Your Situation

The first thing to do is to understand your lease and your tenancy. Have you signed a year lease? If not, or if you are in the month-to-month phase (or nearing renewal), then obviously your situation is open to negotiation.

Even if you are two-months into that twelve-month lease, are you a candidate to extend that lease? Are you a sophomore, expecting to be enrolled for your junior year? Do you pay your rent on time? Are you considerate of the property and your neighbors?

Late rent, extreme wear and tear, problems with neighbors are all quite costly for your landlord. Property owners factor these costs in to the long-term business plan for the property. If you’re reducing the expenses below the norm and are in a position to continue to do so, your landlord may very well be amenable to amending your current lease and offering you a lower rent.

Of course, you can trust in your landlord’s altruism, or you can go take the next step, which is to gather additional data to support your case.

Understand Your Rental Market

The rental market can vary greatly depending on where you are attending school. In some towns, the rental market is almost entirely dependent on the college’s student-body population. Other schools may be in the center of major metropolitan areas, in which case the rental market is likely driven by more macro-economic housing trends. Granted, rental properties near a college may act as a microcosm of the large market, swayed by the student-body population, but overall the effects will be muted by the macro-economic forces.

Understanding the rental market for the area in which you live is one of the keys to realizing rent reduction. If you live in an area that is largely dependent on student renters and enrollment for next year is on the wane, you’ve got leverage. If you live in an area that is largely driven by the macro-economic housing environment and house prices are falling, as is the case in many parts of the world today, odds are that more homeowners are choosing to rent their properties than sell them at a loss; you’ve got leverage.

Understand the drivers for your specific area and then collect facts. Not just about the general rental environment or about enrollment, but actually price some properties in your area. This can quickly be done on a weekend. Or, contact a local realtor. These people understand the market and likely have no affiliation with your landlord; a 30-minute conversation could quickly glean useful information such as the average rent per square-foot and the number of rental properties available in the area. Concrete information is obviously more influential than conjecture.

The Ask

Armed with an honest self-assessment of your tenancy and supportable market data, the next step is to arrange a time to discuss. Luckily, for most, there’s a prearranged monthly meeting that takes place to exchange funds (or something similar that can easily be turned into a discussion about rent reduction).

Present the information honestly and confidently. Odds are, if you’ve gotten to this point in the process, you have irrefutable evidence as to why the situation makes financial sense for both yourself and your landlord.

A good tenant who pays a bit less in a rough rental market is a considerably better proposition than the alternative. On your end, what do you have to lose?

Today’s guest article is provided by Rachel Oda. She is a financial blogger who encourages students to take control of their financial future, which includes asking for rent reductions, purchasing renters insurance and creating budgets.

In all of this scrambling, strangely, one relatively critical element is somewhat left to the side.  Namely: on what, exactly, will the student live during this glorious period of learning?  Certainly, arrangements are made to an extent.  Dorm rooms are secured or staying at home is chosen as the best option.  Money is calculated as to meals, a tiny amount is set aside for a movie now and then, monthly bus passes are sagely purchased, and the notorious noodle diet is in the air.   Students always scrape and struggle, it is felt, and there are always part-time jobs out there to cover what are typically called, “discretionary expenses.”  The kids, it is believed in alternate waves of desperation and hope, will simply learn to go without fun.  They will, in fact, be so poor that they will be able to better devote themselves to study.  A win-win, all around.

Faith is a wonderful thing, but this particular type simply does not fly.  Somehow, the shadow of student debt, and debt accumulated only from living choices, mounts.  Somehow, all the planning and the budgets and the determination forged from the best intentions translate into ridiculous interest on a Visa bill for nights out very few can recall when the statement arrives.  Parents make hard confetti out of credit cards and scissors.  Students, and of all ages, curse their own indulgences for rock and roll, and the packets of noodles become fixtures of daily life as consistent and exciting as breathing.  It is, in a word, too difficult to resist spending money not there, and especially under the pressures of college living.  Add to this the significant, if not spectacular, fact that masses of young people living together tend to pursue fun in herds, and the issues are hardly mysterious.  No wonder credit card companies are very, very fond of issuing their products to student populations.  Dogs will, after all, jump at bones waved in front of their wet noses.

