A Student's Perspective on Financing Their Education.

Smart financial planning for college success.

A Student's Perspective on Financing Their Education.

Today, I had the opportunity to speak with Madison, a college student attending one of the colleges in Oregon. She shared her story about navigating her educational and financial journey, offering valuable tips she’s learned along the way. I was very impressed by Madison’s maturity and clear sense of direction regarding where she wants to be in five years. Here is what she shared with me, a very profound statement:

“Higher education is an excellent goal, but it’s a demanding investment. Knowing the path, you want to follow when starting college is crucial, as it can save you both time and money.” From early on in high school, Madison knew she wanted to attend college. By working part-time after school and on weekends, she managed to save money to support that goal. During her senior year, she carefully chose her educational path, recognizing the importance of finding a school that aligned with her goals. “While researching from home, using college websites, and reading reviews, I figured out which school matched my career aspirations the best,” she explained.

Madison was able to take a few college-level courses while still in high school, which saved her money on tuition. She also applied for numerous scholarships at the national, state, and local levels. “After writing a few essays, I got the hang of it and learned how to tailor my writing to each specific scholarship,” she said. Once Madison learned about the impact of compound interest, she became determined to take out as few student loans as possible.

In just a few weeks, Madison will begin her second year of college. When asked how she manages her finances, her answer was simple: “Budgeting!” She explained, “By knowing exactly how much money you have, including scholarships and savings, you can budget and plan your expenses accordingly. You need to make sure you have enough money for necessities, like a parking pass.” For students living on campus, there are additional costs to consider, such as cafeteria fees. Now, as a sophomore, Madison reapplies for renewable scholarships and searches for new ones available through her university. This approach helped her focus solely on her studies and hobbies during her first year, without the need to work.

Madison feels fortunate to have had great support along the way. “My parents played an active role in teaching me about money and how to be financially responsible,” she said. She also had guidance from her high school student advisor. Now, in college, she has an assigned advisor, although she hasn’t yet needed to seek their help. However, she’s aware that both student advisors and career counselors are readily available on campus.

I’d like to share some of Madison’s best practices that helped her start college without taking on student loans:

1. Pick a career path that aligns with your interests. Plan ahead and thoroughly research colleges to find the one that best meets your needs and expectations.
2. Apply for major-specific scholarships and reapply when possible. Take advantage of opportunities to reduce tuition costs.
3. Take college courses in high school. If your high school offers dual enrollment or other opportunities to earn college credits, take them! These courses are often free and can save you a lot of money later.
4. Budget your money wisely. Know how much you’ll need each month or term and plan your spending accordingly.
5. Ask for help. There are always people, such as advisors and counselors, ready to support you along the way.

I wish you the best of luck in finding the right educational path for you! Stay tuned for more interviews with students.