When it comes to college, finances are one of the most difficult areas to navigate. In an interview with Karen Watts, graduate of Ball State University in Muncie, Indiana, some useful tips were revealed that will help future students manage their finances with success.
1.) Pay Attention to Loan Interest Counseling
Any college student who plans to take out a student loan is subject to going through loan entrance counseling. Even if you aren’t planning to take out any student loans, the loan entrance counseling can give you helpful information. You can use that information to motivate yourself to do what you can to avoid the cost of student loans. Karen describes her initial experience with loan entrance counseling as something she just flew through without really paying attention. Then she did some calculating and decided that she didn’t want to go that far into debt. She took the loan entrance counseling to help solidify that decision, but turned down the loans that were offered.
2.) Budget for All Educational Costs
Ball State University does the same thing as other colleges do when it comes to financial aid. They take out the expenses that are paid to the school before disbursing the remaining funds to the students. That disbursement can put a lot of money into the hands of students who have never before managed their finances. Karen suggests creating a budget before you ever get the disbursement and then talking to your bank about limiting how much money you can withdraw in a given amount of time. This helps prevent overspending so students don’t end up struggling at the end of the semester.
3.) Explore All Financial Aid Options
This tip seems obvious, but many students end up heavy with student loan debt just because they didn’t explore financial aid options. The university itself has a financial aid program as well as scholarships. Federal and state grants can also help offset the cost of attendance. When tuition alone is more than $8,000 and PELL offers a little over $11,000, it’s worth looking into all your options. Remember that tuition is just one expense. There is still a technology fee, cost of living, books, and other educational supplies. Karen suggests applying for all available scholarships simply because so many students ignore what’s available that you might get a scholarship simply because you were the only applicant.
4.) Plan on Getting a Job
Karen worked part time while attending school full time. She said that since her job was low stress, it gave her a sort of break from the academic pressures she put on herself. Naturally, it helped her avoid going into serious debt over college living as well. She suggests that you either get a job that is low stress and fun, or find one that applies to your degree area so that you can build up some level of experience to couple with your academic achievements. Most people also believe that when you actively participate in paying for your college experience, you tend to take it more seriously.
5.) Move to Indiana
If you move to Indiana just to attend Ball State, you’re going to be listed as a non-resident. There are a few heavy drawbacks to that status. For example, you will pay non-residential tuition, which is almost 3 times that of Indiana residents. On top of that, you won’t qualify for Indiana grants, which can help offset the cost of attendance. If your cost of attendance is almost $25,000 before you ever pay a technology fee or buy a book, it may be too daunting for your bank account. Even if you have enough in grants and scholarships to pay for it, a simple change of address before you apply or enroll can go a long way toward reducing the cost of attendance. Otherwise, a four-year degree can cost around $100,000 just to attend the classes.
Kathy Foust, a graduate of WGU Indiana and a freelance writer, has a keen interest in various college experiences. Karen Watts, member of a research team concerning aquatic biology, offered to share her experiences in order to offer future college students insight to help plan their future.
Frequently asked questions
- What is loan entrance counseling at Ball State?
- A session any student planning to take out a student loan must go through. The interview subject flew through it at first, then used it to solidify her decision to turn down the loans she was offered.
- How does Ball State disburse financial aid?
- Like other colleges, it takes out the expenses paid to the school before disbursing the remaining funds. The advice is to budget before the disbursement and ask your bank to limit withdrawals in a given time.
- What did Ball State cost at the time of writing?
- Tuition alone was more than $8,000, PELL offered a little over $11,000, and cost of attendance was almost $25,000 before a technology fee or books. Non-resident tuition was almost 3 times the Indiana-resident rate.
- Why does residency matter for Ball State financial aid?
- Moving to Indiana only to attend Ball State leaves you a non-resident: you pay non-resident tuition and do not qualify for Indiana grants. A change of address before applying or enrolling can cut costs substantially; otherwise a four-year degree can cost around $100,000.
- Should students work while attending Ball State?
- The interviewee worked part time while attending full time. A low-stress job gave her a break from academic pressure and helped her avoid serious debt; she suggests a fun low-stress job or one related to your degree area.
Sources
- Ball State University, linked in the original post
- 5 Things to Avoid at Ball State University, companion article cited in the post