There is an answer.  It is not especially pretty, but this is not a scenario inviting the full-on happy ending.  The answer is that the student must approach the idea of entertainment expenses with all the seriousness they attach to the tuition fees.  It is all very well for everyone concerned in plotting the budget to casually wave away frivolous spending as a thing that will, miraculously, just stop.  It will not.  It will happen for the eager young freshman, as it will happen for the middle-aged junior needing the higher degree.  What must be done, then, is the calculating of something the younger person thought they would never need to see again: the allowance.  If the word creates a shudder down the spine of the imminent student, it is still the only rational means of both accommodating the inevitability of mindless spending and a way of restricting it.  Simply, a certain amount must be set aside apart from rent, tuition, books, computers, utilities, and meals.  An amount must be delegated as a “junk” fund, although it may go under the more rigid title of “entertainment.”   This is the money with no real intent to it, and which is as absolutely vital to the success of the college career as the professors.

Life, as most students learn fairly quickly, is a fluid thing.  It presents opportunities for fun all the time, and that fun is a potent force when it is being urged upon you by five, very cool people standing in your doorway, ready to head out for the evening.  With an allowance in place, the fun – or at least some of it – can be safely had.  Without it, and all too frequently, the student gently weeps over the chunks of a dismembered credit card.  And a bowl of noodles.

About the Author

Jack is an experienced freelance writer working for a professional custom writing service. Having received his PhD from Rutgers University, he enjoys writing in the fields of English and Literature, Philosophy and Religion. With his extensive research techniques and a true life passion for writing, he takes pride and joy in providing top-notch writing services and sharing his knowledge and experience with others.

As a professional school counselor at the high school level, you often serve as the “front-line” for fielding questions related to college expenses from students that are contemplating a post-secondary educational experience.  At CheapScholar.org, we hope to provide a support tool for not only you but also the families and students in which you serve.

In an effort to better help you and your families, CheapScholar.org has put together this Paying For College Toolkit as a way in which you can provide quick reference information to those visiting your office (in person or online).

Implementing CheapScholar.org as a resource for your families is as easy as 1-2-3.

1. Below you will find a number of pdf handouts (sized for easy printing) referencing some of the more hot topic issues related to the financial aspect of the college experience. Feel free to print these off and use them as a quick resource in your office to provide to students and families as questions arise.

2. Provide a link to CheapScholar.org on your High School Guidance Counselor Webpage. This will insure that your students have access to the most current information related to their paying for college experience. In addition, they can ask questions at anytime to receive prompt helpful advice. The following 2 links are the most popular:

CheapScholar’s College Resource Center: http://cheapscholar.org/about/college-resource-center/

CheapScholar’s Scholarship Resource Site: http://cheapscholar.org/find-scholarships/

3. As you implement CheapScholar’s Paying For College Toolkit as a resource for your school, you may encounter additional questions or topics that are not covered by the handouts below. We encourage you to send us those topics/questions so that we can incorporate them in future releases of the toolkit. If you would like to receive future updates to the toolkit, please send us your contact information and we will be glad to add you to our notification list.

Click here if you would like to see how one school utilizes the toolkit.

We hope that you find this Paying For College Toolkit helpful. If you know anyone else in your profession that may find benefit from this information, please be sure to share this resource with them. We are always glad to help.

CheapScholar’s Guide To:

Filing Your FAFSA

Need-Based vs. Merit-Based Financial Aid

Finding Outside Scholarships

Federal Loan Programs

Landing The Perfect Work Study Job

Having A Car On Campus

Paying Tuition In Three Easy Steps

Saving On Textbooks

Getting Your Degree In Three Years

Avoiding Tuition Increases

Paying For College When You Have Bad Credit

Student Financial Literacy

Choosing Private Education Loans

Paying Back Student Loans

MASTER PDF That Includes All The Handouts Referenced Above

The following infographic shares some great statistical information related to education tax credits. Enjoy!

Infographic courtesy of CaxtonFx.com

Share The Image Above On Your Site Today! Cut and copy HTML code below:

<a href="http://www.CheapScholar.org" ><img src="http://cheapscholar.org/wp-content/uploads/2012/03/Education-Tax-Credits-InfoGraphic.jpg" alt="Education Tax Credits" width="500" border="0" /></a><br />Via: <a href="http://www.CheapScholar.org">CheapScholar.org </a>

The following is a guest article provided by Angelita Williams

Many personal finance sites targeted to college students will purvey endless, though no less sound, advice on saving money. At some point, however, there’s only so much money you can save. Sometimes you need to actually make money. Now you may be thinking, I hardly have enough time to study, much less to go out there and make money. Well, think again. With a little ingenuity, you can make a few extra bucks here and there to make ends meet. Here are a few ideas that helped me when I was in college.

