Attending college is a major investment. Beyond earning a degree, college can expose you to a wide range of experiences and relationships that broaden your perspective and potential career opportunities. With the right planning, college can be both empowering and affordable. By taking charge of your finances, exploring funding options, and improving your financial literacy, you’ll be better prepared to succeed in the classroom and beyond.
Balancing work, family and college is no easy task, and for adult learners, smart money management can be the difference between stress and success. Financial planning for college students, including those returning to school, is key to long-term success.
Let’s explore budgeting and financial literacy strategies to help you make the most of your education investment.
Assess Your Financial Situation
One key area where many college students struggle is financial wellness. College can be a major expense, and it’s usually accompanied by things like housing or living necessities and educational materials (i.e. textbooks, equipment and class supplies).
Before purchasing any textbooks, take stock of your finances. Start with a clear picture of your income, current expenses and any existing debts. Creating a budget using tools like spreadsheets or budgeting apps can help you see where your money is going and where you can adjust or reallocate spending as necessary. For adult students, who often work full time and manage households, even small savings can add up.
Common categories of personal finances include:
- Income
- Bills
- Rent or mortgage
- Transportation
- Credit card debt
- Personal loans
- Entertainment
- Savings
Understand the True Cost of College
Tuition is just one part of overall college expenses. Don’t forget to factor in the cost of books, supplies, technology, transportation and even childcare. Living expenses can quickly add up, especially for those attending school part time or online while supporting a family. Fortunately, there are schools that offer affordable tuition options and flexible programs that cater to traditional college students and adult learners.
Common college expenses include:
- Room and board
- Food
- Transportation
- School supplies
- Technology expenses
- Membership fees and dues
- Graduation fees
- Student loan fees
Explore Your Funding Options
The good news is there are plenty of ways to pay for your education. Start by completing the Free Application for Federal Student Aid (FAFSA), even if you're unsure about your eligibility. There are grants and scholarships available for nontraditional students. Many employers also offer tuition reimbursement programs, a benefit worth asking about. If loans are necessary, be sure to understand the terms and only borrow what you truly need.
Education funding options include:
- Grants
- Scholarships
- Work-study
- Military or Veteran’s Benefits
- Loans
Build Your Financial Literacy
Improving your financial literacy is just as important as passing your next exam. Learn how interest rates affect your loans, monitor your credit score, and familiarize yourself with repayment plans. Resources like your university’s financial aid office can guide you in making informed choices. And remember, protecting yourself from financial scams is essential—especially when managing student aid and personal information online.
Create a Financial Plan That Works for You
Set realistic short- and long-term goals for your finances and education. Review your budget each semester, update it as needed, and use tools to track your spending and savings.
Financial planning tips:
- Overestimate your living costs when creating a budget.
- Keep expenses low and stay focused on your financial goals.
- Don’t forget to plan for emergencies or unexpected school-related costs.
Learn More About Your Financial Planning Options at Columbia Southern University
At CSU, we believe in providing a top-notch experience to all of our students. Our programs are designed to work with you to give you the freedom you need to learn at your pace and schedule. We also care about your financial literacy and preparedness and put together resources for you to use as you plan for college.
If you’d like to explore your financial aid options, CSU’s Office of Financial Aid is available to help. You may call 877-316-8396 or email FinancialAid@ColumbiaSouthern.edu.
Multiple factors, including prior experience, geography and degree field, affect career outcomes. CSU does not guarantee a job, promotion, salary increase, eligibility for a position, or other career growth.
