You might not picture them when you think of the classic campus-dwelling, fraternity-joining, football game-attending, full-time college student. But part-time undergraduates make up a sizable chunk of the college population.
At four-year institutions, about 23 percent of undergraduate students attended part time in 2012, the most recent year for which there’s data, according to the U.S. Department of Education. At two-year schools, 59 percent of undergraduates attended part time, with a chunk of both groups holding down full-time jobs.
Although these part-timers share campuses with traditional college students, they have their own challenges when it comes to paying and borrowing for college.
If you’re considering attending college part time while holding onto a full-time job, avoid these missteps to make sure that attending school doesn’t cost you more in the long run.
— Falling for a sales pitch. You may be champing at the bit to start your education, but don’t register at the first college with a compelling radio commercial.
[Consider the pros and cons of working in college.]
“Adult students tend to rush the decision to go to college,” says Cynde Quinn, senior director of college finance at College Coach, a provider of educational advising on the college admissions and finance process. They often decide to enroll and register for classes right away. “That doesn’t leave time to do the necessary research,” says Quinn.
Choosing a school that fits your educational needs is essential to preventing the ultimate drag on your career and pocketbook: delaying graduation or dropping out.
Ask to see a school’s job placement rates, default rates and graduation rates, says Marty Somero, director of financial aid at the University of Northern Colorado. Don’t rule out brick-and-mortar schools just because they don’t seem designed for part-time students. They may offer online or night courses, says Somero.
Examine the cost, quality and compatibility of multiple schools’ course schedules with your work schedule, said David Horne, director of the financial aid office at Towson University, in an email. And ask for any data on the job placement rates of their graduates, says Horne.
[Make sure that your college job doesn’t cost you.]
— Doubling down on debt. Typically, students taking six credits or more can apply for federal financial aid by filing the Free Application for Federal Student Aid. Part-time students may even be eligible for a chunk of a Pell Grant, which doesn’t need to be repaid.
But approach student loans carefully, says Somero.
“Federal rules set annual borrowing limits but often allow part-time students to borrow the same maximum amounts as full-time students,” says Horne. “Because part-time students take longer to finish their degrees, they need to restrain their annual borrowing or they could accumulate twice as much debt.”
You may be able to borrow enough to cover the entire cost of a class. But since it’ll take you longer to graduate — and you have an income that can go toward college costs — think twice about maxing out your loans.
Horne offers one way to approach borrowing as a part-time student: If you’re taking a half course load, try to accept no more than half the maximum loan amount that the government offers you. If you’re taking a three-quarter load, try to borrow no more than three-quarters of the maximum.
— Ignoring your paycheck. Even if your job doesn’t pay enough to cover your entire tuition bill at the start of each semester, you can still use your salary to cover costs.
“If you can start saving, even it’s a small amount, and pay the college directly, that’s beautiful,” says Quinn, of College Coach. Once you start taking out loans, try redirecting those monthly payments to your lender to tackle interest or chip away at the principal.
[Consider college savings advice for students planning to work.]
“Even a small amount of $50 a month can help to keep interest from capitalizing on unsubsidized loans or reduce the overall principal balance of a subsidized loan,” said Michelle Jackson, director of financial aid and scholarships at Slippery Rock University of Pennsylvania, in an email.
If paying in installments is more your speed, as k your university about a payment plan, says Somero. Many schools let you break down tuition bills into several per semester.
Trying to fund your education? Get tips and more in the U.S. News Paying for College center. /p>
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3 Money Mistakes for Part-Time Students, Full-Time Workers to Avoid originally appeared on usnews.com