1. Be a test subject in on- or off-campus medical/psychological studies.

This is one of the easiest ways, bar none, to make substantial amounts of money quickly. If you are attending a university with a medical school, then it’s highly likely that you’ll have plenty of opportunities to participate as a test subject. I know it sounds sort of scary to be a guinea pig, but most of the time these studies involve surveys, taking games, or spending some time in an fMRI machine. And almost all of these studies compensate handsomely. Check your local or college newspaper—they’re usually listed in the back along with the classifieds.

2. Tutor high school or fellow college students.

Tutoring local students, whether in college or in high school, is another fantastic way of making money while not exerting a ton of effort. The best part about tutoring is that, when you tutor a subject, you’ll in turn learn that much more about the subject you are teaching yourself. Another great aspect of tutoring is that it commands top dollar, especially among high school students for subjects like SAT test prep. You can often ask for $20 an hour or more, depending on where you live.

3. Sell all that extra stuff you don’t need lying around in your dorm room on Craigslist.

Most college students are pack rats in one way or another, and it’s highly likely that you brought or bought a lot of stuff from home that you’ve found does not have any use in your tiny dorm room. Try decluttering and simplifying by selling items on sites like eBay and Craigslist. If you aren’t that attached to textbooks from last year or last semester, consider getting rid of them on Amazon and other similar sites. You can also offer items for sale to others living in your dorm or school, which avoids the hassle of shipping. This idea won’t necessarily make you a ton of money, but it’ll bring a bit of extra cash when it’s most needed.

4. Look into on-campus, part-time jobs.

If all else fails, getting an actual job may just do the trick. Of course, getting a part-time job off-campus can be tricky and time consuming, especially if it’s in the service industry. On the other hand, most universities offer plenty of job opportunities for students who are eager to work. The best part about on-campus jobs is that they are incredibly flexible. You often can get away with working twelve hours or less a week—just enough time to not interfere with your studying or social schedule, but enough time to make some extra cash.

Of course, the main object of attending a university is to learn and to develop personally, not to make money. But college students the world over know that it can be difficult to make do with what our loans or our families have provided us. Sometimes we just need a bit more to make it through the month. Hopefully these ideas will help others as much as they helped me. Good luck!

Today’s guest article is contributed by Angelita Williams, who writes on topics associated with online courses. You can reach Angelita with comments via email at angelita.williams7@gmail.com

With the need to gain an education come the needs to understand education options in a tight economy. Often the expenditure for a few hours’ worth of college credits may mean the difference between paying a month’s mortgage and purchasing fuel for travel. And when figuring the added financial strain a higher education may cost for incidentals such as travel, meals, child care, or even missed work, it can often become a difficult decision when deciding if an advanced degree is a possibility.

Work Around Existing Schedule

The first concern many people wanting to advance their education often consider is the need to work around their existing schedule. This schedule may consist of current employment needed to pay living expenses. This job may also be the means in which to pay for the furthering of education. In any case, losing work for education would not be beneficial.

With the option of online courses, the question of choosing between class and work can become moot. As classes can be taken and studied when the student’s schedule allows, study time can be in the middle of the day, or the middle of the night. Whenever the student has time to study, the course material will be available for use.

Avoid Relocation Fees

Often when deciding on a school or program of study, the question of relocation can come up. With the utilization of online course study a student can stay at their current address and simply complete the curriculum through online communication. Because of this, relocation fees which can include a heavy cost not only for a move, but to secure a new home, are completely avoided.

Travel Cost

When attending a class on campus, one fee is often overlooked until the cost begins to add up. Travel can be a huge expense in two ways. One which is of course, the cash needed to support the cost of fuel to get to campus each day. This fee can vary depending upon the distance each student lives from campus and can add up to the cost of an extra course worth of credits each semester.

Another high cost in travel may be time. Again this is dependent upon the distance a student must travel to and from campus each day for classes. Precious study or work and even family time can be lost due to hours of travel time. This cost too can be avoided when studying classes online.

Daily Cost

When studying online there are other incidental costs which can also be avoided. One prime example for adults continuing their education is the high cost of child care. This fee, although a good investment, can often add extra strain to an already tight budget. When studying courses online there is no need to schedule child care while in class. Instead, class can be scheduled around the children’s own schooling, naps, bedtime or other planned activities.

