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Tips for Lowering the Cost of Higher Education


College tuition has increased at more than twice the rate of inflation over the past several decades, and student debt has increased, both in terms of number of students with loans and how much they borrow. Here are some strategies for lowering the cost of higher education and reducing student debt.

Start saving early

Set up college savings accounts for your children at a young age and watch them grow! And check out the Minnesota College Savings Plan, a qualified tuition program where earnings are tax-free while invested and tax exempt when withdrawn for qualified higher education expenses.

Prepare while in high school

Don't let college or career school "sticker shock" discourage you from applying

Borrow responsibly

While in college, consider the following money-saving options

  • Live at home to lower living and miscellaneous expenses
  • Buy used textbooks whenever possible
  • Live like a student
  • Don't work too much (sometimes it makes more sense to take out a loan if it allows you to graduate sooner)
  • Carry a full load of credits as much as possible
  • Attend summer school to get ahead