In the DMV we are lucky to have a number of education options available. Did you know there are also ways to reduce tuition costs? Here are five ways to cut college tuition costs by a third or more.
- Many people we know spend the first two years of school at community colleges and then transfer to their desired school for the final two years of study. For example, Montgomery College has a tuition of $5000 a year. The University of Maryland is $12,000 a year, ($20,000 if you live there). So you can either pay $80,000 for a four year degree from UMD… or $50,000, for the exact same degree by first completing your core credits at a local community college. That move save you $30,000 on tuition costs.
- And many companies in the DC area will pay for your tuition. The MITRE Corporate , with offices in McLean, Virginia, will cover $28,000 of your studies. Assuming your student picks up a graduate degree at night over three years at one of these employers that is another $84,000 in tuition assistance. And you get to apply what you learn right away.
- Also, DC residents should learn about the D.C. Tuition Assistance Grant program which grants up to $50,000 in benefits.
- Stay close to home. UVA’s in state tuition is around $20,000 a year. Out of state? Almost $50,000 a year. Save your family $120,000 by selecting avoiding a school that requires a trip on the beltway to get there.
- Finally, many colleges offer a discount to children of employees. For example, here is the 50% of tuition remission offered to University of Maryland Employees. That is $24,000 in tuition assistance right there.
Combining these steps can make tuition more affordable for both private and public colleges (and some high schools). These five options total $308,000 in tuition assistance with no scholarships. This will save you from having to earn almost $400,000 in income to pay for the stuff.
Education is a high priority in the DC area given the nature of the work here. Area institutions, governments and employers recognize and support this if you take the steps to apply for the benefits.