How Online Courses Make Schooling Possible

Because studying coursework online can potentially cut the cost of obtaining a degree into a fraction of the original, online schooling has been gaining in popularity. With all of the perks that come with choosing an online education, it is fairly easy to see why more people every day is looking into furthering their education, when it used to seem to be an impossible goal.

Today’s guest article is provided by Charles Latch who is currently earning his online executive MBA from Washington State University.

Keep Working

Rather than putting off your job to further your education, keep working while you study to maintain your income. You won’t have to borrow as much, or if you earn enough, at all. If possible, work close to home to keep your travel costs down. Buy inexpensive work clothes that you can wash at home to save on dry cleaning costs. And of course, take a lunch to work with you instead of eating out every day.

Study Online

Balancing a job and classes can be tricky, but it is much easier if you complete your studies online. You can listen to lectures at your leisure rather than having to be on campus at specific times for classes. You also save money that would otherwise be spent commuting to campus several times each week. Additionally, tuition for online master’s degree classes is frequently less expensive than for the same class taught on campus.

Save on School Supplies

Textbooks are especially expensive, but there are many ways to save on them. If you have an e-reader, find out whether your textbooks are offered in e-book format, which is a less expensive option than paper books. You can also look into renting textbooks, which is significantly less than buying books. If you do have to buy a book, get it used if possible and resell it at the end of the class to get some of your money back. In order to further lower school-related expenditures, buy school supplies such as pencils, paper, ink cartridges, etc., in bulk whenever possible.

Budget at Home

By learning to live frugally, you can save untold amounts of money. Forgo cable, which is expensive and distracts you from focusing on your studies. You can also save money on your utility bills by using your heat and air conditioning sparingly and using space heaters or window air conditioners in areas where you spend most of your time. Use coupons and other money-saving methods when grocery shopping.

Track Your Money

Before enrolling in your program, make a plan for how you will pay for it. Create a budget for the years in which you will be in school; calculate how much money you expect to bring in each year through income, financial aid, and student loans. Subtract the tuition for the year, and then divide the remaining amount by 12 to determine how much money you will have leftover each month. Plan how you will allocate this between housing, food, transportation, insurance, and spending money.

Many worry that an advanced degree is out of reach due to limited finances, but anyone can learn how to budget to make dreams of a graduate degree within reach. With a little planning and foresight, you will soon find yourself applying to graduate school, with the peace of mind that comes from knowing that you have what it takes to succeed in your venture. Best of luck!

Today’s guest article was provided by Joseph Baker.

It is not uncommon for families to get a pre-approval for a mortgage loan before they can purchase a home but, as a society, we have no official process or financial check point in place when the same family is looking at committing (or possibly over committing) themselves to a similar sized investment in a college education.

My hope is that a family would spend as much time focusing on their college investment as they would on securing the right priced home and the accompanying mortgage. However, that may not always be the case.

The following represents some examples of what families/students may experience if they embark upon the college years and are unprepared for the associated costs:

• A student may end up going to a college that is way out of their price range. If they have a zero EFC and have to pay 18K a year out of pocket to cover costs, that school might not be the best fit (financially not necessarily academically).
• If a student is emotionally and academically connected to the University and is willing to pay the cost (no matter how high) to attend, they may end up being saddled with excessive student loan debt.
  • Which they will be stuck with long after graduation
  • More than likely it will inhibit their ability to be contributing alumni (donating back to their Alma mater)
• Chances are… a student may not be able to come up with the funds (through loans or other means) to pay for even the first semester and be unable to register for subsequent semesters and be forced to withdraw from the college.
  • Unfortunately, they wont be able to have access to transcripts since they have an outstanding financial obligation to the college.
• A student can have a bad experience (financially) at one college and they may decide to forgo their educational goals altogether.. which, in my mind, would be a travesty.

I am sure there are probably some other issues/challenges/hurdles that you may be able to identify that are born from not investing the time and research into college expenses and how to pay for them. If you can think of any, please feel free to share below in the comment section. The more challenges we can identify, the better we are able to respond to eliminating those hurdles for families/students.

In the meantime, I would encourage you to utilize CheapScholar’s College Resource Center to find great tips about saving for college, paying for college, student loans, and the financial aid process. Education and knowledge is the key to helping future generations realize their college goals and avoid some of the pitfalls mentioned above. My hope is that CheapScholar.org is helping out in that effort.