Smart Financial Strategies for Students and Families

For many students, earning a college degree is a life-changing milestone, but the financial burden that comes with it doesn’t have to be. With tuition costs rising each year, it’s important for the families we work with to plan ahead and make smart decisions to reduce student debt after graduation.

At Class 101, we help students and parents navigate the college planning and financial aid process with confidence, so they can spend less on college. Below are some strategies to help you graduate from college with less debt:

1. Start Planning for College Early

If you’ve ever read one of our blogs, this probably sounds familiar! But it bears repeating: the earlier families begin the college planning journey, the more financial options they have. Early planning helps students:

• -Build a strong academic and extracurricular resume
• -Improve test scores
• -Identify scholarship opportunities
• -Strategically apply to a mix of colleges that offer generous merit aid

Beginning as early as eighth grade or freshman year allows families to make informed decisions that can significantly reduce total college costs.

2. Understand the True Cost of Attendance

A college’s sticker price is rarely what families end up paying (phew!), but it’s also not the only number to consider.

The Cost of Attendance (COA) includes:

• -Tuition and fees
• -Housing and meals
• -Books and supplies
• -Transportation
• -Personal expenses
  

Comparing COA alongside merit scholarships, need-based aid, and net price helps families avoid surprises and choose affordable options. For example, if you live in Indiana but select a school in California, you’ll want to factor in flight costs or additional expenses for staying on campus over breaks.

3. Apply for the FAFSA Every Year

Filing the FAFSA (Free Application for Federal Student Aid) is one of the easiest ways to access financial aid. Many families skip the FAFSA because they assume they won’t qualify –  but that means missing out on:

• -Federal grants
• -Work-study opportunities
• -Low-interest student loans
• -Scholarships that require FAFSA eligibility
  

At Class 101 Bloomington, advisors walk families through the FAFSA to ensure no step is missed and recommend that ALL families complete this form.

4. Make Scholarships a Priority

There are millions of dollars in unclaimed scholarship money every year, so consistent scholarship searching can be a worthwhile endeavor.  Our advisors are constantly staying up to date on scholarships and sharing them with our students, but you can also do this on your own. 

• -Apply for local scholarships
• -Use reputable online scholarship databases
• -Continue applying all four years while in college
  

Even small awards add up and help reduce out-of-pocket costs.

5. Build a Smart College List

A thoughtful college list can be a great tool for graduating with less debt. Families should consider schools that:

• -Offer strong institutional merit aid
• -Provide scholarships for students with similar academic profiles
• -Located in states with lower tuition or reciprocity agreements
  

At Class 101, advisors use data-driven tools to help families identify high-value college options.

6. Earn Credits Before College

Saving money can start before setting foot on campus. Students can reduce their time at some colleges and universities (and tuition costs) by earning:

• -Dual-credit or AP/IB credits
• -Summer community college credits
  

These options can help students graduate sooner or lighten their course load, depending on the college they select.

7. Borrow Only What You Need

If loans are necessary, families should be strategic about how and what they borrow to pay for college:

• -Maximize federal loans before borrowing private loans
• -Understand interest rates and repayment terms
• -Decline optional loan amounts you don’t actually need (only borrow what you truly need and not more)
  

A Class 101 advisor can help families compare loan options and avoid unnecessary borrowing.

8. Stay on Track to Graduate on Time

This part may seem obvious, but it’s important to note that each additional semester increases overall college costs. One piece we put a lot of time and focus into is helping students identify their major and future career interests so they can select the right school and program for them. Credit hours (and scholarships) can be lost if students transfer to another college. A couple of ways that students can stay on track:

• -Meeting with advisors
• -Understanding degree requirements
• -Avoiding unnecessary course drops
• -Using campus academic resources

Contact Class 101 Bloomington 

Graduating from college with less debt is possible with preparation, smart choices, and consistent support. At Class 101 Bloomington, our advisors help families understand the financial aid process, find scholarships, and identify affordable colleges, drawing on years of experience helping families save money on college.

Contact Class 101 today to get started.

Randy Stegemoller

Class 101 Owner + College Advisor