Skip to content
Cha Ching Queen
  • Money MattersExpand
    • Make More Money
    • Spend Less
    • Budget Wisely
    • Financial Planning
    • Reviews & Recommendations
  • Eat WellExpand
    • Bread & Desserts
    • Diets and Eating Habits
    • Healthy Recipes
    • Kitchen Hacks
  • Clean Quickly
  • Live LifeExpand
    • Health & Beauty
    • Family And Relationships
    • Holidays & Gifts
    • At Home
  • Travel Tips
  • About
Cha Ching Queen
ByGreg, CFA Reading Time: 3 minutes
Home » Money Matters » Continued Education: How To Afford The Costs

Continued Education: How To Afford The Costs

Share on Facebook Share on Pinterest Share on Twitter Share on Email Share on SMS
This post may contain affiliate links. Read the disclosure.
How to Afford Education; Student ELearning
https://unsplash.com/photos/Y8TiLvKnLeg

Many adults would like to continue their studies but never enroll due to the costs. Depending on the college and degree program, the average tuition in the US is more than $35,000 a year. Single courses can cost anywhere from $500 to $1,500, while certificate programs are between $1,000 – $5,000.

Going back to school could mean taking on significant debt when you factor in household expenses and other financial obligations. 

Although affordability is an essential factor to consider when continuing your education, there are ways to cut the costs. Continue reading for tips. 

Table of Contents

  • Community Colleges
  • Online Programs
  • Federal Student Aid
  • Employer Assistance: Tuition Reimbursement
  • Retirement Accounts
  • Business Write-Off
  • Refunds, Lump Sums, & Gifts
  • Payment Plans
  • In Conclusion

Community Colleges

While not as prestigious as some of the country’s other colleges and universities, community colleges are an efficient option for individuals on a tight budget. Community colleges offer a variety of two-year degree programs and certificates for adults.

Tuition is often cheaper per semester, and opportunities for financial aid, scholarships, and grants are prevalent. Attending a nearby school can also save you money on commuting. 

Online Programs

Another way to continue your education without breaking the bank is to consider an online program. These are colleges that offer opportunities for students to learn remotely. You save money on tuition and have an easier time balancing your work, home, and school life.

Federal Student Aid

The federal government offers financial aid and grant assistance to anyone interested in attending college. The amount you receive will depend upon your income, household size, and dependent obligations. Whether it’s a few hundred or thousand dollars, it’s money you don’t have to repay.  Apply here.

Employer Assistance: Tuition Reimbursement

Did you know that some employers will pay for you to go to college? While assistance will vary by company, some will offer employees all or a portion of tuition costs. Talk with your human resources department to find out the specifics on how to get access to free cash to go back to school. 

Retirement Accounts

If you have a retirement or pension account, you can borrow funds to pay for your continued studies. The eligibility requirements are minimal (if not nonexistent). Often the interest rates are lower than other loan options, and the payments are deducted from your check.

If you are going to borrow funds from your retirement account, there is something you must remember. You must repay the loan in a timely fashion to avoid getting penalized on your taxes. 

Business Write-Off

If you’re an entrepreneur or small business owner, you could pay for college and write the tuition off on your company taxes. Of course, this is only possible if the degree aligns with your business. For example, if you get your MBA, it expands your knowledge of managing a company.

Therefore, the degree classifies as a business expense. The write-off can reduce your tax bill at the end of the year. 

Refunds, Lump Sums, & Gifts

When you receive large sums of cash, use the money to pay for college. Some examples include your tax refunds, annual bonuses, or monetary gifts you receive for special occasions. 

Payment Plans

Colleges are aware that tuition is expensive, which is why they offer payment plans for students. The arrangements break the balance up into installments, making it easier to afford. Contact the admissions department at the school you’re interested in attending to find out what payment plans are available to students.

If you can pay monthly, quarterly, or bi-annually, it would allow you to incorporate the payments into your budget.

In Conclusion

If you believe that continuing your education will help you advance in life, don’t be afraid to make the investment. Sure, the cost of college, educational courses, and certificate programs in the US is expensive, but there are ways to lighten the load.

The tips listed above can help cut the costs of going back to school so you can pursue your dream without going into debt. 

Greg, CFA
Website | + posts

Greg is a Chartered Financial Analyst (CFA) with 22+ years experience in Financial Services. He has held numerous FINRA Securities licenses (series 7, 63, 65, and 66), and is an expert on Investment Products and Financial Planning. Greg has 22+ years experience as a real estate investor and degrees in Psychology and Philosophy.

Greg has been quoted/interviewed in Yahoo Money, Yahoo Finance, USA Today, Authority Magazine, Realtor.com, Business Insider, and others.

Greg is an avid runner, and the father to identical twin girls and their awesome brother. His love of budgeting and his kids led him to join The Great Resignation in 2021.

Disclaimer: Any Financial Tips on ChaChingQueen are general and informational. Speak with a professional about your specific situation.

  • Greg, CFA
    https://chachingqueen.com/author/greg/
    How to Save Money in College: Unlocking the Secrets that Save Students Money!
  • Greg, CFA
    https://chachingqueen.com/author/greg/
    5 Reasons to Start Budgeting As Soon as Possible
  • Greg, CFA
    https://chachingqueen.com/author/greg/
    Love Is Taking Flight This Year! Top Valentine’s Day Destinations Revealed
  • Greg, CFA
    https://chachingqueen.com/author/greg/
    Travel Smarter and Save Money: The Benefits of Using an eSIM Card
Share on Facebook Share on Pinterest Share on Twitter Share on Email Share on SMS

Trending Now

How Often Should You Clean Your House: Woman Cleaning Oven

How Often Should You Clean Your House? Room By Room Tips

Woman Doing Laundry Using Earth Breeze Laundry Sheets

Earth Breeze Review: Dehydrated Laundry Sheets

amazon prime box

My Secrets: How To Get Amazon Coupons, Discount Codes, Free Stuff, and Deals

18 Household products you can easily make at home

18+ DIY Household Products You Can Make at Home

Amazon Gift Card

How To Save On Amazon Prime Membership + Prime Benefits

What To Teach Kids About Money

What To Teach Kids About Money: An Expert Weighs In

Share on Facebook Share on Pinterest Share on Twitter Share on Email Share on SMS
This post may contain affiliate links. Read the disclosure.
As Seen On
bloomberg logo
business insider logo
msn logo
usa today logo
family handy man logo
yahoo finance logo
Share on Facebook Share on Pinterest Share on Twitter Share on Email Share on SMS
  • Home
  • About
  • Contact
  • Disclosure
  • Privacy Policy
  • Web Stories
Email Facebook Twitter Instagram Pinterest

© 2023 CHA CHING QUEEN

ChaChingQueen does not provide individual or customized medical, legal, or financial advice. Since each individual's situation is unique, a qualified professional should be consulted about your specific situation before making financial and/or medical decisions.

Cha Ching Queen is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

  • Money Matters
    • Make More Money
    • Spend Less
    • Budget Wisely
    • Financial Planning
    • Reviews & Recommendations
  • Eat Well
    • Bread & Desserts
    • Diets and Eating Habits
    • Healthy Recipes
    • Kitchen Hacks
  • Clean Quickly
  • Live Life
    • Health & Beauty
    • Family And Relationships
    • Holidays & Gifts
    • At Home
  • Travel Tips
  • About
Facebook Twitter Instagram
Search