Thrifty Thinking: A Game Plan for College

Whether you’re pondering the tuition rates for a state school close to home or the mind-blowing price list for a private college a plane ride or two away, I’ve got a few things for you to think about ahead of time.

First things first: is a four-year school the right choice? These days, more and more students are opting for lower-cost community colleges as their starting point, earning credits they hope to transfer to four-year schools later on. Speaking as an employer, I can tell you that if school pedigree mattered to me more than a candidate’s capabilities and character (which it doesn’t), I’d focus on where he or she ended up as opposed to where he or she may have started out. Perhaps that’s because I can relate. I worked my way through my undergrad and grad degrees at colleges close to home.

Next, investigate the equivalent credit value for the advance placement courses that may have been taken in high school or since.Also look into the College Level Examination Program. Students—myself included—have been CLEPing-out of certain core courses for years. Just be sure to check the test’s eligibility with the colleges you have in mind.

After that, focus on the institution’s pricing structure. In particular, take cost-per-credit into consideration as you contemplate course load, not to mention the value of taking winter and summer term courses to help shorten the stay, when money’s an issue. Also examine the comparable costs for dorm versus off-campus living, when the option for that is present, as well as for the different meal plans. You’ll probably find that a package of wraps, a few cans of tuna and some mayo will cost a whole lot less.

And finally, be especially thoughtful and strategic-minded about the area of study. Among other things, this economic downturn has highlighted the critical importance of having a second or third way out of the room when it comes to career-path planning. For example, I know an English major who landed a job writing prospectuses at an investment banking firm. That’s because finance majors can’t spell. Well, maybe not all of them.

Mitchell D. Weiss is an experienced financial services industry executive and entrepreneur, an adjunct professor of finance at the University of Hartford and author of Life Happens: A Practical Guide to Personal Finance from College to Career. © 2012 M.D. Weiss LLC . All rights reserved.