to students who already live there. If you are able to get just as good of an education a few hours from home compared to one that is far away, but for half the cost plus a lot of extra scholarships just for living in the state, it could save a lot of money.
Scholarships Available
Some colleges are going to offer more scholarships and financial aid than others. The more financial aid you are able to get for your education the less you will have to take out for student loans and the more you can save over time. If you are choosing between two colleges that are pretty similar but one college is offering twice as much in financial aid, that is the one that you should choose to go with to save money.
Keep in mind that if you do get grants and scholarships for school, you will need to claim them as income on your tax return each year. This can be a pain because many students worry about the extra tax bill, but it is usually pretty minimal compared to the amount that you will save on your college education. In addition, your tax professional will be able to work with you to find all your deductions and credits so the tax bill will often disappear or be almost nothing.
Activities, Major, and Classes
While you are looking for a college, you need to consider some of the various things that this college offers. First, does it offer the major that you are looking for? It doesn’t make much sense to go to a college that won’t even prepare you for the career that you would like to have. In addition to making sure that the right major is present, take a look at some of the classes that are available, both as electives and under the major that you are studying. If the classes seem boring or like they don’t have much to do with your major, it may be better to check out a different college.
In addition, take some time to look at the various activities that are available at the college that you are choosing. Are there a lot of things to do during the week and on weekends, especially if you are going to stay on campus or does everyone leave and it stays pretty dead? The activities that you enjoy may be different from what others enjoy, but you wouldn’t want to waste four or more years doing things you don’t like.
College can get expensive between all the books, supplies, and tuition. Your tax professional will be able to work with you to show you some of the best ways to save as much money as possible on your college experience. Make sure to contact our offices to talk to a local tax professional so you can have the best college experience possible.
Margaret Tabb